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New and Improved Rewards at Work - Research Paper Example

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Business leaders are involved in activities that offer them competitive advantages and increased market share in the present dynamic business environment. It is evident that businesses are usually keen about what their competitors are doing with an aim of doing better than them…
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New and Improved Rewards at Work
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Download file to see previous pages The most important goal for an employment compensation strategy is to offer better rewards for right employee actions for success of the company. In order to make competitive compensation packages for employees, companies need to consider what their rivals are offering so that they do not end up running into losses by offering more than the equilibrium package in the industry or offering less than the minimum, because this will make it impossible for them to recruit and retain staff.
Best packages are sometimes those that are preferred by employees while at the same time appear to be competitive in the particular industry. One advantage with compensation schemes is that they are able to underpin organizational culture, something that is highly desired by companies. The government governs every aspect of employee compensation within the public sector. In many instances, this leaves no room for innovative ideas towards formulation of important compensations schemes. Companies that are highly innovative in engaging their employees record high returns that are sometimes double those of rival companies which do not engage their employees adequately (Pollitt, 2081)
The first way to creatively engage your skilful employees is by putting them in a position where they can have direct contact with consumers of their products. In many industries, employees design products and dispatch them for sale, yet they have no idea about the impact of the products on the lives of their end users (Grant, 2007; Grant, 2008). A good example is the automotive industry where automotive engineers design cars of all kinds worldwide but they never gets the chance to have direct feedback from drivers of the cars, authors as well compose many pieces of literature to millions of faceless readers but never meets them for feedback.
Meeting end users as a product developer has been known to enhance prosocial motivation as well ...Download file to see next pagesRead More
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