Serving into the Human Resource management sector as a responsible HR Director at the child-care service organization comes with the challenge of managing activities at the most robust and emergent style. Being one of the most leading organizations in the industry comes with the challenge of performance management and system within (Agarwal, 2018).
One of the major concerns for the organization is the designing of an employee reward system at the firm where an ongoing debate over the utilization of a result-based or competency-based system of rewards has taken a bigfoot. The conventional practices of employee rewards system were based on the result based reward provision system as the traditional business practices focused on the business performance only and not on the management of people within. The surged eras of globalization have been proof of an emerging competent based reward system around the globe.
Although, both the reward systems have still managed their place in the global HR management framework, choosing the reward structure that suits the organizational practice is of utmost importance. The result based pay as a reward system would allow only to reward an employee based on a grade level of the firm for its performance leading to business finance profitability whereas the competency-based reward system assesses for the performance or results-driven by employees in force of its skills and core competencies (Grinberg et al., 2018).
However, a result based reward system does not derive the moral factors in the employees but the competency-based reward may reinforce motivation and hence zeal within employees for hardships (Wright, 2016). A competency-based reward system, in my opinion, is a better tool than a result based rewards as this allows for an employee to openly inhibit and reveal its core skills and use them in the growth factors at both levels viz. personal and organizational.
Agarwal, S., & Al Qouyatahi, K. M. S. (2018). HRM Challenges in the age of globalisation. International Research Journal of Business Studies, 10(2), 89-98.
Grinberg, R. S., Akhunov, R. R., Volodin, A. I., Gubarev, R. V., & Dzyuba, E. I. (2018). Performance-based pay–a new (mixed) payment scheme for Russian civil servants. Ekonomicheskie i Sotsialnye Peremeny, (60), 163-183A.
Wright, A. (2016). Competency-based pay. In Encyclopedia of Human Resource Management. Edward Elgar Publishing Limited.
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