Table of Contents
Evaluation of Steel Co Performance and Reward System 2
Performance and Reward management Tools 3
Pay Structure 5
Performance and Reward for different groups 6
The company Steel Co, which has been established for around 30 years, has been in a steady decline during the current recession and although a Divisional Director has been employed by the owner the fortunes of the company have not improved. The staff is unhappy, unproductive and unimpressed by the Human Resource system that currently exists in the company. The pay structure that currently exists within the organisation has been much debated among employees who feel it is unsatisfactory. The Business Adviser will research Performance and Reward management tools in order to help the company develop a more suitable Performance and Reward system to use. A variety of sources will be used in order to evaluate the system and tools against other organisational frameworks. The pay structure within the company will also be looked at in order to identify any possible changes that could be made.
The aim of this report is to evaluate current Human Resource Practices within Steel Co and identify weaknesses that the current model possesses. Performance and Reward management tools available will be evaluated in order to make recommendations on how the Management tools could compliment the system that Steel Co currently employs.
To achieve the aim of this report there are 4 Objectives which are considered:
1. Evaluate the Performance and Reward model that the company currently uses in order to identify weaknesses and areas where improvements could be made.
2. Identify and analyse the compatibility of different management tools that Steel Co. could use to improve their management and reward system.
3. Evaluate how different performance and reward strategies might be appropriate for different groups of the organisations.
4. Make recommendations to the Divisional Director and owner based on the conclusions of facts that have been drawn.
The research that will be conducted will be cut short by time constraints set by the submission date. Therefore not all Performance and Reward Management tools available will be evaluated. The author’s limited linguistic skills will also hamper the report.
Evaluation of Steel Co Performance and Reward System
Performance and Reward systems in organisations are deployed in order to measure and reward staff for performances. Due to the economic recession and difficult trading period the owner of the company has imposed a pay freeze during the last 3 years. The overall terms and conditions for employees is less than admirable compared to other similar companies such as Tata Steel, as can be seen through there being “no occupational sick pay scheme” within the company. Tata Steel employs...