11 Pay policy, pay processes, and the management of rewards
Reward management encompasses both extrinsic rewards, of which pay is the most important, and intrinsic rewards such as recognition and status. This chapter concentrates on pay policy and pay processes, whilst bearing in mind that pay has to be treated as part of the total employment package in the manner highlighted in .
Pay represents both a cost and an investment to the organisation. It is the largest cost item for many employers. Attention to budgeting and control is always important. Pay is also an investment because it represents money spent in pursuit of productivity. Ensuring that the money devoted to pay is invested wisely is the ...