This assignment requires you both present and do a write up on a critical issue facing HR today. The scope is quite broad but must come from one of the following topic areas: Reward Management Your...

Reward management - Are people looking for non-financial rewards?
Introduction
Companies present operate in a highly competitive business environment where “war for
talent” is constantly increasing. Every company wants to recruit and retain the best talents in the
industry (Ulrich & Brockbank 2005). It is a major challenge for the companies to identify quality
employees and motivate them to retain them in the organization. These challenges in turn affect
the performance of the company. Also if companies can retain its employees it would gain
competitive advantage over its competitors (Woodruffe 2003). So, it is important for the HR to
develop tailor made strategies for retention of and development of employees. Rewards program
for employees is one such strategy. This assignment examines the importance rewards
management in an organization with special focus on non financial rewards. It evaluates whether
employees look for non financial rewards and why non financial rewards are a crucial issue in
the present business environment. In the end, recommendations are made.
Reward management and non financial rewards
Rewards are anything having some perceived value that is given to the employees by the
employer with an objective of motivating the employees and retaining them (Armstrong &
Murlis 2007). Rewards are aimed at recognizing the contribution of high performing employees
and to maintain high morale in the workplace. Non financial rewards are a way of recognizing
the contribution of employees immediately by non-cash rewards and show that the employers
value the contribution of the employees. This in turn helps to improve effectiveness of the
performance of the employees and strengthen the employer employee relationship. Non financial
rewards are the most cost effective ways of motivating employees. These can be used as a
strategic leadership tool by the managers reinforce and recognize and employee and at the same
time help the employee understand their role in the strategic goals of the company. Even a
simple „thank you‟ or a pat on the back and motivate the employees. For making a non financial
reward effective, it should be a sincere expression of appreciation, meaningful and allied to goals
and priorities, adaptable depending on the employees and the diversity in the workforce, relevant
and timely.
With finances being tight, the companies need to work towards reviewing their rewards,
compensation...