Reward Management

Definition of Reward Management

"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."
(Armstrong and Murlis 2004)

 What is Reward /Compensation / Remuneration ?

• Employee pay   - Wages and salaries
• Employee welfare /benefits
• Incentives    - Variable pays

 Pay Management

Pay management is the HRM function that deals with development, implementation and maintenance of base pay system that is fair.