Essay
HRM3705 ASSIGNMENT 2023
- Institution
- University Of South Africa (Unisa)
HRM3705 ASSIGNMENT 2023
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0717513144 HRM3705 SEM 2 2023 muzavazi47@gmail.comDISCLAIMER
The HRM3705 assignment is a framework that students can use to understand
the concept and important steps to complete the assignment. In this sense,
the document gives examples and explanation of a real company that can be
changed to suit students’ needs. For further assistance contacts are a s
follows:
CONTACT NUMBER:
071 751 3144
muzavazi47@gmail.com
1
, 0717513144 HRM3705 SEM 2 2023 muzavazi47@gmail.com
Introduction
Add own introduction and conclusion
Question 1
Strategic Reward and Total Reward are two critical concepts in the field of Human
Resource Management (HRM) that play a vital role in attracting, retaining, and
motivating employees within an organization. These concepts are interdependent and
encompass various elements to create a comprehensive approach to compensation
and employee satisfaction.
Strategic Reward:
Long-Term Perspective: Strategic reward takes a long-term approach to align an
organization's reward policies and practices with its overarching goals and objectives.
It aims to create a sustainable and competitive advantage through the effective use of
compensation.
Focus on Organizational Goals: It prioritizes the organization's needs and strategic
priorities while ensuring that reward systems are designed to support these objectives.
This involves considering how compensation can drive performance, innovation, and
employee engagement in alignment with the company's mission and vision.
Example: A technology company may implement strategic reward by tying a portion
of employee bonuses to the successful development and launch of innovative
products aligned with the company's growth strategy. This encourages employees to
contribute directly to the company's long-term success.
Total Reward:
Comprehensive Approach: Total reward is a holistic approach to compensation that
includes both tangible and intangible elements of work that employees value. It goes
beyond just salary and benefits and encompasses factors such as career development
opportunities, work-life balance, recognition, and a positive work environment.
Employee-Centric: Total reward recognizes that employees have diverse needs and
preferences. It allows for customization of rewards to cater to individual preferences,
which can enhance employee satisfaction and motivation.
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