Human Resource Management and Resource Management International Essay

Submitted By laurenturner1411
Words: 1588
Pages: 7

Reward and benefit scheme transforms
RS Components
Integrated program improves employee commitment

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new reward and benefits scheme has helped a UK distributor of electronics and maintenance products to improve employee engagement and retention and attract new talent.

RS Components Ltd, in common with other UK service industries, was suffering the effects of the economic downturn in 2008. For the 2,600 RS employees in the UK, the downturn meant that around 11 percent were made redundant, while the remainder suffered a pay freeze and no bonuses.
Against this background, the company planned a new, bespoke reward and benefits scheme that would:
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contribute to employee engagement, changing insecurity into confidence;

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improve communication in the business;

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be easy to access; and

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strengthen the employer brand and so help the firm to compete successfully for recruits with valuable skills.

The reward scheme would apply to the company’s UK employees, working in either warehouse or office-based jobs across three sites.
To align strategy with business goals and culture, RS conducted extensive research including structured interviews with UK People Management Forum members, externally facilitated focus groups with managers, discussion forums with UK-based human-resource teams and a pay audit.
The company also had the results of The Sunday Times Best Places to Work survey, which indicated that some of the firm’s longest-serving employees were failing fully to engage with the business.
All this information helped RS to design a strategy that combined employee and business needs into one easily branded total-reward package, named My Reward (Figure 1).

The components of My Reward
The scheme includes a range of benefits and facilities aligned to the wider business goals of better employee health and well being, better internal communications, increased employee engagement and motivation and a reduced carbon footprint for the business.
To improve employee health and well being, My Reward includes:

DOI 10.1108/09670731211196007

VOL. 20 NO. 1 2012, pp. 9-13, Q Emerald Group Publishing Limited, ISSN 0967-0734

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HUMAN RESOURCE MANAGEMENT INTERNATIONAL DIGEST

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PAGE 9

Figure 1 Total rewards model

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private medical insurance;

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a health cash plan (HCP);

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salary-sacrifice schemes;

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child-care vouchers;

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fruit drops – selection boxes of fruit dropped at all sites for employees to enjoy, with excellent take-up (49 boxes are delivered each week at sites across the UK);

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My Wellbeing – an employee-assistance program that provides support and advice to employees and their families free of charge; and

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a global corporate challenge.

At My Wellbeing week, held in January, all employees were offered health checks, screening and advice.
Better internal communications are achieved through:
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a new My Reward internet portal;

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an online My Reward statement, including a pension statement;

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My Choice, an online benefit-selection facility; and

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a share-save scheme.

The tools that seek to improve employee engagement and motivation are:
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My Recognition – in which employees are awarded points for high performance and excellent behaviors, which they can save, spend and top-up to purchase from a range of approximately 600 items online, including vouchers and merchandise;
My Discounts;

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PAGE 10 HUMAN RESOURCE MANAGEMENT INTERNATIONAL DIGEST VOL. 20 NO. 1 2012

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My Holidays; and

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My Career – self-help, online learning and development opportunities and material including an e-learning portal.

A total of 12 places a year on the company’s employee-development program are available to high-performing employees.
To reduce the firm’s carbon footprint, My Reward includes:
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My Bus Travel;

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My Cycle to Work – in which RS has partnered Halfords to supply bikes to…