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Critically Assess and evaluate total reward packages as a contributory factor in employee retention: A case study based on Marks & Spencer - Assignment Example
Author : ydonnelly
Pages 18 (4518 words)
This study is based on a critical examination of the role of reward systems to improve employee motivation, employee retention and general company performance. Reward packages for employees are seen as a contributory factor in employee retention and an example considered here is the employee reward system used by the retail giant, Marks and Spencer superstore. …
Rewards and incentives could facilitate in improving motivation of employees and improved motivation would lead to better work performance and collectively aid in boosting company profits. Attractive reward packages are particularly effective in retaining employees and Marks and Spencer uses reward packages as an effective tool in retaining its employees. This research focuses on a particular case study within Marks and Spencer, a major UK superstore to understand the impact of rewards, incentives and performance appraisal on employee motivation and performance. Marks and Spencer is a leading name in retailing within the UK. The company maintains that the rewards package given to its employees is flexible, competitive, focused on superior results and is aimed to support personal choices of personal lifestyles. The elements of the reward packages of the company include fixed and competitive pay rates, variable performance related pay and a wide range of other benefits (marksandspencer.com, 2006).
In this study we prepare a detailed questionnaire to understand the impact of these benefits, payment and reward systems on employees and we also determine whether these rewards actually help in improving motivation and how this would relate to improved company performance. Marks and Spencer has boasted of 73% employee retention over 2004-2005 and retention may be considered as an important indicator of employee satisfaction and motivation (MarksandSpencer.com, 2006). ...