Performance and reward management Assignment Example | Topics and Well Written Essays - 3000 words

execution and reward centering - assigning ExampleThe challenge to any boldness is to formulate a fair reward system that nooky motivate employees to work with enthusiasm. In the present context, implementation of proper incentive system along with thoroughly defined performance appraisal system is primarily convened by HR personnel. Reward management is heavy in order to achieve organisational strategies, to build up the psychological bond with employees and to act in unison with legislation. Reward management is related with performance appraisal of an organisation as it motivates employees to perform better day-by-day. Performance appraisal is the other tool to measure performance of employees which increases motivation level and determines the training needs among others. By implementing reward system in an organisation and recruiting the best talents of the industry and by retaining the top performers, competitive returns can be maintained. ... Employees are the backbon e of any organisation and an organisation has to pay a strong amount to the employees for rendering services. While facing price pressures, organisations are bound to implement major cost saving measures by cutting the jobs of the employees. Consequently, it affects on the service quality of organisations. Organisations may baptistery unforeseen circumstances. Organisations be possessed of to implement strategies incredibly decisively so that it does not hamper the operations. Otherwise, it may be detrimental for the organisation for long-term period. The influence of downsizing can not be kept away totally moreover it can be reduced. By reducing the cost, managers facilitate the organisation to generate profitability. Downsizing of employees affects a company in social as well as economic perspective. As after downsizing employees face tremendous challenge to survive. A company essential consider the available alternatives and calculate the feasibility with pertinence of cos t-reduction options before deciding on layoffs (Gandolfi, 2008). Cost reduction breaker points are framed by the assumption of current periods of time to make cost adjustments which affect the HR practices. Short Range Cost Adjustments The primary stage of the cost-reduction framework signifies short-range cost adjustments in order to arrest a short-term decline in business operations. The business slowdown is anticipated to be a period for six months. Companies face much(prenominal) type of challenges by virtue of sudden decline of sales (Gandolfi, 2008). Framework of Cost-Reduction Stages Source (Gandolfi, 2008). The preliminary cost-reduction techniques must allow an organisation to focus on its activities in a cost-sensitive approach for an immediate improvement. The top management has to