REMUNERATION PLANNING REWARDS

Remuneration Planning Rewards



Remuneration Planning Rewards

Introduction

This paper is based on an organization's remuneration planning and rewards structure. The organization, Dubell Consultancy, engaged in providing HR consultancy services to other business organizations and comprises of approximately 1,500 employees.

The idea of organizational career management organizations is an important effect of what is called the “resource-based view of the firm.” This view of company strategy focuses on its human resources—for example, their skill, expertise, experience, motivation, and teamwork—as a major basis of competitive advantage and on the fact that human resources can be systematically increased in value over time by appropriate experience and development in the company (Tjosvold, 2007, 79).

Organizational career management is often based on the development of an internal labor market in which, wherever possible, vacancies are filled from within the organization (Carter, 2007, 82). That way, positions at the lower levels of the organization can be filled from external sources, and these new recruits can be socialized and developed so that they gain the right background knowledge, skills, and attitude to move up to higher positions. The configuration of the hierarchical structure of the organization can provide a “career system,” or a set of career pathways (Rynes, 2008, 57).

Careers, therefore, are “repositories of knowledge”, specifically knowledge of value to the organization. Therefore, organizations must know of and plan for the competencies they need in order to succeed and must either capture them in the careers of the people they recruit from outside the organization or develop them in the careers of present employees. So organizations have a very good reason to intervene actively to influence the careers of individuals, by attracting outsiders with the right expertise to join, by persuading insiders with the right expertise to stay, and by placing and developing these people where they will have greatest effect (Banks, 2009, 118).

Team-based Rewards and Remuneration

Research on team-based rewards has generally lagged behind other categories of work team research. Although much additional research is required, existing work suggests that team-based rewards may have greater impact on the productivity of lower-performing team members (Tjosvold, 2007, 80). Additionally, highest-performing employees appear to prefer individually based rewards. An accumulating body of evidence suggests that as team interdependence increases, team-based rewards are most effective when based on equal rewards for team members; otherwise, group cohesiveness and performance may be negatively affected.

The nature of teamwork as a highly interactive process ...