Reward strategies in the tourism and hospitality industry
The ﬁrst problem we face when thinking about the notion of reward strategies is a terminological one. When we talk about rewards we are likely to hear a variety of terms. For example, Foot and Hook (2008) note a number of terms commonly used to describe payment systems, including ‘compensation’, ‘remuneration’, ‘reward’, ‘payment’, ‘wages’ and ‘salary’. Increasingly, in a prescriptive HRM sense there is much talk of ‘total remuneration planning’, ‘reward management’ or ‘reward strategy’ as denoting a more strategic and holistic approach to the rewarding of employees. Therefore, in this more prescriptive view it is argued that employees seek a range of monetary and non-monetary rewards – the so-called ‘cafeteria approach’ – from employment, of which money is only one aspect, even if it is often the primary consideration
This chapter considers reward strategies in the tourism and hospitality industry. Speciﬁcally, the chapter will:
• Review differing employer and employee objectives with regard to pay.