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1、Human resource Student name:UOG NO:Table of contentIntroduction2Definition of reward system.3Objective of reward system.4Reward system model.7Recommendation.10Conclusion11Reference.12TITLE: What key elements would you advise managers to bear in mind when introducing a reward systemIntroductionAs the
2、 economic consistently development in the worldwide in modern times, which drive multinational corporations with high technology as well as the other economic element improved rapidly, in this process of development, talents plays an important role and which cannot be replaced, but in the context of
3、 managing talents, the reward system always plays the core role, which emphasizes a core facet of the employment of relationship, there is role happened in anywhere any time, that is employees working for their employers and in return receiving a level of payment or reward. (Tsun J. C, Shang P. Y.,
4、I-Jan Y. 2007) According to Beer et als research in 1984, reward already become one of the four human resource management policy areas incorporated in the companys governance. And in process of companys improvement, the design and management of the reward system still is one of the most difficult HR
5、M tasks for the general managers. Definition of reward systemReward system is a kind of style of the companys reward for their employees, the reward system implementation and the relationship between effectiveness of performance evaluations are very important for all aspects of performance managemen
6、t. It is very obvious that put the performance evaluation results and reward together will make the performance management system becomes very effectiveness. Reward in the business can be divided in to direct pay, such as salary and wage, and the indirect monetary payment or benefits paid to various
7、 categories of worker. (Philip L., Mark N.K. Saunders, Adrian T. 2004) The new reward system is established on the old pay system, which is argued in modern times, were designed to suit extensive specialization and hierarchical as well as static organizational forms, on contrary, the new reward syst
8、em displays very flexibility, good new pay practices go hand in hand with a more uncertain business environment and organizational and work configurations.Objective of reward systemIn order to design the reward system, what the first thing the managers need to know is the objective of reward system
9、for the company, so that the managers have goal-oriented, then everything will become easy.The first objective of reward system is to support the organizations strategy, which is very important for a company, strategy is the reflection of the companys mission and vision, its the most important facto
10、r to cohesion the employees together in the company, also, the strategy of the company designed the blueprint of the company, and the company basis on this goal-orient to make plan and implement, according to the strategy, the heart level of the company to decision the companys developing direction,
11、 to organize the companys competitive strategy, long-term development planning as well as the short-term development planning, which including the market strategy, brand strategy, financing strategy, technology development strategy, talent development strategy and the resource development strategy.
12、All these strategies above finally are service the companys development. so, as a part of the human resource strategy, reward system of course have to obey the company development strategy. (Yu Z., Yingying Z., ngeles M. S., 2011)The second objective of reward system is recruit the qualified employe
13、es, qualified employees always the power to drive company go ahead, and qualified employees usually is the people who has the professional knowledge and the high skills as well as the enough experience, and always play the irreplaceable position in the companys development. I order to recruit the qu
14、alified employees, the human resource management department of the company have to develop more superior conditions, which under the companys current situation and promote improve. (Michael A., Duncan B. & Peter R., 2011)To retain the capable employees so that turnover is held to an acceptable level
15、 is the third objective of reward system. The finally aim of the company is their benefit, and the only way is to get turnover maximize, and the company always consider their interests first but employees, but they have to retain the employees to crate values for them, so, the company always meet the problem between their benefits and employees, from this point of view, to establish a reasonable reward system is very necessary and its as a kind of knowledge.En
