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Essay Of Reward Management

686 words - 3 pages

Strauss Cars is one of the leading car rental companies in Europe, operated in 25 countries with about 1250 points of sale. After strategic review in 2012, Board decided to change traditional values and to focus on organic growth and improve the quality of service to its customers. Also, Board decided to unite sales and marketing centers in Edinburgh, consequently staff from Manchester and Cardiff will be offered redundancy or relocation.
The aim of this essay is to critically evaluate existing reward management strategy in Strauss Cars, and to formulate new total reward strategy which will correspond to the main proposed changes to the company's strategy.
To formulate total reward strategy, first we need to understand what will be included in it. So, total reward definition, according to Armstrong (2007), includes “all aspects of reward, namely base pay, contingent pay, employee benefits and non-financial rewards, which include intrinsic rewards from the work itself, are linked together and treated as an integrated and coherent whole”. This concept represented on Appendix 1. Also reward strategy defining the actions an organisation intends to take in the long run to develop and execute reward policies, procedures and practices which will enable the organisation to achieve its business goals and those of its stakeholders. As for the formulation of strategies in general, business strategy included, reward strategy aims to provide guidance, direction and a clear path for developing reward policies and practices within an organisation.
Since the reward strategy should aim to help the organisation to achieve its overall business strategy, reward strategy formulation needs to take in due consideration the organisation needs, values and shared beliefs. Nonetheless, a good and effective reward strategy also needs to duly take into consideration employees’ needs and the way they can be satisfied, ultimately balancing the needs of the one with the ones of the others.
The reward system is also of crucial importance to foster and encourage the behaviours, ideals and principles the organisation values and is expected will be delivered by its staff. This means...

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