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of Armstrong and Brown-1999, p-59). From the quotation of Michael Porter, it can be said that for managing the performance and retaining the employees who are key to organisational success, reward is an important factor. In the past, total reward statements of J Sainsbury were only distributed 1,246 senior management staff but in October (2008), it sent the statements out to all 150,000 employees. This statement contains a details of employees’ benefits packages including pay, bonuses, entitlement to staff discounts and overtime worked as well as training and development opportunities (Sullivan, 2008). According to Michelle Burton, head of reward and people system of J Sainsbury, “we need to ensure that every part of our benefits package is engaging and get people behind it. In every part of our offer, we try to engage our colleagues with our brand. One of the objectives of the total reward statements initiatives is to highlight to our employees the amount of colleague discount they have used”. (Sullivan, 2008)

Final RM:

Many organisations now define reward as including financial and non-financial elements. Financial rewards might include pay, ‘perks’, paid holiday, etc. Non-financial rewards might include opportunities for learning and development, as well as ‘voice’ and quality of working life. According to Brown and Armstrong (1999), financial reward consists of base pay, annual bonuses, long term incentives, shares, profit-sharing, pensions, holidays, perks and flexibility which represents transactional rewards and also necessary to recruit and retain.Today, the idea of reward strategy which is now widely accepted in companies and HR departments. The elements of financial reward discuss below briefly.

Base or Basic pay

The base rate is the amount of pay that constitutes the rate for the job. It may be varied according to the grade of the job or for manual workers, the level of skill required. Base pay will be influenced by internal and external relativities.

Internal relativities may be measured by some sort of job evaluation which is a systematic process for defining the relative worth or size of jobs within organisation in order to established internal relativities and provide the basis for designing an equitable grade structure, grading jobs in the structures and managing relativities. External relativities are assessed by tracking market rate analysis which is the process of identifying the rates of pay in the labour market for comparable jobs to inform decisions on levels of pay within the organisation. Jobs may be also placed in the grade structure according to their relative size. Pay levels in the structure are influenced by market rates. The pay structure may consist of pay ranges attached to grades which provide scope for pay progression based on performance, competence, contribution or service.

Base pay may be expressed as an annual, weekly or hourly rate. For manual workers this may be an hourly rate which is known as a time rate. Allowance for overtime, shift working, unsocial hours or increased cost of living in London or elsewhere may be added to base pay. When determining rates of pay, employers must meet the requirements of the national minimum wage (NMW). The national min本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。