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Critically argue whether particular HRM approaches are essential for business or merely a passing fad or fashion.

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Essay title: "Critically argue whether particular HRM approaches are essential for business or merely a passing fad or fashion." Human Resource Management is an important part of business management. Nowadays, it becomes a passing fad in business, a good HRM department decides on the development of the enterprise, and creates the best economic benefits for the enterprise. Thus, the approaches of HRM are essential for business, it not only to attract the talents, but also has the large influenced in the efficiency of business operations. There are many areas in HRM, this essay will focus on the reward management as the specific topic to analyse the essentialness of the HRM approaches. Firstly, it will describe the definition and objectives of reward management, then it will discuss the advantages and disadvantages of particular reward management approaches, and last is the benefits and effects on the HRM system. The key point of HRM is the motivation, and reward management is the important way to motivate employees. Armstrong (2004, p1) identifies that "Reward management is concerned with the formulation and implementation of strategies and policies that aim to reward people fairly, equitably and consistently in accordance with their value to the organization." ...read more.


According to Perrins (2005) pay and benefits represent financial rewards and are essential to recruit and retain staff but can be easily copied by competitors. The other two represent non-financial rewards which are essential in increasing the value of pay and benefits. Now people's pursuit is not only the material demand, but also is a spiritual enjoyment. On the basis of the salary and benefit have been satisfied, they are requiring the development of job career and a good work environment has become more attractive. Consequently, some company offered some learning courses for training employees that to improve them specific skills, abilities and knowledge to an employee. Rao (2000) mentions the advantages of training are that employees become more competent at their jobs because they learn new skills to make them more efficient, it can increase the motivation, productivity and workforce flexibility, reduce the waste and fewer accidents. The disadvantages are that training will cost company much high money, and once fully trained, employees may leave the company for better paid jobs. Moreover, the working time is lost when employees are being trained. In short, whatever the advantages or disadvantages, as long as to let them develop in the most effective way, it is the best way. ...read more.


Standing in the view of staff, reward is the maximum satisfy their needs. According to Maslow's Hierarchy of Needs Theory, the salary that company gives to the employees will guarantee the basic necessities of life. Maslow(1945) thinks only to satisfy basic needs, the next objective is to achieve higher-order needs which including social, esteem, self-actualization. The self-actualization is the highest level that everyone want to realize. The self-actualization is not just express in the the rights and status, also reflect in the compensation levels. The pay is a sign to judge whether they are successful in the self-actualization. In conclusion, reward management is regarded as an essential role in HRM, it realizes the enterprise development in the continuing quest and improvement of the employees' self realization values, it is the process to reaches win-win. That is meaning only to make a good reward management, then can make a good employee management. Therefore, to use the reasonable approaches of the reward management is essential for business, the reasonable reward will help the HRM recruit, retain and motivate the employees, however, being unreasonable will have the opposite affects on the company. Consequently, the HRM approaches are essential for business, all the areas are connected, none can be dispensable. ...read more.

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