GRIFFITH BUSINESS SCHOOL Principles of HRM/ER Industry Project Plan “Reward and Performance Management in the Retail Industry of the UK” Submitted By: Zaigum Ur Rehman Zafar (S5080516) 4/1/2017 Table of Contents Introduction 3 Reward and Performance Management 3 Conclusion 4 References 5 Introduction The retail industry of the UK is growing at a rapid rate as per the increase in globalisation and advancements in technology. A number of retail companies are entering in the global market, and most of the retail companies are establishing their businesses in the UK market (Fofana & Jaffry, 2015). In relation to this growing number of retail companies in the UK market, the competition among the companies is also increasing. Therefore, one of the key strategies adopted by companies in context to employment is reward management and employee performance management. Reward and Performance Management Reward management is a strategy that is aimed to reward the employees of the organisation based on their performance and their contribution towards achieving the goals of the organisation. Jiang et al. (2009), describes that employees are the only asset of an organisation that can take an organisation to a higher level. In other words, businessman lives their dreams due to the contribution of their employees. Therefore, for managing employees, implementation of reward management system in the organisation is mandatory. It may be the monetary reward or non-monetary reward, several non-monetary rewards include, respect, recognition and autonomy to the employees (Jiang et al., 2009). On the contrary, Karami, Dolatabadi and Rajaeepour (2013), highlighted that employee performance management is also associated with the business. It is a strategy to improve the quality of performance of the organisation (Karami, Dolatabadi & Rajaeepour, 2013). In the opinion of Gungor (2011), reward and employee performance management have a strong relation with each other because if the performance of employees is recognised and rewarded then, it ultimately helps in improving their performance (Gungor, 2011). In context to the retail industry of the UK, due to a large number of workforce and developments in the organisation, it is getting difficult to manage employees. The companies need to utilise motivational approaches to improve the performance of employees, as well as manage them effectively. The challenge of retail industries of the UK is to include motivational practices within the work culture in order to effectively engage staff with the use of reward management (Fofana & Jaffry, 2015). This assignment is intended to elaborate the relationship between reward management and employee performance and the use of motivational strategies in context to the retail industry of the UK. This study will incorporate expectancy theory by Vroom and performance management cycle by Mobey along with the application of motivation. Conclusion It can be concluded from above that motivational practices in organisations are essential to managing the performance of employees. Reward management is a strategy that includes motivational approaches by giving financial or non-financial gain to the employees. Furthermore, it is highlighted that reward management is linked to employee performance because providing rewards to the employees directly impacts the performance of the employees. As a result, the employees work with more dedication to achieve the organisational goals. In the end, it can be concluded that more exploration towards reward management and employee performance with the help of theories would help the retail industries of the UK in achieving success. References Fofana, A., & Jaffry, S. (2015). Assessing retail market competition for multi-aquaculture products. Journal of Economic Studies, 42(3), 462-476. Gungor, P., (2011). The Relationship between Reward Management System and Employee Performance with the Mediating Role of Motivation: A Quantitative Study on Global Banks. Procedia Social and Behavioral Sciences, 24, 1510-1520. Jiag, Z., Xiao, Q., Qi, H., & Xiao, L. (2009). Total Reward Strategy: A Human Resources Management Strategy Going with the Trend of the Times. International Journal of Business and Management, 4(11), 177-183. Karami, A., Dolatabadi, H. R., & Rajaeepour, S. (2013). Analyzing the Effectiveness of Reward Management System on Employee Performance through the Mediating Role of Employee Motivation. International Journal of Academic Research in Business and Social Sciences, 3(9), 327-338.