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Employee Rewards Essay

2476 words - 10 pages

Anwar Hussain (ID No. 000718551-0)Business with Human Resource Management, BA HonsINDU1139: Employee Resourcing & Development Assignment 2 - EssayQuestion - Many organisations now use Learning and development as part of their Rewards - discuss how and why this might be with reference to the new psychological contractALL points identified MUST be supported with theory and good practice examples, not just bullet points.Considerations:-Examples of best practice can be researched via Personnel magazines, Internet and IDS Reports, in addition to the recommended textbooks.REMEMBER the analysis must draw upon the relevant theory and literature to underpin and support your answers and argument.Submission Date.Assignment 2, completed report must be submitted by 3pm on 17th March 2014IntroductionIn today's business world there are many competitive employees out there with outstanding experience and high level of willingness and education level. All employees want to be a valuable asset for their company and remain competitive in today's labor market always because they make some demand for employees in the labor market. This can only be achieved through employee training and development. Employees will always want to develop and enhance their skills which will lead to employee motivation. In addition employers are concerned about keeping employees engaged after they have suffered through wage freezes, lost bonuses, increased work demands and downsizing. Rewarding employees under these tough circumstances is extremely difficult while recognizing that once the economy improves the top talent may leave for other opportunities that may appear in the market however there are always many ways to avoid this - employee reward and development.Primarily, the Psychological Contract refers to the relationship between a company's employer and its employees. It concerns the mutual expectations of the inputs and the outcomes in the company. The Psychological Contract is usually seen as armor for feelings of employees, although a full appreciation requires it to be understood from both sides.In recent years, the tie that binds employers and employees has become severely strained (De Meuse and Tornow, 1990) and has led to a breaking up of organizations into at least four different groups of employees in terms of the psychological contract with regard to career expectations (Herriot, 1992).Employee developmentEmployee development is encouraging employees to acquire new or advanced knowledge, skills in a workplace by being provided with learning and training facilities and avenues where such ideas can be applied. It is also a joint imitative of the employee and the employer to upgrade their employees existing skills of an individual weather they are manager or even an assistant in the organization. It is of utmost importance for employees to keep themselves abreast with the latest developments in the industry to survive the fierce competition. Employees also develop a...

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