Reward and the employment relationship

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  • Created by: Cadron
  • Created on: 13-04-13 12:47

Considering reward from different viewpoints: 

The Legal Perspective - reward constitutes a contractual right for the employee. While many elements of reward are automatic in that they are immediately forthcoming if the employee meets his or her own contractual obligations, reward can be contingent i.e. related to the achievement of pre-specified conditions or discretionary e.g rewarding employees with a one-off bonus outside of their contractual obligations  

The Economic Perspective - Purpose of reward to buy the exertions of the employee for as long as they're needed.For the employee, reward constitutes the price of one's labour and represent the employee's worth to the employer. The economic factors affecting pay are the scarcity of labour, the reward offerings of competitors and the range of non-financial incentives and other benefits provided. Employees might seek to balance short-term financial gain with long term security or the development of employability 

Reward, social exchange and the psychological contract - Reward is a key determinant of a positive psychological contract as it represents not only the worth of an…

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