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." There are two types of rewards which are financial and non-financial. Financial reward is the pay that in form of money, such as salary, bonus, and benefits. Non-financial is a measure that give employees psychological satisfaction, such as the training, job development opportunities and comfortable work environment. Armstrong(2004) thinks reward management is not just about pay and benefits, it is also concerned with non-financial rewards.

 There are so many contents in reward management, it is the most difficult and challenge area in HRM. The payment structure is essential for reward management. The one method of payment structure is according to the job evaluation to measure the employees performance and decide whether give the compensation in return for performance. The advantages of job evaluation are the employee can get the feedback from manager, Rao (2000) highlights that is a useful tool that can be motivating employees when they are qualified by company. Armstrong (2004) also points out when employees are rewarded for performance, they evolve a sense of accomplishment, which makes them take pride in their work, and improves their motive power in their work, certainly, the ultimate beneficiary is the company. The disadvantages of job evaluations are the activity will influence on employees' work emotion that leading them stress and worry. Job evaluation will create a tense atmosphere in workplace. Moreover, it is not a useful measure if a manager do not prepare them objectively, the employees may feel the manager is not treating them fairly. Armstrong(2007) suggestions the employees' evaluation for the fair of the reward will direct to influence the work behaviour. This will reduce the employees' initiative.

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Reward management is a basic approach to realize reasonable configuration of human resource, it plays a very important role in the human resources development and management. Therefore, the reasonable pay is helpful to improve employees'  satisfaction and job performance. Porter and Lawler(2006) suggest both financial and non-financial rewards are essential for generating job satisfaction related to performance. Pay is not just motivator, it develops the globalization and makes business environment have much more competitive.

In this fast increasingly competition market. Enterprise finds out reward system is essential part that to achieve the strategy goals. However, traditional simple reward system ...

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