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Employee Reward System (Remuneration)

Employee Reward System (Remuneration). A reward system consists of financial rewards and employee benefits. Together these two elements make up an individual’s total remuneration.

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Employee Reward System (Remuneration)

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  1. Employee Reward System (Remuneration) A reward system consists of financial rewards and employee benefits. Together these two elements make up an individual’s total remuneration. Pay causes the most controversy with HRM. Within HRM there has been a move from collective bargaining to individual remuneration arrangements. This has contributed to the decline in the Trade Union movement. The Design of Reward Systems Managers and shareholders expect it to prove cost-effective (i.e. not incurring unnecessary expenditure) but they must also be attractive enough to keep good calibre applicants. With the development of HRM, pay systems are based increasingly on individuals and local (not national) pay rates. A good reward system will encourage the ‘right’ turnover of employees. Q: What are the problems if turnover is: a) too high and b) too low?? Rewards as part of a complete approach The reward system must fit in with leadership style, appraisal and motivation methods. This may mean good pay rates, but also the use of non-financial rewards for employees.

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