HUMAN RESOURCE MANAGEMENT PRACTICE - Fichier PDF

Strategic reward ❚ 651Analyse businessstrategy andbusiness needsAnalyse presentHR and rewardpolicies andpracticesConsult andinvolve seniormanagementDevelop HR strategyDevelop and justifyreward strategy anddefine guidingprinciplesAssess needs ofstakeholders – linemanagers andother employeesConsult, involveand communicatewith employeesPrepare andtest planBrief and trainImplement planFinalcommunicationsReview and modifyas requiredFigure 43.3A model of the reward strategy development processIt may be helpful to set out reward strategies on paper for the record and as a basisfor planning and communication. But this should be regarded as no more than apiece of paper that can be torn up when needs change – as they will – not a tablet ofstone.COMPONENTS OF AN EFFECTIVE REWARD STRATEGYBrown (2001) has suggested that effective reward strategies have three components: