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0:00
My name is Ronan Carbery,
and I'm senior lecturer
in management in
Cork University Business
School, UCC, Ireland.
In this video, I'll be talking
about reward management.
0:11
A critical aspect of the
employment relationship
involves the
management of rewards.
An organization's strategy
and culture influence
reward management,
and the reward package impacts
employee attraction,
motivation, and retention,
which in turn are
linked to employee and
organizational outcomes,
including performance.
Historically, the concept of
a fair day's work for
a fair day's pay was
a guiding principle
and how employees were
rewarded for the efforts
they put in while at work.
While reward management is now
significantly more
strategic and complex.
The fairness of reward
policies and practices based
on internal and external
comparisons remain important.
Rewards are used to attract
quality of applicants
required to drive
organizational
performance and also
retain those employees who
contribute to that objective.
We will look at the objectives
of our reward system
and some of the challenges that
this presents to employers.
We then explore different
options and choices for
a reward package and discuss how
organizations determine the
relative worth of jobs.
Finally, the role of pay as
a motivator is discussed.
1:12
The reward system refers
to the combination of
financial and non-financial
elements used by
an organization to compensate
employees for their time,
effort, and commitment at work.
This system is shaped by
the organization's
philosophies, strategy,
competition, ability to pay,
and legal responsibilities.
The objectives of the reward
system are to support
the organization by
designing policies
aligned with organizational
strategies and goals,
to attract and retain
employees who add value to
the organization by offering
an attractive reward package,
to motivate employees
to perform effectively,
to achieve valued
organizational outcomes by
applying policies in a
fair and consistent way,
to integrate with
other HR policies,
including career
development and work-
life balance, to comply
with legislation.
Organizations are increasingly
focused on rewarding
the jobs in employees
who add the most value.
HR departments are expected
to have the line pay policies to
the behaviors required to
achieve organizational strategy.
