HRM40730 Reward and Performance Management

Academic Year 2023/2024

In most businesses, pay and pay-related issues (such as pension schemes) make up a substantial share of the total costs involved in running a business. Managing this aspect of human resources has become more complex as businesses look increasingly for value for money, have growing expectations of what employees can contribute to the business, and engage in competition for talent. This module examines critical areas of reward management from both a theoretical and a practice perspective, in such areas as the determination of basic and variable pay; the relationship between reward, motivation, engagement and high performance; the importance of non-financial rewards; and the composition of `total reward'. It also examines the links between the reward, HR and overall business strategies and the consequences of choices made in one or other of these areas.