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Total Rewards System Proposal - Essay Example

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An essay "Total Rewards System Proposal" reports that the company is interested to increase the reputation in the market by adapting to the total rewards program (TRP). The adaptation of the TRP can help it to measure and manage the performance of the employees suitably…
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Total Rewards System Proposal
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Download file to see previous pages The success of the organization can strongly be influenced by the introduction of the performance management programs. Envision expects that with the introduction of the TRP system employees of the organization would be able to relate to their target in a better manner. The performance management system can help the process of total reward system (Dixon, Hayes & Stack, 2004). It can aid the establishment of the right standards of performance of the employees. After analysis of the performance of the employees, it would be easier to measure their ability to fulfill targets. Envision can judge the performance of the company and reward the employees in cash or kind. A reward can be described as an element of compensation and benefit. The term total reward includes aspects of development and learning opportunities for employees, attractive work environment along with pay and benefit packages (Dixon, Hayes & Stack, 2004). It is the strategic approach to reward used by many employers. The concept of total reward system is adapted by organizations to recruit, motivate and retain the employees and secure the business objectives efficiently. The introduction of the total reward system can help Envision to motivate the employees in a positive way. Measuring the performance of the employees and rewarding them for the same, both monetarily and in the form of benefits can help the organization to reach the business objectives effectively. Besides the monetary rewards, the non-monetary rewards like rent-free accommodation, conveyance allowance, educational allowance and medical facilities can be given by Envision to the employees. This can increase the loyalty and motivation levels of the staffs towards the company. There are a number of objectives which Envision wants to fulfill by carrying out the total reward system programs within the organization. Compensation or total reward system is an important tool for organizational success.  ...Download file to see next pagesRead More
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