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This updated fifth edition of Armstrong´s Handbook of Reward Management Practice contains new information on computerized reward management and new case studies. Additionally, Armstrong revised the chapters on pay evaluation, pay structures, merit pay, and executive pay to include new information. The online resources include questions, a glossary and bibliography, teaching notes, and PowerPoint slides for professors.
Table of Contents:
Introduction
Part One An overview of reward management
01 Fundamentals of reward management
Reward management defined
Aims of reward management
Reward philosophy
Guiding principles
Reference
02 Reward systems
Reward systems defined
Description of the main elements of a formal reward system
Reward systems in action
Developing formal reward systems
The development and implementation programme
References
03 Strategic reward
Introduction
Strategic reward
Reward strategy
Case studies
References
04 Reward policies
Reward policies defined
Reward policy areas
References
05 Factors affecting reward
Introduction
Internal context
External context
Factors affecting levels of pay
Pay determination within organizations
References
06 Motivation and reward
Introduction
The process of motivation
Types of motivation
Instrumentality theory
Reinforcement theory
Content (needs) theory
Process theory
How motivation theories affect reward management
References
07 Engagement and reward
Introduction
Engagement defined
Why engagement is important
Developing engagement through reward
Conclusion
References
08 Performance and reward
Introduction
The meaning of performance
Impact of reward on organizational performance
How does reward impact on performance?
The role of performance management
Performance management issues
References
09 Financial rewards
Introduction
Incentives and rewards
The theoretical framework
The role of money
Research on the effectiveness of financial rewards
Opponents of financial rewards
Arguments for and against financial rewards
Criteria for effectiveness
References
10 Non-financial rewards
Introduction
The significance of non-financial rewards
Types of non-financial rewards
References
11 Total rewards
Introduction
The concept of total rewards
The approach to total rewards
Bridging the gap
Total rewards in practice
Conclusions
References
12 The ethical approach to reward and performance management
Introduction
Ethical decisions in reward and performance management
Why is an ethical approach desirable?
Fairness
Treating people justly
Resolving ethical dilemmas
The ethical role of reward professionals
An ethical code of practice for reward and performance management
References
Part Two Base pay management
13 Market pricing
Introduction
Aims of market pricing
The concept of a market rate
Job matching
Use of benchmark jobs
Sources of market data
Interpreting and presenting market rate data
Using survey data
14 Job evaluation
Introduction
Job evaluation defined
Aims of job evaluation
Achieving the aims
Formal job evaluation
Informal job evaluation
Analytical job evaluation schemes
Non-analytical schemes
Market pricing
Levelling
Job analysis for job evaluation
Computer-aided job evaluation
Choice of approach to job evaluation
Developing a point-factor job evaluation scheme
Implement job evaluation
Ensuring that the scheme is unbiased
References
15 Grade and pay structures
Introduction
Grade structures
Grade and pay structures
Guiding principles
Formal grade and pay structures
Multi-graded structures
Broad-banded structures
Broad-graded structures
Job-family structures
Pay spines
Unstructured pay systems
Spot rates
Individual job grades
Choice of approach
Developing formal grade and pay structures
Minimizing bias in grade and pay structure design
References
16 Equal pay
Introduction
Reasons for unequal pay
The Equality Act 2010
Defending an equal pay claim
Achieving equal pay
Risk assessment
References
Part Three Rewarding and recognizing performance and merit
17 Merit pay
Introduction
Characteristics of merit pay
Method of operation
Types of merit pay
Competency-related pay
Contribution-related pay
Overall conclusions on merit pay
Developing merit pay schemes
References
18 Bonus schemes
Introduction
Bonus schemes defined
Aims of bonus schemes
Rationale for bonus schemes
Criteria for a bonus scheme
Types of scheme
Designing a bonus scheme
Introducing a bonus scheme
Earn-back pay
Bonus schemes and performance
References
19 Team pay
Introduction
Team pay defined
Rationale for team pay
How team pay works
Requirements for team pay
Advantages and disadvantages of team pay
Developing team pay
NHS case study
References
20 Rewarding for business performance
Introduction
Types of schemes
Aims
Profit sharing
Gain sharing
Share ownership schemes
References
21 Recognition
Introduction
Recognition schemes defined
Benefits of recognition schemes
Principles of recognition
Types of recognition
Examples of non-cash awards
Designing a recognition scheme
Examples of recognition schemes
Part Four Rewarding special groups
22 Executive reward
Introduction
Executive pay levels
Factors affecting the level of executive rewards
Corporate governance and executive remuneration
The elements of executive remuneration
References
23 Rewarding sales and customer service staff
Introduction
Rewarding sales representatives
Rewarding customer service staff
References
24 Rewarding knowledge workers
Introduction
What motivates knowledge workers?
Approaches to rewarding knowledge workers
References
25 Rewarding manual workers
Introduction
Factors affecting the pay of manual workers
Time rates
Pay structures
Incentive schemes for manual workers
Payment-by-results schemes
Collective schemes
Summary of schemes
Single status and harmonization
References
26 International reward
Introduction
The international scene
Reward management for employees working in international subsidiaries
Rewards for expatriates
References
Part Five Employee benefits
27 Provision of employee benefits
Introduction
Rationale for employee benefits
Employee benefit strategies and policies
Types of benefit
Incidence of benefits
Choice of benefits
Administering employee benefits
Total reward statements
References
28 Flexible benefits
Introduction
Reasons for introducing flexible benefits
Types of flexible benefits schemes
Introducing flexible benefits
References
Part Six The practice of reward management
29 Evidence-based reward management
Introduction
Evidence-based management
Evidence-based reward management
Reviewing reward
Measuring reward
Evaluating reward
Conclusions
References
30 Managing reward systems
Introduction
Controlling reward
Monitoring and evaluating reward policies and