The Sage Course Companion on Human Resource Management is an accessible introduction to the subject that will help readers to extend their understanding of key concepts and enhance their thinking skills in line with course requirements. It provides support on how to revise for exams and prepare for and write assessed pieces. Readers are encouraged not only to think like an HRM student but also to think about the subject critically.
Designed to compliment existing textbooks for the course, the companion provides:
- Easy access to the key themes in HRM
- Helpful summaries of the approach taken by the main course textbooks and their strengths and weaknesses
- Guidance on the essential study skills required to pass the course
- Sample exam questions and answers, with advice on common themes that must always be addressed, how to use information effectively and pitfalls to advoid
- Themes that run throughout the major points covered by the book
- Taking it Further sections that suggest how readers can extent their thinking beyond the ‘received wisdom’
Much more than a revision guide for undergraduates, it is an essential tool that will help readers take their course understanding to new levels and help them achieve success in their undergraduate course.
Chapter 2.7: Remuneration and Benefit Management
Remuneration and Benefit Management
Remuneration management is about finding the most effective basis on which to pay people. Effective in that context usually means the most cost effective consistent with the needs to attract, retain and motivate individuals in a ‘felt fair’ manner within the organisation's ability to pay, achieve its strategic objectives and to meet its legal obligations.
Objectives for Pay
Both employers and employees have objectives that they seek to achieve through the reward system that they operate under. The key features include those listed in Table 7.1.
|Employer objectives||Employee objectives|
|1 That pay levels within the company reflect the prestige and status of the organisation||To maximise the purchasing power from the sale of labour by the individual|
|2 That reward should attract the ...|