The use of reward management to reduce turnover and motivate employees: KPMG in China

Management of a company can be divided into many smaller groups for each aspect of organising and running the company , three aspects of which are strategic management , human resources (HR ) management and reward management strategy . The first part of this dissertation examines in depth each of these three aspects , then goes on to show the link between them , along with different aspects of reward management . Strategic management is the process of specifying an organisation 's objectives , developing policies and plans to achieve these objectives , and allocating resources so as to implement

the plans . It is the highest level of managerial activity usually performed by the company 's Chief Executive Officer (CEO ) and executive HYPERLINK "http /en .wikipedia .org /wiki /Team " \o "Team team . It provides overall direction to the whole enterprise

An organisation 's strategy must be appropriate for its resources environmental circumstances , and core objectives . Matching the company 's HYPERLINK "http /en .wikipedia .org /wiki /Sustainable_competitive_advantage " \o "Sustainable competitive advantage " strategic advantages to the HYPERLINK "http /en .wikipedia .org /wiki /Environmental_scanning " \o "Environmental scanning " business environment the organisation faces is paramount and the objective of an overall corporate strategy is to put the organisation into a position to carry out its mission effectively and efficiently . It should integrate an organisation 's goals , policies , and action sequences , also known as tactics , into a cohesive whole , and must be based on business realities Strategic management can be seen as a combination of strategy formulation and strategy implementation , but strategy must be closely aligned with purpose . Strategy formulation first involves a situation analysis both internal and external both micro-environmental and macro-environmental Objectives are set according to this assessment . This involves crafting vision statements (long term view of a possible future , mission statements (the role that the organisation gives itself in society , overall corporate objectives (both financial and strategic , strategic business unit objectives (both financial and strategic , and tactical objectives . These objectives should , in the light of the situation analysis , suggest a strategic plan . The plan provides the details of how to achieve these objectives This three-step strategy formulation process is sometimes referred to as determining where one is now , determining where one wants to go , and then determining how to get there

To implement strategy , a company should allocate sufficient resources (financial , personnel time , and technology support . It must then establish a chain of command or some alternative structure such as cross-functional teams , assign responsibility of specific tasks or processes to specific individuals or groups so as to increase efficiency , and it also involves managing the process . This includes monitoring results , comparing to benchmarks and best practices , evaluating the overall efficiency of the process controlling variances , and making adjustments to the process as necessary . These adjustments are actions such as acquiring the proper resources , developing the process , training , process testing , documentation , and integration with and /or conversion from previous processes Strategy formulation and implementation is an on-going , never-ending , integrated process requiring continuous reassessment and reformation . Strategic management is HYPERLINK "http /en .wikipedia...