Course Work of Hrm Essay

3441 Words14 Pages
Table of Content 1. Introduction 1 2. Literature Review 1 2.1 Performance Related Pay (PRP) 1 2.2 Competence Related Pay 2 2.3 Skill Based Pay 2 2.4 Team Pay 2 2.5 Broad Banding 3 3. Case Description 4 3.1 Case One: Total reward strategy at Kent Country Council 4 3.2 Case Two: Changing reward structures: The Case at Airbus UK 5 3.3 Comparison of two Cases 6 4. Independent Analysis 7 5. Conclusions 9 6. References 10 APPENDIX 12 Word Counts: 2895 (Without titles, contents, references and appendix sections) 1. Introduction The topic we choose is Pay & Reward Management and we focus on how to pay and reward employees based on different organization nature. What is Pay & Reward Management? It is the process to determining and adjusting the salary, reward, commission and profit sharing. On top of this, reward strategy is a key point for business management (Becker. G et al, 1998). It makes perfect sense to say that the Human Resource strategy should be aligned to the business strategy. Therefore, Pay & Reward Management is an important topic for studying. 2. Literature Review 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 can be allocated into 5 parts: Performance Related Pay, Competence Related Pay, Skill Based Pay, Team Pay and Broad Banding (Ting L, 2003). 2.1 Performance Related Pay (PRP) Performance related pay (PRP) is a kind of payment system which is typically based on how an individual perform in his or her order job, team performance or even how the organization is performing in financial context. Compare with the traditional payment system, the main characteristics of
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