For questionable it might be considered to be the impact that reward actually has on
employee motivation, reward management has had, has and is destined to further gain a
constantly growing importance for HRM practices as a whole. Employees’ different needs
and expectations are remarkably influenced by the ever-changing external context and
subject to vary accordingly; this prompts in turn employers to constantly come up with
brand new, appealing solutions capable of attracting and retaining quality people.
The declining power of Trade Unions, in terms of bargaining with employers employees’
salaries at industry or national level, has favoured a process according to which
employers are acquiring sole responsibility for designing and developing reward
management practices and policies within their organizations.
Indeed, also the concept and aim of reward management has evolved over the years. At
large, preserving individuals’ purchasing power is no longer considered as a reward
management top priority, but rather knowing-doing gap notwithstanding, as a means to
ultimately enable businesses to align their objectives with those of their staff. Employers
and reward specialists task is definitely far from being straightforward, exogenous forces
are constantly influencing individuals and employers expectations as well so that, in
some circumstances, namely during economic slowdown and downturn periods,
employees need for their salaries holding on, in terms of purchasing power, can
absolutely re-emerge as a top priority.
Reward management evolution has developed a new idea of reward no longer directly
and exclusively associated with financial reward, but rather based on a far more
comprehensive concept embracing both financial and non-financial forms of reward and
recognition, namely total reward.
Designing and implementing sound, bespoke reward management strategies and
effectively and consistently implement these by means of fair policies within an
organization definitely is a difficult feat to achieve. This book humbly aims at helping all
of those who believe that reward practices have and will invariably have an important
role within HRM policies, to take informed decisions considering that a good and
overarching knowledge of theories and rhetoric can definitely, effectually contribute to
the attainment of remarkable results in practise. This work is clearly not exclusively
theory-based, particular and relevant consideration has in fact also been given to
findings of relevant surveys, as well as to practitioners and consultants points of view.
The book also endeavours to make readers pondering about some specific crucial
aspects of reward and its future, which very likely entails that reward specialists become
the more and more acquainted with tax legislation and innovative in order to be able to
design and develop sound and effective cutting-edge reward management practices and
solutions.
xii
xiii