Rwards

A reward system consists of financial rewards and employee benefits, which together comprise total remuneration.’ (Martin et al , 2010)



As You can see Tesco offers a large list of rewards and benefits on this topic Tesco's slogan is " More then just good pay", from the website you can clearly see different roles of the people within the organisation, Fairness is insured in Tesco by offering all employee the same Intangible rewards when it comes to tangible rewards ( pay ) this will differ due to the fact of different positions within the organisation.

The purpose of Tesco as a business doing this is :
 

         Support the corporate strategy this will help keep up a good company image

         Recruit qualified employees this will help the company internally by having the best people for the job.

         Retain capable employees

         Maintain equality this will help the company maintain and keep existing customers

         Be sustainable within financial resource

Motivate employees to perform to their maximum

Comply with legal obligations such as the Equal pay act 1963

Strengthen the psychological contract

All information was taken from tesco website at : (http://www.tesco-careers.com/home/working/rewards-and-benefits/we-all-share-in-our-success

Share our Success

At Tesco, we like to ensure our staff are cared for financially. So whether you have been with us 3 months or 3 years we run three successful share schemes, all helping you end up with more cash in your pocket.

Shares in Success

So, to thank our people for the success they've brought the business, we give free shares to everyone who's worked here for one year at the end of the financial year (February). We share a proportion of our profit amongst our staff, based on salaries. These Tesco shares are held in trust for 5 years, and after that you can take them, tax-free.

Save As You Earn

Every October those people who've been here a year get the option to save up to £50 every 4 weeks for either 3 or 5 years and receive a tax-free bonus at the end. You can use your savings and bonus to buy Tesco shares at up to 20% less than the market price, or take the cash.

Buy As You Earn

After three months working with us you'll have the chance to join the BAYE scheme. You buy shares at the market price every 4 weeks, saving tax and National Insurance on the salary you use to do this. You can start, stop or change the amount you invest at any time. And if you keep the shares in trust for 5 years you'll get even more tax advantages.

Staff Privilegecard

To reward you for your loyalty, after a year working at Tesco you will be given your Privilegecard - the staff loyalty card that gives you 10% discount and Clubcard points on most Tesco products.

And eligible staff also have access to exclusive staff discounts with Tesco Personal Finance and Tesco Telecoms.

Pension

We look after your future too

None of us know what the future holds, but you can be sure that peace of mind and financial security for our staff is very important to us. Planning ahead to your retirement is easy with our award winning, Tesco pension scheme.

With a Tesco pension you are able to understand how financially secure you will be when you decide to retire. As well as pension provision you have access to a life assurance scheme that will provide financial protection for your family.

Your leisure time

Our staff work hard, so we believe they should be able to make the most of their leisure time. To help with this we have negotiated discounts and special offers that are available exclusively to Tesco staff.

There are discounts on theme parks, holidays and gym membership that are available all year round. There are also special offers throughout the year, to make sure there's always something for everyone.

Protecting your health

To ensure that staying fit and healthy doesn't cost our people an arm and a leg, we have some great discounts with top healthcare companies. We offer exclusive discounted rates for staff on health cash plans, dental cover and private medical insurance, to help take the burn out of healthcare costs.

Supporting your lifestyle

We recognise that Tesco staff have busy lives outside of the workplace, so we've introduced a range of policies that will help you find a better balance between your work life and home life.

From saving money with childcare vouchers to taking time off work for a career break or extended holiday, at Tesco there are a variety of options available to support your lifestyle.

I think Chief Executives should be paid more then regular employees such as customer service assistants and cashiers BUT if the regular employees face targets too meet and lack of pay if not reached and other punishments the Chief Executive should be faced with the same if the company is under performing he needs to find away wear by he can motivate the staff of the company to do better in order to make it not under perform so i believe the large bonus is out of the question, On the other hand others may argue that the job of the Chief Executive is worth a bonus due to the importance and relevance of this job role, the chief executive is reasonable for the day to day running of the business and this is a big task to handle.



A theory that can be used is  Maslow – physiological, these are biological needs. They consist of needs for oxygen, clean environment, water and normal pay. They are the strongest needs because if a person working from Tesco is deprived of all needs they will not want the job or perform well leading to the organisation suffering as they don't have good workers, the physiological ones would come first in the person's search for satisfaction when searching for a job and also self esteem, when the first three classes of needs are satisfied, the needs for esteem can become dominant. These involve needs for both self-esteem and for the esteem a person gets from others for example managers. The workers will have a need for a stable, firmly based, high level of self-respect, and respect from others. When these needs are satisfied, the person feels self-confident and valuable as a person in the world. When these needs are frustrated, the person feels inferior, weak, helpless and worthless leading them not to perform their up most best at work.


ConclusionWhen companies are thinking of rewarding people they need to consider the employees rights, if they feel fairly treated and recognition because not considering all this may lead to conflic within the organisation and this will have a negitive impact on the organisation and staff.