Reward Management
Reward management is an important part of the business process, with the strategies, policies and processes required to ensure that the contribution of people to the organization is in accordance with all the stipulated rules and requirements (Armstrong, Michael and Helen Murlis). The reward management usually meets the needs and requirements of the organization and stakeholders. Moreover, the overall purpose is to reward the employees fairly, equitably and consistently in accordance with their personal achievements and value to the certain organization.
Reward management is not only declining with employees’ benefits, it also involves the non-financial rewards such as public recognition, learning as well as development opportunities and increased job responsibilities. The paper assesses the purposes of the reward management in the business context, use of reward intelligence, the key principles and the implementation of policies and practices. Moreover, Aramex company will be observed within its reward environment, its main principles and the importance of equity, fairness and transparency.
The Purposes of Reward Management
The main aims of reward management are to reward people in accordance with the value they relate, to identify the appropriate rewards practices and to align them with the corresponding company’s goals and requirements as well as to reward the right things to convey the right message about the most important in terms of behavior and outcomes. Moreover, it is necessary for the company to motivate employees correspondingly, so that they can obtain their engagement and commitment as well as to develop its high-performance culture.
In order to achieve the aims of reward management, the management of the company has to develop and integrate the corresponding policy and processes of the company which will be the basic principles for the whole company’s philosophy, dealing with the principles of distributive and natural justice, function fairly and equitably. Furthermore, it should be highlighted that the reward management of the company has to be based on the well-articulated philosophy and guiding principles that are consistent with the main values and purposes of a certain organization. The philosophy of the reward management identifies the strategic principles concerning what the company addresses relating to how people have to be valued. Reward management adopts the whole review approach, which highlights the importance of the aspects of the reward management as a coherent that is linked to other HR initiatives, which are usually designed to achieve the motivation, commitment, engagement and development of employees.
Aramex Company Reward Environment
Aramex company will be assessed and evaluated in order to investigate the reward management practices, by identifying its main internal and external factors. It is an international company that is dealing with express, mail delivery and logistics services. Aramex is based in Dubai, the United Arab Emirates. It was founded by Jordanian Fadi Ghandour and Bill Kingson in 1982.
The company is on the leading position in the NASDAQ …
