Pay and Reward Systems

Pay and Reward Systems

May 6, 2019 Sample Dissertation 0

The formulation and application of policies and approaches which tends to aim to reward individuals fairly, consistently in accordance with their value to the company, and equitably is highly concerned with pay and reward management.

Reward and pay systems consist of analyzing and controlling worker remuneration, compensation including all of the other advantages for the employees. However, there are various types of pay and reward systems such as intrinsic and extrinsic rewards, financial and non-financial rewards, and performance-based rewards, which can be adopted by the organizations in the United Kingdom to remunerate their expatriate. Additionally, reward and pay system entails of pay policy and practices, total reward, salary and payroll administration, executive pay and team reward.

Numerous authors, theorists and writers has critically defined the pay and reward systems. The authors wanted to see and further lightened the idea of evidence there was of a different method of compensating individuals working in the organization.

The term pay and reward management systems itself is significant, implying an active role for the workers working in a multinational such as the expatriate operations managers of the British multinational sugar processing company working in their sites in Sweden and Guyana. Therefore, there are few theoretical approaches which directly helps to evaluate reward management ideas and action that further thinking varies over the role if any for operational managers of Sweden and Guyana in determining wages and other payments to individuals related to employment.

Many authors have argued and stated on pay and reward systems. Expatriate- local reward management chances and threats in the competitive environment for multinational enterprise are also critically argued and discussed by few authors. For every multinational company there are few vitally important factors that need to be taken into consideration when operating in more than one country such as rewarding expatriation- rewarding multiple talent, divergent business systems, and multinational contexts for employee reward management.