Money talks (reward)

Citation

(2007), "Money talks (reward)", Human Resource Management International Digest, Vol. 15 No. 3. https://doi.org/10.1108/hrmid.2007.04415cad.009

Money talks (reward)

Money talks (reward)

Berry M. Personnel Today, 10 October 2006, Start page: 43 (3 pages)

Purpose – To discuss, in one of six articles in a special report focusing on talent management (see “Personnel Today”, 10 October 2006, pp 32-51), the importance of getting the reward package right as part of the recruitment and retention strategy. Design/methodology/approach – Notes that the benefits offered by organizations in their efforts to become employers of choice have changed since the 1990s when employees seemed to want flash cars and gourmet meals; the emphasis now is more on rewards that contribute to the employee’s work-life balance (flexible working, childcare schemes, extra holiday days). Refers to Asda’s approach to reward and recognition which has enabled it to achieve the lowest staff turnover in the supermarket industry. Highlights the importance of communicating reward programmes and considers, briefly, the role the human resources (HR) function should play in this process. Points out that “cold, hard cash” has become a greater motivator over the last ten years than challenging work or personal pride, although this fact seems to have escaped some HR professionals. Provides a bullet-pointed guide to rewarding talent and a very short profile of the reward strategy introduced at MBNA, a credit card company. Originality/value – Sheds some light on the growing importance of financial reward as a key part of an organization’s recruitment and retention strategy. ISSN: 0959-5848 Reference: 36AA655

Keywords: Benefits, Benefits management, Human resource management, Recruitment, Remuneration, Retention