Strategic Reward

Non-monetary incentives and recognition programmes are an area of employee motivation that is often overlooked. Yet, as Fisher's book reveals, a strategic focus on non-cash rewards can generate significant return on investment in terms of employee engagement, performance improvement and financial results. In the present economic context, with companies pushing to deliver more for less, it is a particularly pertinent issue. Strategic Reward and Recognition brings together theory and practice to guide HR professionals, consultants and senior leaders in developing the most effective programmes for their organizations. It features examples of good practice from all over the world, from different sectors and from both large and small organizations, providing coverage of digital as well as in-person schemes.

Strategic reward is the process of determining how to develop appropriate reward arrangements and dealing with the issues which arise in making that decision. The focus of this new title, aimed at directors and senior-level HR consultants, is on the formulation and implementation of reward strategies.

The contents of this book center around the management of strategic reward systems. In particular, the book focuses in on the following elements of managing a reward system: design, implementation, and evaluation. It is my belief that too much time is spent on the administration of strategic reward systems at the expense of these other activities that add more value than does administration to the organization. Moreover, it is very important to remember that the management of reward systems takes place in a larger context that must be accommodated when designing, implementing, and evaluating strategic reward systems. This larger context includes the business environment, business strategy, and compensation strategy. Elements of the environment include the internal environment (organizational structure, business processes, HR systems) and external environment (laws and regulations, labor markets, and unions). The collection of articles presented throughout the book is very concerned with the fit of strategic reward management with the business environment, business strategy, and compensation strategy. Research has clearly documented the importance of this "fit" to organizational effectiveness (Gomez-Mejia & Balkin, 1992). A practical illustration makes the point as well. Taco Bell was found guilty in a class action suit by current and former employees. In order to keep the number of labor hours low in a productivity formula used to grant bonuses to managers, employee time sheets failed to account for overtime hours by employees. Failure to pay attention to the legal context in designing, implementing, and evaluating a strategic reward program cost Taco Bell millions of dollars (Gatewood, 2001). Although all of the readings in the book focus in on the management of strategic rewards in the larger business context, the readings are organized by topical area. The selection of topics is simply based on my writing interests and do not reflect the entire domain of important topics in strategic reward management.

Reward strategies are often seen as force-fitted into best practice and viewed as quick technical fixes. In this book, Duncan Brown dispels this myth and changes the way we think about and operationalize reward strategies. He examines the importance of reward strategies, relating rewards to strategic business situations and aligning rewards with business goals. Each chapter starts with a statement of objectives, and key points are summarized at the end. Case studies illustrate the points made.

Armstrong's Handbook of Reward Management Practice is the definitive guide to understanding, developing and implementing effective reward. It is closely aligned to the CIPD's standard in reward management and is supported by online resources for both lecturers and students. Updated to reflect the practical implications of the most recent research and discussion on reward management, this new fifth edition includes a new chapter on computerized reward management, completely updated chapters on job evaluation, pay structures, merit pay and executive pay, and new case studies. As with all of Armstrong's texts, Armstrong's Handbook of Reward Management Practice truly bridges the gap between academic and practitioner and is, therefore ideally suited to anyone studying for a professional qualification in HR, of which Reward is often a core part, in particular the CIPD's intermediate and advanced level qualifications. Online supporting resources include lecture slides, an instructor's manual and a student's manual complete with a glossary, bibliography and literature review.

Based on the authors' experience, research and benchmarking activities, this definitive book explains that reward management is about performance - of individuals, teams and the whole organization. It examines in detail the processes and various approaches that can be adopted to achieve and reward outstanding skill and competence levels in the workplace. Comprehensive and highly practical in its approach, it takes a strategic perspective and addresses the wide gap that exists between theory and practice, with a focus on the implications for practitioners. This revised fifth edition includes new and updated chapters on age discrimination, bonus schemes, recognition schemes and pensions.

Strategic reward is the process of deciding what route to take in developing appropriate reward arrangements and dealing with the issues which arise in making that journey. This title examines the essence and context of strategic reward and considers the processes involved in developing and implementing reward strategies.

This second edition offers a comprehensive coverage of employee performance and reward, presenting the material in a conceptually integrated way.