Rewards Managemnet of Apple Inc Essay Example | Topics and Well Written Essays - 2000 words

Rewards Managemnet of Apple Inc - Essay Example It shows the different kinds of rewards structures and the way each of them contributes towards enhancing employee motivation and performance and in what ways too. The various arguments presented by the researchers on the subject are presented in the critical analysis of the literature review. The rewards and compensation structure of Apple Inc has been provided in the light of the literature review and comparisons are provided against the same. Finally recommendations are provided as to the changes or modifications can be brought about in the reward structure in Apple based on the drawbacks of loopholes which follows from the analysis Introduction- Company background The successful corporate leaders have increasingly recognized the fact that their basis of competitive advantage in the market is their human resource or their people. They have also acknowledged the fact that organizations must emphasize on managing their human resource with greater importance as work environments rema in extremely dynamic and keeps changing with great pace. In this context the role of reward management for motivating and inspiring employees to deliver their best contributions in the organization cannot be ignored. The case of Apple Inc is discussed in length in this project. Apple Inc is a multinational corporation based in the United States that producing and marketing consumer electronic goods, computer softwares as well as personal products. The company is well known for producing iPods, iPhones and iPads. The company operates through 357 different retail stores across 10 different locations and is rated as one of the largest global publicly traded organizations. It also accounts for the largest technology company in the world market in terms of profits and revenues. The basis on which the company’s human resource management strategies are built is its recognition of the crucial importance of organizational structures and the people or the human resource which comprises this structure. The strategy demonstrates a complete response to competence, creativity, competencies and constraints which individuals carry with them or create at the workplace. In all its human resource strategies the company seeks to assure superior performance of employees and this is achieved through high end compensation and rewards management system. The idea is to create a workforce which is highly motivated to perform to the best of their abilities in the organization consequently providing a competitive edge for the organization in the market. Literature review on rewards management theory The theories on motivation and rewards management primarily distinguish between the two main kinds of rewards, which are categorized as being extrinsic or intrinsic. Extrinsic rewards are in the form of money or other verbal reinforcements which are mediated from outside the individuals while intrinsic rewards are those which are mediated within the individuals or persons. Researchers consider a person to be intrinsically motivated to conduct an activity if there are apparently no rewards associated apart from the work activity itself. In fact all the theories of motivation considering the two kinds of rewards as developed by researchers and practitioners consider or assume the fact that the resulting effects on