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Human Resource Management: Total Rewards - Assignment Example

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The main focus of the program is to include everything the employee perceives to be value resulting from the employment relationships. The concept has been advanced…
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Human Resource Management: Total Rewards
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TOTAL REWARD SCHEME Total Reward Scheme The total reward scheme is a program developed, by employers, to attract, motivate, and retain employees. The main focus of the program is to include everything the employee perceives to be value resulting from the employment relationships. The concept has been advanced tremendously through evaluation and restructuring of the process of rewarding employees. When developing a total reward system, analyzing the need of every employee in the team. The development of a total reward scheme involves six steps with the first phase of the process in analyzing.
The process of analyzing the needs of the employees includes the examining of the current policies. After analysis, the design process will involve the determination of compensation and the compensation strategies that can be employed in the process. During the design process, all the available approaches in total reward schemes. After the design, of the total reward scheme, the development of the plan and operation strategy involves the use of the various methods. After the creation of the necessary plan and strategy, the plan must be communicated to the employees, so that they understand of the reward scheme (Jiang, Xiao, Qi, & Xiao, 2009, p. 178).
Additionally, communication in the company is vital because of the various reasons. Communication facilitates the development process, and the reasons of promotion and wage level setting. The success of the total reward scheme will depend on the various factors including the management design of the process (World at Work, 2007). The inclusion of all the factors that affect motivation and employee welfare will ensure that the total reward scheme is perfect. In conclusion, the total reward scheme is based on the inclusion of all factors affecting employee performance with the main support factor being communicated.
Reference
Jiang, Z., Xiao, Q., Qi, H., & Xiao, L. (2009). Total Reward Strategy: A Human Resources Management Strategy Going with the Trend of the Times. International Journal of Business and Management, 175-180.
World at Work. (2007). The World at Work handbook of compensation, benefits, & total rewards. Hoboken NJ: John Wiley & Sons. Read More
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