Essay
Unit 14 Aspects of Employment Law P6 P7
- Institution
- PEARSON (PEARSON)
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Aspects of Employment Law: Assignment 3Losing Your Job
P6 - Describe the different policies of remuneration adopted in a selected
business organisation
What is remuneration?
Remuneration refers to the rewards that people receive for employment. This can be in the
form of pay, salary and wage. This can include, allowances, benefits, bonuses, cash
incentives and so on.
Different Remuneration Polices Used by Tesco
The remuneration policies set by Tesco are based on the same principle throughout the
business. They believe that rewards should be sufficient in order to attract and retain
talented employees without paying them more than what is necessary. They also believe
that the rewards should support the creation of long-term shareholder value and promote
the long-term success of the company. This information can be found in Tesco’s
Remuneration Policy.
Tesco operates on an internationally scale meaning they have a variety of employees in
different roles in different locations. This means that reward packages can vary depending
on the role and location of the employees. However, the rewards are all based around the
same objectives that are outlined by Tesco. It is possible for their remuneration policies to
change. Annual bonuses, share incentives, clawback and malus, pensions and colleagues as
shareholders are all types of remuneration offered by Tesco.
Annual Bonus
The annual bonuses offered by Tesco can be linked to the businesses overall success and the
contribution made by the individual employee. They are essential to increase the motivation
if the employees and to attract and maintain employees. By offering annual bonuses,
employees would want to ensure that they perform well meaning it would also benefit the
business.
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