Domain: Strategic Hrm
This paper seeks to analyse present situation of rewards management in a real life scenario by taking an organization, ArcelorMittal, under study. Various rewards management theories are sited and examples of implementation of the same are sourced from ArcelorMittal.
A number of rewards management strategies explain how employee morale and motivation are enhanced with the use of these strategies. It also highlights how these strategies are important to retain key employees and manage staff objectives so that they get aligned with those of the organization.
It is found that the company has employed various performance rewards tools in practice apart from their basic and variable pay matrix. It is also observed that the company lays stress on a proper performance management process as the board and shareholders sits down every year to decide on equity based rewards allotment. It is examined that the company follows healthy staff management policies but there is scope for improvement at the lower level.