Pay and Reward Systems

The formulation and application of policies and approaches which tends to aim to reward
individuals fairly, consistently in accordance with their value to the company, and equitably is
highly concerned with pay and reward management. Reward and pay systems consists of
analyzing and controlling worker remuneration, compensation including all of the other
advantages for the employees. However, there are various types of pay and reward systems such
as intrinsic and extrinsic rewards, financial and non-financial rewards, and performance based
rewards, which can be adopted by the organizations in the United Kingdom to remunerate their
expatriate. Additionally, reward and pay system entails of pay policy and practices, total reward,
salary and payroll administration, executive pay and team reward.
Numerous authors, theorists and writers has critically defined the pay and reward systems. The
authors wanted to see and further lightened the idea of evidence there was of a different method
of compensating individuals working in the organization. The term pay and reward management
systems itself is significant, implying an active role for the workers working in a multinational
such as the expatriate operations managers of the British multinational sugar processing
company working in their sites in Sweden and Guyana. Therefore, there are few theoretical
approaches which directly helps to evaluate reward management ideas and action that further
thinking varies over the role if any for operational managers of Sweden and Guyana in
determining wages and other payments to individuals related to employment. Many authors have
argued and stated on pay and reward systems. Expatriate- local reward management chances and
threats in the competitive environment for multinational enterprise are also critically argued and
discussed by few authors. For every multinational company there are few vitally important
factors that need to be taken into consideration when operating in more than one country such as
rewarding expatriation- rewarding multiple talent, divergent business systems, and multinational
contexts for employee reward management.