Reward management literature review

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All Reward Management Systems RMS deal with formulating and implementing policies and strategies that aim at rewarding employees equitably and fairly. This must be consistent with the values of both organization and individuals to ensure achievement of strategic goals. In the end, the needs met by the reward systems are beneficial for both the organization and other key players of the company. They can be in the form of tangible services, financial returns and other benefits that staff members receive in the course of their employment.
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Disclaimer: This work has been submitted by a student. This is not an example of the work written by professional academic writers. Here you can order a professional work. Find a price that suits your requirements. This review aims to firstly,define strategic reward management and explain the underlying principles of a reward strategy,secondly, to explain how a reward strategy helps to meet organizational and employee needs as well as explain the essential building blocks of a total reward management needed to establish a reward strategy. Finally, it will explain the performance pay and show its links with performance management and training and development as well as explain benefits and non-financial rewards.
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In a rapid competitive business environment, the procedures of outlining the role, function and process of Human Resource Management HRM within a dynamic and uncertain environment are ongoing for many decades. Due to its diverse origins and many influences, HRM covers essential aspects of central concern in organisations such as individual, practice, educational theory, social and organisational psychology, sociology, industrial relations, and organisational theory Soderlund and Bredin, To date there is no widely acceptable definition for HRM and what it entirely involves in our daily business world Brewster and Larsen, Due the conflicting theoretical conception and hypothetical disagreement about the general acceptance of the definition, Price definition would be used to in this literature because it better explained and cover huge areas of the study.
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