methods of rewards and benefits management

Human Resource Management (HRM) concerns the human side of the management of enterprises and employees¡¯ relations with their firms. HRM is resource-centered and directed mainly at management needs for human resources (not necessarily employees) to be provided and deployed. Demand rather than supply is the focus of the activity. There is greater emphasis on planning, monitoring, and control and rather than mediation (Letherbarrow, 2002).

The design and operation of payment systems in many organizations have often been institutionalized by custom and practice, tradition and collective bargaining mechanisms. Nevertheless, trends show that the movement towards HRM has corresponded with the introduction of supposedly new forms and strategies of reward management. Contemporary developments in pay and reward concentrate on individual performance-reward contingencies in a unitarist framework. Employees will be highly committed, and thus motivated and productive, if the reward strategies ...