Strategic Reward: Implementing More Effective Reward Management

Overview

Strategic reward is the process of deciding what route to take in developing appropriate compensation arrangements and dealing with the issues that arise in making those decisions. Armstrong and Brown present here their "new realism" philosophy and breadth of experience on the subject. They examine the essence and context of strategic reward and the processes involved in developing and implementing strategies, along with a clear overview of the opportunities and risks of pursuing a reward strategy, ...

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Overview

Strategic reward is the process of deciding what route to take in developing appropriate compensation arrangements and dealing with the issues that arise in making those decisions. Armstrong and Brown present here their "new realism" philosophy and breadth of experience on the subject. They examine the essence and context of strategic reward and the processes involved in developing and implementing strategies, along with a clear overview of the opportunities and risks of pursuing a reward strategy, demonstrating how critical it is to the dual agenda of successful organizational performance and the motivation and engagement of staff.

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Product Details

  • ISBN-13: 9780749456184
  • Publisher: Kogan Page, Ltd.
  • Publication date: 8/28/2009
  • Pages: 272
  • Product dimensions: 6.20 (w) x 9.20 (h) x 0.80 (d)

Meet the Author

Michael Armstrong is Joint Managing Partner of E-reward and an independent management consultant. His books have sold over 500,000 copies worldwide and are translated into over 20 languages. Among them are Armstrong's Handbook of Human Resource Management, Armstrong's Handbook of Performance Management, Armstrong's Handbook of Management and Leadership and Strategic Human Resource Management (Kogan Page).

Duncan Brown is Director of Reward Services at the Institute for Employment Studies. He has more than 20 years experience in reward consulting and research with firms including PricewaterhouseCoopers and Towers Perrin. He also spent five years as Assitant Director General at the Chartered Institute of Personnel and Development (CIPD). He has an MA from Cambridge University, MBA from the London Business School and is a Chartered Fellow of the CIPD.

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Table of Contents

Part 1 The Essence of Strategic Reward   

1  Strategic reward: what it means 

Strategic reward management defined; Aims of strategic reward; Characteristics of strategic reward; Strategic reward and reward management; Strategic reward and strategic management; The rationale for strategic reward; The reality of strategic reward; Strategic reward issues; The practice of strategic reward management; Reward philosophy and guiding principles; Total reward; Approaches to total reward

2  Reward strategy: purpose and content  

What is reward strategy?; What’s happening to reward strategy?; What are the aims of reward strategy?; What are the aims of reward strategy?; What is the content of reward strategy?; Examples of reward strategies; PriceWaterhouse Coopers; What are the criteria for an effective reward strategy?

3  Strategic reward and performance        

The characteristics of a high performance culture; Developing a high performance culture; How reward strategies impact on performance

 

4  Engagement and organizational commitment strategies          

Engagement and organizational commitment defined; Engagement; Organizational commitment

Part 2 The Context of Strategic Reward   

 

5  The reward environment

The internal environment; The external environment; Reward strategy as multi-dimensional alignment

 

6  Reward strategies in a knowledge economy      

The rise of the post-industrial economy; Rewarding knowledge workers: the theories tested; Rewarding knowledge workers: the emerging practice; Emerging practice: flexibility in a framework; Emerging practice: learning and a rewarding career; Emerging practice: flexible rewards and working; Rewarding knowledge workers: creating the context

7  Reward strategies in a service-based economy  

Rewarding customer service?; Rewarding customer service: the research; Rewarding customer service: effective practice; Rewarding customer service: creating the context for commitment; Strategies for rewarding knowledge and customer service

8  Developments in reward management   

Current incidence of reward practices; Specific developments

Part 3 Developing and Implementing Reward Strategies

9  Developing reward strategy        

Basic considerations; Development requirements; The development pathway; Assessing reward strategy requirements; Achieving alignment

10  Implementing reward strategy  

The say/do gap; Implementing worthwhile, realistic and achievable strategies; Dealing with implementation problems; Project management; Change management; Specific reward implementation issues; Success criteria; The BT approach to implementation

11  Role of the front line manager in managing reward  

Overall role of front line managers; The line manager’s role in implementing HR policies; Devolution of reward responsibilities to line managers; The varied reward responsibilities of line managers; Ensuring the commitment and capability of line managers

12  The strategic and multiple roles of the reward professional  

More demand, more people, more strategies; Reward professionals as administrative and IT experts; Technical expertise: the role of strategic craftsperson; Reward professionals as change agents and business partners; Reward professionals’ roles, skills and learning

13  Communicating reward strategy: from telling and selling to involving and engaging        

The importance of communication; Communicating the reward strategy; Communication successes; Communicating the employer brand; Involvement and engagement?; The reward strategy and involvement gap; Communicating, involving, engaging; When things go wrong; The final message

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