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Total Rewards Programs - Research Paper Example

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Summary
This essay declares that total rewards is a concept that describes an approach to reward management that seeks to emphasize the importance of considering various aspects of the work experience of value to employees, not only a few for example employee benefits and pay. …
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Total Rewards Programs
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"Total Rewards Programs"

Download file to see previous pages According to the paper in spite of the age old concept, worth noting is that total rewards is especially relevant in the present-day work environment, whereby globalization has made it possible for employees to work in diverse environments. The following total rewards system proposal seeks to focus on the latest available information with regard to creating, organizing as well as effectively managing a total rewards program. The program is targeted for the ABC Company, a service-based organization that employs more than 20,000 located in 17 different countries. There are also over 2,000 management level employees who speak in diverse languages. In consideration of the multiple regulatory environments, a total rewards systems is proposed. Firstly, a brief overview of the company requirements for a total rewards system is provided. A total rewards strategy has then been formulated and the various advantages of the proposed strategy explained. Further, the key communication components of the system are established. Lastly, but certainly not least, a strategy has been examined for devising a competitive pay structure. The total reward program is holistic and does not rely on one or two reward systems operating in isolation. Further, there is good account of every manner in which people can obtain satisfaction and are rewarded through their work. The objective of total rewards is to maximize the combined impact of a wide range of reward initiatives on motivation, organizational commitment and job engagement. This concept aims to blend the financial as well as non-financial reward elements into a cohesive whole. As put by O’Neal  “total reward embraces everything that employees value in the employment relationship.” WorldatWork also offer an equally wide definition of total reward, stating that “all of employer’s available tools that may be used to attract, retain, motivate and satisfy employees.” Overview of company requirements for a total rewards system From this paper it is clear that there is an increasing need for corporations to come up with reward systems that motivate employees to work harder and more effectively. These systems usually teach associates the importance of being productive and efficient, as well as their inherent value in companies. However, considering the pressures associated with incentives or performance, or even ineffective implementation procedures, in some situations, these systems can encourage unethical or even unwanted behaviors . Therefore, to attract and retain the best workers, corporations need to have an appropriate rewards system that will always reward and encourage workers to always remain focused on producing the best quality services in an efficient manner, thereby meeting the needs of customers. This corporation needs a reward system that will be linked with goal-setting, competency measures and employee development. A reward system will help the corporation in moving toward a better alignment between company strategies and values and performance management. This will help in decentralizing the decision-making down company hierarchy to help in empowering every manager located in different parts of the world.  ...Download file to see next pagesRead More
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