REWARDS AND BENEFITS IN VOLVO CAR COMPANY - HUMAN RESOURCE MANAGEMENT Essay

REWARDS AND BENEFITS IN VOLVO CAR COMPANY - HUMAN imagery MANAGEMENT - Essay ExampleIn this regard, experts (Arnold & Silvester, pp. 12-19, 2005) have identified major change in the status and attitude of employers towards their employees, and this indicates creation of divers(prenominal) innovative policies and strategies to ensure motivational workplace environment for the workers. Specifically, surgery and retort management is one signifi tail assemblyt component of HRM that plays a crucial role in any(prenominal) organisation, and summary has indicated that organisations are nowadays relying heavily on the factors of benefits and rewards as modes and tools of ensuring organisational success by guaranteeing efficient and productive performance of the employees. Particularly, this paper is an attempt in the same series of efforts that will focus on identification of sundry(a) types of benefits and pass governing bodys existing globally, as well as, reward strategies of V olvo Car Corporation that will allow apprehension of the topic in realistic manner. Different Forms of Rewards Rewards play a crucial role in every human life, and particularly, it is an understanding that reward is one of the components that drive the society to develop and grow in different aspects. This works in the organisational setting as well however, before identifying different forms of rewards and pay, experts (Robbins et al., pp. 39-47, 2009) have suggested that it is very in-chief(postnominal) that employers should put efforts to ensure integration of rewards methodology with organisational objectives and boot, as non-integration frequently have resulted in failure of the strategies. For instance, if organisational mission is to become a market leader, Corporation will have to keep a higher-paying reward transcription to retain best talent from the market, and if mission is to survive and go with flow of the market, and then a lower-reward organization will work as well. Following are some of the common forms of pay and rewards Fixed put up This is the most common and conventional form of compensation that includes payment to employees on a fix-pay methodology, usually on monthly basis (Rothwell et al., pp. 23-25, 2009). In this kind of method, employees get fix monthly payment despite of any change in performance or productivity. It is an observation that organisations are now moving away from the contumacious pay methodology due to dominance of other modern reward and performance management systems. variable star Pay Method Why should I make an extra effort for this job? Why should I try to contribute and think more about the organisational goals and success (Langton, pp. 46-76, 2000)? Abovementioned is one of the common statements that one can hear from employees in a fix-pay system that resulted in the creation of variable pay method system that bases a portion or all of the employees earnings on some individual or organisational regula tion or measure of productivity (Torrington, Hall, & Taylor, pp. 365-348, 2005). Analysis has indicated that 60% of the organisations in the United Kingdom are depending on the variable pay system to compensate and motivate their workers. One of the major benefits of using this system is decrease of fixed labor costs, and this system enables the organisations to focus more on the level of productivity and performance that is often not possible or not workable in fixed pay method. Besides these pay systems,