Benefits of Introducing a Company-Wide Reward and Recognition Scheme Essay

4973 Words20 Pages
Research on the benefits of introducing a company-wide reward and recognition scheme. ABC Limited Course Tutor: Date Word count:- 4426 words “I confirm that this submission is entirely my own work”. Signed …………………………………………………….. Gill Schofield Table of Contents Acknowledgements 3 Terms of Reference 4 1. Research Approach 5 2. Introduction 7 3. Definition of Reward Management 8 3. Defining and planning an effective Reward Strategy 10 4. Reward Policies 12 5. Job Evaluation 13 6. How do we “create” motivation? 14 a. The Psychological Contract 15 8. Choice of approach to reward 16 9. Rewards and incentives – types of schemes 18 11. Combining Recognition with Reward 20 12. Results of ABC employee focus groups on Reward & Recognition 22 13. Results of HR Professionals Questionnaires on Reward & Recognition Schemes 23 14. Conclusions 24 15. Recommendations 26 16. Reference List and Bibliography 28 Acknowledgements Thanks are due to the following individuals:- • PL for her encouragement and advice provided throughout the course. • My family, M, C and A for lending their support throughout this project. • Managers at ABC who believe in the organisation, it’s ethos and the products and services it produces. • Loyal employees of ABC who gave up their time and provided some really well-considered opinions – then asked me how quick I could set things up! • Networked HR professionals who provided insights to their R&R schemes. Terms of Reference In this assignment, I will research the assumption that an appropriate reward and recognition scheme enhances motivation and performance and present my findings. Overall, I will demonstrate my understanding of reward management and reward strategies and policies and identify the range of job evaluation options available. Analysing the importance of

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