Performance and Reward Management
Introduction
Performance Management is the strategic and integrated process that works towards the sustained success of organisations by improving the performance of the people who work in them and by developing the capabilities of individual contributors and teams.
Reward Management entails the strategies, policies and processes required to ensure that the contribution of people to the organisation is recognised by both financial (bonuses) and non financial (recognition) means. Reward Management is about the design, implementation and maintenance of reward systems, which aim to meet the needs of both the organisation and its stakeholders. The overall objective is to reward people fairly, equitably and consistently.
The main focus of this paper would be the high remunerations of directors. According to the Companies Acts 1985 and 2006, a director is defined as “any person occupying the position of director by whatever name called” - directors are often referred to as company’s officers. There are many different types of directors:
• Managing Director/ Chief Executive Officer (C.E.O)
The managing director/ chief executive officer is responsible for the implementation of strategic plans and policies which have been established by the board of directors. The director takes part and makes decisions in the day to day running of business.
• Non-Executive Directors
Non executive directors are not involved in the day to day running of an organisation but assists in the strategic decision making process that is important to the company’s development.
• Shadow Directors
These are persons who provide instructions and directions and have the capacity to influence the whole board and therefore the appointed directors’ act upon their instructions.
• De Facto Directors
A de facto director performs the functions of a director but has not been officially appointed. A de facto director is a part of the company’s governing structure and engages in the management of
Performance Management is the strategic and integrated process that works towards the sustained success of organisations by improving the performance of the people who work in them and by developing the capabilities of individual contributors and teams.
Reward Management entails the strategies, policies and processes required to ensure that the contribution of people to the organisation is recognised by both financial (bonuses) and non financial (recognition) means. Reward Management is about the design, implementation and maintenance of reward systems, which aim to meet the needs of both the organisation and its stakeholders. The overall objective is to reward people fairly, equitably and consistently.
The main focus of this paper would be the high remunerations of directors. According to the Companies Acts 1985 and 2006, a director is defined as “any person occupying the position of director by whatever name called” - directors are often referred to as company’s officers. There are many different types of directors:
• Managing Director/ Chief Executive Officer (C.E.O)
The managing director/ chief executive officer is responsible for the implementation of strategic plans and policies which have been established by the board of directors. The director takes part and makes decisions in the day to day running of business.
• Non-Executive Directors
Non executive directors are not involved in the day to day running of an organisation but assists in the strategic decision making process that is important to the company’s development.
• Shadow Directors
These are persons who provide instructions and directions and have the capacity to influence the whole board and therefore the appointed directors’ act upon their instructions.
• De Facto Directors
A de facto director performs the functions of a director but has not been officially appointed. A de facto director is a part of the company’s governing structure and engages in the management of