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    Reward Strategy: Presented By: Priyanka Sule Priya Mishra

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    Sneha Chavan
    This document discusses reward strategies, which are policies and practices used to pay employees in order to achieve company goals. It defines reward strategies and outlines their purpose, features, and characteristics. Reward strategies should support corporate HR strategies and business goals by aligning reward policies and processes with individual and organizational needs. Effective reward strategies have clearly defined goals, well-designed pay and reward programs, and support overall HR effectiveness.

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    Download as PPT, PDF, TXT or read online from Scribd

    Reward Strategy: Presented By: Priyanka Sule Priya Mishra

    Uploaded by

    Sneha Chavan
    22 views15 pages
    This document discusses reward strategies, which are policies and practices used to pay employees in order to achieve company goals. It defines reward strategies and outlines their purpose, features, and characteristics. Reward strategies should support corporate HR strategies and business goals by aligning reward policies and processes with individual and organizational needs. Effective reward strategies have clearly defined goals, well-designed pay and reward programs, and support overall HR effectiveness.

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    compensation & benefits

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    This document discusses reward strategies, which are policies and practices used to pay employees in order to achieve company goals. It defines reward strategies and outlines their purpose, features, and characteristics. Reward strategies should support corporate HR strategies and business goals by aligning reward policies and processes with individual and organizational needs. Effective reward strategies have clearly defined goals, well-designed pay and reward programs, and support overall HR effectiveness.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    22 views15 pages

    Reward Strategy: Presented By: Priyanka Sule Priya Mishra

    Uploaded by

    Sneha Chavan
    This document discusses reward strategies, which are policies and practices used to pay employees in order to achieve company goals. It defines reward strategies and outlines their purpose, features, and characteristics. Reward strategies should support corporate HR strategies and business goals by aligning reward policies and processes with individual and organizational needs. Effective reward strategies have clearly defined goals, well-designed pay and reward programs, and support overall HR effectiveness.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    REWARD STRATEGY

    Presented By: Priyanka sule Priya Mishra

    What is meant by a reward strategy?


    Usually it is a combination of the policy, process and practices of how people are paid in order to achieve company goals. The current most important reward strategies are as follows: Performance Related Pay Competence Related Pay Skill Based Pay Team Pay

    Definition:
    Reward strategy clarifies what the organization wants to do in the longer term to develop and implement reward policies, practices and process that will further the achievement of its business goals.

    Purpose of reward strategy


    To support the corporate hr strategies Align reward policies To processes individual and organizational needs. Integrating and institutionalized mechanisms for change.

    Features of reward strategy


    Concerned with direction the organization should follow in developing the right mix. Financial and non-financial

    The characteristics of reward strategy


    Characterized by - Diversity - And conditioned All reward strategy are different as organizations are different.

    Continue..
    HR strategies & reward strategies Business strategy and reward strategy Employees and reward strategy

    Guiding principles
    Guiding principles defines the approach an organization takes to dealing with reward. It express the philosophy of the organization , its value and beliefs about how people should be rewarded. Fundamental values Specific guiding principles

    Fundamental values
    Fairness Equity Consistency Transparency

    Specific guiding principles


    Developing reward policies Providing rewards that attract, retain and motivate Rewarding people according to their contribution Developing more responsibility for reward decisions to line managers.

    Structure of reward strategy


    Structure of reward strategy built round on this four : Defining guiding principles Statement of intentions Rationale Plan

    Model of reward strategy development process


    Analyze business strategy and needs Analyze present HR and forward policies and practices Developing HR strategy Develop reward strategy Consult and involve senior management Guiding principle Define and justify intentions Prepare and implement plan Train Consult, involve and communicate with employees Assess needs of stakeholders

    EMPLOYEE BONUS SCHEMES REWARDS STRATEGY


    There are various types of bonus plans that can be put into effect at your business. Bonus schemes and employee rewards strategies are established to fulfill a number of key business and HR objectives: To improve business performance (e.g. productivity, sales or profits) To focus employees efforts on key objectives such as customer service, quality and on-time delivery To increase employee motivation by establishing a clear link between pay and performance (at an individual or team level). To support stakeholder ideals by allowing employees to share in the success of the business To encourage change within the organization. To create the desired workplace culture by, e.g. rewarding teamwork and good attendance.

    Criteria Effective reward strategy


    Clearly defined goals Well-designed par and reward programmers Need to be effective and supportive HR

    Thank You

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