Strategic Rewards Systems - An Overview

Strategic Rewards Systems - An Overview


Introduction

In order to survive and thrive in today's economic climate, companies must become more strategic. To improve organisational performance, functional and unit plans must be linked with the overall company strategy. Organizations are starting to realise that human capital may be used as a competitive advantage as human resources (HR) has a seat at the table and influences strategic direction. Dr. John Sullivan, an HR expert, consistently links an organization's performance to its workers' productivity, describing the ultimate objective of human resource management (HRM) as increasing workforce productivity. Strategic pay schemes are critical in this regard for guaranteeing desirable employee behaviour and improved company performance.

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Employees should be recognised and paid for the time and effort they put in at work. Strategic reward management entails developing and implementing a fair incentive system that is aligned with the organization's strategic goals. A strategic reward system is a kind of human resource management tool that is used to recognise and reward an organization's productive workers. It is based on two major principles: the best fit viewpoint and the best practise, according to proponents. Attract and retain workers, inspire performance, stimulate skill development, support company culture, and calculate compensation expenses are all goals of a strategic incentive system. Extrinsic and intrinsic rewards are both possible. However, it is critical that a compensation plan satisfies both individual and organisational requirements when it is designed, implemented, and used.

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