Legal And General Reward Management Study

2003 words - 8 pages

1.0 EXECUTIVE SUMMARYANALYSIS OF THE LINK BETWEEN THE BUSINESS STRATEGY, HUMAN RESOURCE STRATEGY AND THE REWARD MANAGEMENT STRATEGYFrom the case study, the business strategy of Legal and General plc is "to increase its competitiveness by achieving lower administration costs, more effective sales distribution and maintaining an effective investment policy."The HR strategy aims at enabling the company to improve its competitiveness in the market place by changing the way people work and the culture in which they work.To support the HR strategy the resulting change in the company's payment system is the reward management strategy, which encompasses a combination of competency-based approach to a broad banded structure and performance-related approach to bonuses.The need for the company to become more customer-focused is the reason for HR deciding to change the way in which work is done. The HR strategy's first element of change is that employees will deal directly with customers, while working in teams of 10-15 people. The prime responsibility of individual team members is the delivery of high-quality service to customers. In light of this fact, one could make a preliminary inference that the HR strategy is relatively aligned to the business strategy.In the attempt to have a results oriented workforce that is customer-focused the reward management strategy seeks to achieve this through the new payment structure. The new structure is designed in such a way to reward employees on an individual basis for their skills, expertise and contribution to the overall production process.From the preliminary analysis of the above discussed strategies it could be stated that the strategies are all linked to each other. However as to the likelihood of the success of the proposed strategies, this will be evaluated when it comes to actual implementation. The rest of this report seeks to evaluate the components of each of the strategies and how they can either assist or hinder Legal and General plc in achieving its objectives.2.0 ANALYSIS OF THE HR STRATEGYThe main elements of the HR strategy are changing the way work is done and henceforthattempting to change the culture. Employees will deal directly with customers with the intent of providing improved customer service, while working in teams of 10-15, where team roles will be rotated.The benefit from the rotation of roles is that it allows for team members to become multi-skilled within their team, which enhances the scope for advancement and development. "The general movement towards flatter structure with wide spans of control and reducing layers of middle management, all involve greater emphasis on the importance of effective team working." (Mullins, 2002)Teamwork can increase competitiveness by improving productivity and employee motivation and commitment. It is however important there is group cohesiveness as this will affect performance. The more homogeneous the group the easier it is to promote cohesiveness,...

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