By Michael Armstrong
It is a sensible instruction manual designed to supply tips at the ways that may be followed in constructing and coping with worker present stategies, regulations and strategies
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Additional info for A Handbook of Employee Reward Management and Practice
IMPACT OF THE ENVIRONMENT Tough competition in the marketplace means that organizations are developing an ‘employment value proposition’. Lloyds TSB provides a good example of how a very large ﬁnancial sector business dealt with this issue. Lloyds TSB is operating in a rapidly changing business environment, with everincreasing consumerism and the harsh challenges of a competitive world market. Customers have a multitude of choices in today’s ﬁnancial services industry. The company is perpetually under pressure to improve quality, keep a lid on costs and reduce process times to meet customers’ expectations and keep the organization ahead of the competition.
Values are concerned with such matters as care and consideration for people, the belief that employees should be treated as stakeholders, employee involvement, equity in the treatment of employees, equal opportunity, care for customers, innovation, quality, social responsibility and teamwork. These values may inﬂuence policies in such areas as performance management, paying for contribution, resolving the often competing pressures for internal equity and external competitiveness, the equity and ‘transparency’ of reward arrangements and the extent to which employees are involved in the development of reward processes and structures.
Understand customers better than anyone. Be energetic, be innovative and be ﬁrst for customers. The context of reward management 21 Use our strengths to deliver unbeatable value to our customers. Look after our people so they can look after our customers. Treat people how we like to be treated. There’s one Tesco Team. Trust and respect each other. Strive to do our very best. Give support to each other and praise more than criticize. Ask more than tell and share knowledge so that it can be used.
A Handbook of Employee Reward Management and Practice by Michael Armstrong