Summary of Reward Management

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Rating

8 Overall

9 Applicability

7 Innovation

7 Style


Recommendation

Tricky as it may sound to execute, this is a solid, concise introduction to reward strategy and management. Authors Michael Armstrong and Helen Murlis begin with the broadest, most elementary definition of reward strategy and management, but quickly dig down to pay dirt. They provide insider details on job evaluation schemes, antidiscrimination legislation, motivation and the other logistical choices required for reward management. Considered a classic by some in the field, their book offers quite a granular discussion of grade and pay structures, performance management, contingent pay and even the use of consultants. Its primary flaw is its steady use of one author’s employer - the Hay Group consulting firm - as the constant exemplar of reward scheme models and methods. getAbstract.com finds that this thorough, practical book provides all the ingredients you need to cook up a "best practices" reward management program.

In this summary, you will learn

  • How to apply the basic elements of a total reward strategy;
  • How to derive your company’s reward philosophy; and
  • How to implement a reward program.
 

About the Authors

Michael Armstrong is joint managing partner of an e-rewards Web site and a former Chief Examiner (Employee Reward) for the Chartered Institute of Personnel and Development. Helen Murlis, CCIPD, is a director of Hay Group.

 

Summary

Reward Management Basics
The ideal reward management strategy establishes a consistent, fair, value-adding set of policies governing wages and nonfinancial rewards. Rewards have a dual function: compensate people for their work and communicate behaviors and practices that organizations...

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