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New and Improved Rewards at Work - Assignment Example

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New and Improved Rewards at Work First name, second name Date Course Institution Introduction Generally, all organizations must embrace change in the technological arena to reach its peak. Consequently, the above will make the organization’s activities be updated according to changes required…
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Download file to see previous pages Therefore, the relationship between the workers and the stakeholders will determine the level of change in any association (Politano & Macnaughton, 2009, p.110). Hence, this will contribute in integration of different skills, which if worked upon tactically will lead to growth of the organization to greater heights. In addition, all heads of departments should organize forums in which they have to meet with the aim of interacting, socializing, and exchange of ideas and experiences from their respective fields. Upon meeting, the heads will have robust environment to discuss for the way forward. Secondly, training of the workers by the organization will not only improve production by also the ability to use the required technology. Moreover, workers get motivated with the rewards from the organization. In alliteration, Innovation is the key factor in improving the strategy of any organization on the globe. Here is some crucial factor that all workers should embrace to initiate change as below: learning, quality of life with innovation at hand, and monitory incentives just to mention but few. Learning It is noteworthy that the available innovation gives employees the opportunity to learn and put into practice the learned technological skills. In addition, by statistics analysis, it is evident that the number of hours worked by American employees is on the rise. The above, is propelled by the high standards of living and so many workers are scared on how effectively they will meet the demand of lives. Flexibility of employees is one key factor that facilitates production in an organization. Monetary incentives:- money is the main motivational factor globally, here the organization’s profit, if shared among the employees will motivate employees to a greater heights. Besides, to reduce absenteeism, and improve employees’ production, monetary rewards are the best igniters so far. On the contrary, if monetary rewards are not incorporated with other rewards can be short lived. Again, if not well distributed among all employees, the monetary incentives can prove to be fatal (Deeprose, 2007, p.120). However, the current competitive conditions in an organization or business world make it almost impossible to not only retain, but also acquire top talents. Therefore, an organization should offer the right pay and effectively manage the pay increase in order to retain the top talents after identification. On the other hand, it is advisable to keep personal budget by stabilizing the compensation strategy. Compensation strategies are vital in identifying the job markets to an organization hence building the attractiveness of company’s top talent. Compensation strategy and competitive advantages Nowadays, it is worth to note that employees are on the same level with the customers. Thus, they are not in a position to identify a good organization since better employers are identified no longer. Competitive advantage is a propelling factor to a mix success. It is important for any organization to identify differently themselves for not only presentation but also for a different approach to the employees. In addition, it is real that the most successful differentiators are compensation strategies. An organization is not only differentiated from other organization by compensation strategy but also it brings differentiation in an organization. It is pertinent to note that, effective compensation gives the ...Download file to see next pagesRead More
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