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It covers key areas including pay and grade structures, job evaluation, non-cash reward, pay reviews, bonus plans and tax issues. Featuring guidance, practical tools and case studies throughout, this book provides the knowledge and skills needed to plan, implement and assess an effective reward strategy in any type of organization. This third edition of Reward Management includes the latest research and developments, such as how to incorporate wellbeing and new technologies in reward strategy and how new ways of working may affect a benefits package. Case studies include insight from McDonald's UK, Marks and Spencer and Which? to show how this can be applied in practice. Online resources include downloadable templates and further tools to be used in practice. HR Fundamentals is a series of succinct, practical guides featuring exercises, examples and case studies. They are ideal for students and those in the early stages of their HR careers.
Introduction
The fundamentals of reward management
Reward and reward strategy
Why reward is important and how it can make an impact
Relationship between motivation and reward
How reward fits together
How to get started with a reward strategy
Communications
Tax and National Insurance
Reward in practice
Grades and pay structures
Managing pay data and pay reviews
Bonus plans
Recognition and non-cash reward
Long-term plans
Benefits
Conclusions