Get A Handbook of Employee Reward Management and Practice PDF

By Michael Armstrong

ISBN-10: 0749449624

ISBN-13: 9780749449629

ISBN-10: 074945198X

ISBN-13: 9780749451981

It is a sensible instruction manual designed to supply suggestions at the ways that may be followed in constructing and coping with worker present stategies, regulations and tactics

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In the past, the ‘big four’ banks dominated the financial services sector. This meant that employees could generally be sure of a job for life, and there was little or no turnover of staff. People were sometimes paid (and promoted) according to their grade and length of service, rather than ability or performance. Today, the marketplace is full of competition from new entrants, and all financial services companies are competing for good-quality staff. Lloyds TSB recognizes that it is people – rather than finance or technology – who make the difference.

The bank decided that what really gives employers the edge as they struggle to woo and retain scarce talent is appealing to the beliefs, personal values and lifestyle choices of today’s employees. Its total reward package, replete with one of the biggest flexible benefits schemes in the UK and a new share incentive plan, seeks to integrate all aspects of the work experience so that prominence is given not only to remuneration but also to less tangible rewards. ’ Total reward 45 Nationwide are the highest-rated large employer in the Sunday Times Best Company to Work For listing of 2005.

A positive culture can work for an organization by creating an environment conducive to performance improvement, the management of change and a sense of identity and unity of purpose. It can help to shape behaviour by giving guidance on what is expected. The wrong culture can work against an organization by erecting barriers that prevent the attainment of reward strategic objectives. These barriers include resistance to change and lack of commitment. In reward management, the most important aspect of culture that needs to be taken into account is the core values of the organization.

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A Handbook of Employee Reward Management and Practice by Michael Armstrong

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