agement objectives for attracting and retaining staff, whilst standardising and improving staff levels of performance. They use New Pay ideals of; Bonus, Benefits, Team Bonus, Profit Sharing, Discount Share ownership. Jane Wibberley (M&S) believed the younger workers were more committed by rewards over intrinsic needs whilst she with 18 years service looked to security, teamwork, social needs and being close to home. Logica offer employee share options, whilst Kimberely Clarke value staff so much they have given all employees free shares in a bid for total commitment”.(Walsh 1997). The Manager must recognise Reward Management aims can only be achieved through agreed budgets. M&S use different pay/reward structures for staff. Jane Wibberley(M&S) pointed to “ Sales Advisors being committed through; Christmas bonuses, discounts, profit sharing and discounted share purchasing.” With Marks & Spencer shares increasing 40% since June 2001 many staff have made financial gains leading to real motivation /commitment. Managers must externally monitor their firms pay structures in line with competitors, whilst internally ensuring equitable pay levels to sustain commitment and staff retention. Reward Incentive Schemes tie pay to performance, meriting past outstanding past performance. Gold (1999) states “Through North America top management pay is increasingly linked to the achievement of business objectives”. Managers should observe that Reward Management practices are controlled by ideas involving balance of power between available staff and management. Gold (1999) states, “the reward option for key staff is contingent upon perceived reconfigured traditional external and internal circumstances”. Effective Managers are in control, flexible and decisive realising that key staffs have different extrinsic/intrinsic needs involving self-actualisation. City Bank has abandoned Promotion incentives for Senio...
