Cover image for A handbook of employee reward management and practice
Title:
A handbook of employee reward management and practice
Personal Author:
Edition:
2nd ed
Publication Information:
London : Kogan Page, 2007
ISBN:
9780749449629

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Material Type
Item Category 1
Status
PSZ JB 30000010134373 HF5549.5.I5 A75 2007 Open Access Book
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Summary

Summary

The first edition of this book emerged as the definitive guide to reward management and also became an established reference work on human resource management courses around the world. It's not hard to see why.

Covering everything you need to know about reward management in a company, the handbook is both highly readable as well as containing an impressive programme of tried and tested techniques for running efficient and motivational reward programmes.

The techniques covered include: establishing job values and relativities; developing grade and pay structures; how to reward and review contribution and performance; how to reward special groups; running employee benefit and pension schemes; and so much more.

This new edition contains new research conducted by E-Reward, as well as over 30 new case studies and brand new coverage of key topics such as engagement and commitment, bonus schemes and rewarding knowledge workers. If you are involved in developing reward schemes for staff, or are studying human resource management, then this book will open your eyes to the latest thinking in staff motivation and reward.


Author Notes

Michael Armstrong is a Companion and former Chief Examiner (Employee Reward) for the Chartered Institute of Personnel and Development, and a fellow of the Institute of Management Consultancy. He is the author of many best-selling titles published by Kogan Page.


Excerpts

Excerpts

Part 1 The fundamentals of reward management 1 Reward management: an overview Reward management defined; The aims of reward management; Achieving the aims; The reward system; Elements of a reward system; Factors affecting reward management policy and practice; The development of reward management; References 2 The context of reward management The internal environment; The external environment; Impact of the environment; References 3 Total reward Total reward defined; The significance of total reward; Benefits of total reward; Model of total reward; Relational rewards; Developing a total reward approach; Approaches to total reward; Conclusion; References 4 Strategic reward Strategic reward management defined; The rationale for strategic reward; Guiding principles; The concept of reward strategy; References 5 Developing and implementing reward strategy General considerations; The reward strategy development sequence; Implementation; References 6 Reward policies The purpose of reward policies; Reward policy headings; Level of rewards; Developing reward policies; Examples of reward policies Part 2 The conceptual framework 7 Factors affecting levels of pay Economic determinants of pay; Factors affecting pay levels within organizations; The significance of the factors affecting pay levels; Application of the factors; References 8 Motivation and reward The process of motivation; Motivation theories; Motivation and financial incentives and rewards; Factors affecting satisfaction with pay; Motivation and job satisfaction and performance; The key messages of motivation theory; References 9 Engagement and organizational commitment Definitions; Engagement; Organizational commitment; References 10 The psychological contract The psychological contract defined; The significance of the psychological contract; Developing and maintaining a positive psychological contract; References Part 3 Establishing job values and relativities 11 Job evaluation schemes Definition of job evaluation; Aims; Features; The case for and against job evaluation; Categories of job evaluation; Types of analytical schemes; Types of non-analytical schemes; Market pricing; Computer-assisted job evaluation; Examples of the use of job evaluation; Conclusion; References 12 Developing and maintaining job evaluation schemes Developing a job evaluation scheme: initial stages; Designing a point-factor job evaluation scheme; Designing a job classification scheme; Developing an analytical matching scheme; Developing management procedures; Introducing job evaluation; Maintaining a job evaluation scheme; References 13 Equal pay for work of equal value Why discrimination takes place; The legal framework; The EOC Code of Practice on Equal Pay; Equal pay claims; Avoiding discrimination in job evaluation; Discriminatory pay structures; References 14 Equal pay reviews Purpose of equal pay reviews; Planning a review; The equal pay review process; Analysing pay; Conclusion; References 15 Market rate analysis Market rate analysis defined; Aims of market rate analysis; The problem of defining the market rate; The process of market analysis; Initial decision to conduct market analysis; Decide on benchmark jobs; Sources of market data; Analyse data; Prepare information on the jobs to be surveyed; Interpret and present market data; Using market data; A final word; Reference 16 Role analysis Definitions; Role analysis and reward management; Methodology; Role profile definition; Examples of role profiles Part 4 Grade and pay structures 17 Types of grade and pay structures Grade structures; Pay structures; Incidence of grade and pay structures; Narrow-graded structures; Broad-graded structures; Broad-banded structures; Career family structures; Job family structures; Combined career/job family and broad-banded structures; Pay spines; Spot rates; Individual job grades; References 18 Developing grade and pay structures Guiding principles for grade and pay structures; The design programme; The design process; Define guiding principles and objectives; Analyse present arrangements; Selecting the structure; Criteria for choice; Design options; Use of job evaluation; Graded pay structure design; Broad-banded structure design; Career family structure design; Job family structure design; Designing non-discriminatory pay structures; Implementing new grade and pay structures; References Part 5 Rewarding and reviewing contribution and performance 19 Individual contingent pay Individual contingent pay defined; The incidence of contingent pay; Contingent pay as a motivator; Arguments for and against contingent pay; Alternatives to contingent pay; Criteria for success; Performance-related pay; Competency-related pay; Contribution-related pay; Skill-based pay; Service-related pay; Choice of approach; Readiness for contribution pay; Developing and implementing contribution pay; References 20 Bonus schemes Bonus schemes defined; Aims of bonus schemes; Rationale for bonus schemes; Types of scheme; Category of staff covered; The business case for bonus schemes; Designing a bonus scheme; Introducing a bonus scheme; Reference 21 Team rewards Team pay defined; Aim of team pay; How team pay works; Requirements for team pay; Advantages and disadvantages of team pay; Developing team pay; NHS case study; References 22 Paying for organizational performance Types of schemes; Aims; Profit sharing; Share ownership schemes; Gain sharing 23 Recognition schemes Recognition schemes defined; Principles of recognition; Types of recognition; Examples of non-cash awards; Designing a recognition scheme; Example of a recognition scheme at Camelot; References 24 Performance management and reward Performance management defined; Purpose of performance management; Principles of performance management; The performance management cycle; Key features of performance management; Performance management as a motivating process; Performance management and non-financial motivation; Performance management and pay; References Part 6 Reward management for special groups 25 Rewarding directors and senior executives The background; Governance reviews and remuneration; Remuneration committees; Directors' and senior executives' remuneration; Benefits; Service contracts 26 International reward The international scene; International reward strategy; Rewards for expatriates; References 27 Rewarding sales and customer service staff Rewarding sales representatives; Rewarding customer service staff; References 28 Rewarding knowledge workers What motivates knowledge workers?; Managing knowledge workers; Approaches to rewarding knowledge workers; References 29 Shop floor pay Factors affecting shop floor pay; Time rates; Payment-by-result schemes; General considerations; Types of payment-by-result schemes; Single status and harmonization; References Part 7 Employee benefits, allowances and pension schemes 30 Employee benefits Rationale for employee benefits; Employee benefit strategies and policies; Types of benefit; Incidence of benefits; Choice of benefits; Administering employee benefits; Tax considerations; Reference 31 Flexible benefits Reasons for introducing flexible benefits; Types of flexible benefits schemes; Introducing flexible benefits; Example - Lloyds TSB; References 32 Pension schemes Why pensions are provided; What pension schemes provide; The two main types of schemes; Other types of pension schemes; The state pension scheme; Excerpted from A Handbook of Employee Reward Management and Practice by Michael Armstrong All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.

Table of Contents

Part 1 The fundamentals of reward management
1 Reward management: an overview Reward management defined
The aims of reward management
Achieving the aims
The reward system
Elements of a reward system
Factors affecting reward management policy and practice
The development of reward management
References
2 The context of reward management The internal environment
The external environment
Impact of the environment
References
3 Total reward Total reward defined
The significance of total reward
Benefits of total reward
Model of total reward
Relational rewards
Developing a total reward approach
Approaches to total reward
Conclusion
References
4 Strategic reward Strategic reward management defined
The rationale for strategic reward
Guiding principles
The concept of reward strategy
References
5 Developing and implementing reward strategy General considerations
The reward strategy development sequence
Implementation
References
6 Reward policies The purpose of reward policies
Reward policy headings
Level of rewards
Developing reward policies
Examples of reward policies
Part 2 The conceptual framework
7 Factors affecting levels of pay Economic determinants of pay
Factors affecting pay levels within organizations
The significance of the factors affecting pay levels
Application of the factors
References
8 Motivation and reward The process of motivation
Motivation theories
Motivation and financial incentives and rewards
Factors affecting satisfaction with pay
Motivation and job satisfaction and performance
The key messages of motivation theory
References
9 Engagement and organizational commitment Definitions
Engagement
Organizational commitment
References
10 The psychological contract The psychological contract defined
The significance of the psychological contract
Developing and maintaining a positive psychological contract
References
Part 3 Establishing job values and relativities
11 Job evaluation schemes Definition of job evaluation
Aims
Features
The case for and against job evaluation
Categories of job evaluation
Types of analytical schemes
Types of non-analytical schemes
Market pricing
Computer-assisted job evaluation
Examples of the use of job evaluation
Conclusion
References
12 Developing and maintaining job evaluation schemes Developing a job evaluation scheme: initial stages
Designing a point-factor job evaluation scheme
Designing a job classification scheme
Developing an analytical matching scheme
Developing management procedures
Introducing job evaluation
Maintaining a job evaluation scheme
References
13 Equal pay for work of equal value Why discrimination takes place
The legal framework
The EOC Code of Practice on Equal Pay
Equal pay claims
Avoiding discrimination in job evaluation
Discriminatory pay structures|21
14 Equal pay reviews Purpose of equal pay reviews
Planning a review
The equal pay review process
Analysing pay
Conclusion
References
15 Market rate analysis Market rate analysis defined
Aims of market rate analysis
The problem of defining the market rate
Th