An identification of factors affecting performance and reward Dissertation

An identification of factors affecting performance and reward management during the time of recession (2008) at Nationwide Build - Dissertation Example 9-16, 1994). In particular, performance and reward management is one of such aspects of human resource management that focuses primarily on ensuring effective performance and subsequently, efficient reward management of employees. In addition, experts (Office of Personal Management, 2001) have emphasized greatly on the effectiveness of performance and reward management (PRM) in terms of ensuring success of the organization. However, during the last decade, the whole world has confronted adverse impacts of financial crisis and recession and this has resulted in cutting down of various departments by the organizations (Perry, pp. 1-13, 2009). Still, a majority of organizations is utilizing the tool of PRM to ensure its success, and thus, the proposed research will include efforts on the same aspect of business field. Background & Significance In particular, it is a fact that every business firm comes into existence with a specific objective to attain, and that usually is achievement of profit. For this purpose, employers create jobs to carry out specified tasks and recent studies have indicated that since two decades, business organizations are now focusing principally on the notion of accountability that becomes possible with frequent review of individual performance (Hartman et al., pp. 23-25, 1994). In this respect, attainment of success at employees’ level enables the firm to attain success at organizational level that is the basic relationship of PRM with organization as it facilitates firms in ensuring its success. This indicates the significance of PRM and thus, PRM has always remained a crucial aspect of business organizations, one of the reasons of choosing this aspect of business organizations that will be very beneficial for the global business community. Before carrying out research on performance management, it is very imperative that the researcher ensures its clarified understanding as it is an observation that vague understandings often res ult in unproductive outcomes. For this reason, experts (Shepard, pp. 4-14, 2000) have identified that the basic responsibility of performance management is to ensure integration of organizational mission and aims with that of employees on individual level. For this purpose, performance management includes techniques to create, evaluate, and review organizational mission and aims and integrate them on individual levels. In other words, performance management is an effective tool for employers to create a platform for ongoing communication with the employees. However, performance management is not enough to ensure such an enduring relationship, and thus, reward management plays its role by regulating this connection with the tools of different types and kinds of rewards to ensure interest and loyalty of the employees. Research Statement In this regard, the researcher will focus on the following research statement to fulfill the aims and objectives of the research: â€Å"