New and Improved Rewards at Work - Assignment Example

New and Improved Rewards at Work First second Introduction Generally, all organizations must embrace change in thetechnological arena to reach its peak. Consequently, the above will make the organization’s activities be updated according to changes required. In addition, technological innovation, will enable specialization thus, employees in one way or another give out their best in terms of work delivery to uplift the organization’s status. Creativity and Innovation To start with, creativity is a major weapon that can be used by workers to bring about change in any organization. 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 employee to feel a sense of belonging to the success of their organization. To crown it all, the above illustrates how innovations benefits an employee and improves the overall organization’s strategies. Benefits of Innovation on specific jobs Essentially, the primary aim of setting up an organization is to make a profit on either services or products that an organization intents to produce. On the other hand, an organization has the responsibility to attract customers so that the required goals can be made. Customers are willing to pay for a good service or a quality product, therefore, the out first method will make the above functional. Innovation should be put into practice to effectively ignite customer’s responds. However, this cannot be true unless an innovation is matched well to its function with the help of a skilled employee. One of the core jobs that innovation will benefit on a product is the attractiveness. Here, it involves the creative thinking of employees concerning the name and product concept designing. Therefore, the job of designing a product and its branding involves a good innovational strategy in an organization (Armstrong, 2008, p.155). The above goes hand in hand with the proper working as a team, and this will eventually help them manipulate and produce vital ideas on the design of a particular product. First, a concept that is cooperated with the wisdom of the employees plus the innovation on the ground makes a good out-first process. Generally, fuzzy front end in the development of the concept will enable a team of employees in an organization to forward the relevant innovation. Benefits on innovation regarding out- first process revolve around manufacturing jobs. If an innovation is relevantly used for, a certain task of production then it will be a determining factor whether the product will be in the market for a long time or not. Further, innovation in an organization will benefit the workers who have relevant skills on the use of the innovative technology. Therefore, the above will ensure that the concepts do not die off immediately and that the employees get to work place. In other words, it is wise to embrace the innovational politics in an organization. To be precise, innovative process can be beneficial to some specific job as social security, unemployment compensation, health and medical benefit as well as workers compensation. By discussion, it is noted that, deductions and payroll are federal programs that employers have to contribute in funding. Innovation on the other hand, benefits the process of payroll and deductions in a unique way. Here, the employers have to formulate a database that will automatically deduct or pay the employers by automatic means. This is beneficial to employees since they get the dues without much difficulty. Primarily, the above program “social security” is meant to aid retirees even though under certain circumstances, benefits can commence earlier (Colletti & Fiss 2008, p.120). Besides, there is unemployment compensation where a worker who unfortunately is eligible to quit work early has to be compensated. Innovation actually benefits the above, by storing the names of the affected into the required database for effective execution of the compensations in terms of money. By a matter of facts, worker’s compensation programs based on its levels and rules do vary from state to state. On the contrary, all compensation programs contain the features below: for covered conditions, there is full payment of rehabilitation and payment costs. In addition, the programs contain payments to the disability as well as death benefits. Thus, innovation do benefit the said individuals by further ensuring records are kept wisely. Innovation integrating elements of total rewards In the integration of the innovation into total traditional rewards, some key elements should be put into consideration. However, the elements are five with programs inclusive, dimensions, and practices that defines an organization collectively. It is pertinent that the above will retain, motivate and attract the employees. Consequently, here are the elements that integrate total rewards: benefits, compensation, work-life, performance and lastly the career opportunity and development. Importantly, the element plays a vital role in which organization decides to align and offer a value that creates both organization and employee. With a well-organized organization the total rewards strategy enhances the engagement, satisfaction, and increased productivity of the employees (Wayne, 2007). As a result, the above employees will create an environment that will create desired business performance. Furthermore, the elements are not excluded mutually and so do not represent the company organizations or deploy programs. Notably, the decentralization of performance is in line with organizations and in addition, the management of the above may be done informally or formally. Uniquely, compensation, work-life and benefits are recognized in any given organization worldwide. Overall business strategy and culture oriented organization operates total rewards in the above context affirms the World-at-Work models. Here are some of the influences on business imposed on them by world-at-work, which represents the external influences on enterprises. For instance, the competition, practices and cultural influence and lastly the regulatory issues are some of the influences of world-at-work business body. To be precise it is wise to acknowledge the fact that employers nowadays do acknowledge the important role of programs that encourage rewards. Here, all the employers if not managers have to recognize the right reward strategy that facilitates the organization in delivering the relevant rewards to its employees (Politano & Macnaughton, 2009, p.130). In addition, the managers have it in minds that it is not wise to replicate other company’s rewards, and so they formulate their own rewards. Notably, this not only enhances the uniqueness but also motivates the employees. Talking of the rewards, what comes in minds of many is money. However, in a reality, a reward means several issues as, careers, benefit, and remuneration. Yard by yard, benefits insinuates the increasing section of reward package that unfortunately the employees do not recognize. Employers analyses the company’s benefits and plan to come up with the elements form their packages. Preferences and needs not only vary from one employee to another but also change with time. Careers, includes training, development, career opportunity, as well as strategy hence this enable HR professional to analyze effectively the right pay combination and occasionally overlooks an equal reward component. Remuneration, concerns the short-term as well as long-term incentives not forgetting the base pay. In most cases, business leaders and human resources representatives have a notion that a pay was the core factor in attracting the following issues: motivation on high performance, talent attraction, and lastly reducing turnovers. On the contrary, perhaps more importantly is better to realize that, program elements are as important. Responsibility Organizations should make correct decisions on how to implement their total rewards programs. Essentially, executive senior officer who will be responsible for rewards making-decisions. Notably, according to research, it is evident that before rewards executive officer implements the program, he or she reports to Human Resource professionals.sides,27 % of all the organizational reward executive do report to the CEO or chief organizing executive. The organizational total rewards mix is drawn from external practices and internal analyses plus the reports. Face of economy In the entire face of economy, investments have stayed on the same level overall despite the revenue decline of 43% during past 12 months. According to reports, 15% noted an increase in the total rewards investments, but unfortunately, other organizations experienced a decrease of 21%. For instance, some organizations reduced their annual bonus fund by 38 %, while 67% observed a reduction in budgets merit. After several researches, it was noted that there are some factors that influence total rewards program changes. In this account, the analysis was a notable result after 12 consecutive months (Politano & Macnaughton, 2009, p 72). Here are the main factors that influence changes, business economy/performance, affordability/cost and lastly the attraction and key talent retention. Relationship between organizational resilience and total rewards Here, after research had been done, it was further represented in total rewards index. In this case, some of the statements that created index are as below: the influence of employees to think about the total rewards. Total rewards functions were recognized by the employees. The relevant managers communicate values of total rewards to the employees. Lastly, the CEO supports the total rewards vocally. The optimizing process in an employee based programs that refresh the rewards in an organization. Several processes optimize process in programs based on employees and hence rewarding the employees in an organization. Here are some of the processes: Existing workforce editing However, the above is suitable process that will effectively refresh the organizational total rewards continuously. Here, the process involves doing the research and conducting interviews with several agency managements. Thus, this will assess the current architecture of an organization and do the necessary changes (Deeprose, 2007, p.120). . Documentation and research of gender are analyzed hence the summaries of the negatives and positives will refine the existing recommendations. Following this, the process above will facilitate the total rewards continually hence encouraging employees to work positively. The above program is bias free and so suitable for any given organization. Conclusion In conclusion, all the business-oriented organization has their innovations makes it easier possibly to endure the current dynamic world. Consequently, innovation in any organization traverses from the customers, employees all the way to employers. More importantly, is worth to note that innovation associates with technological skills an employee has. Moreover, equity based-based systems are not as effective as creativity approach. In addition, this is why, the more creative employees are, the more quality production of products are met. In addition, equity based systems are more rigid and it is not very effective as the creative approach systems. Therefore, for wise managers, it is pertinent for them to choose creative systems since the system will not only meet the required production quantity but will also meet the customer’s desires. References Deeprose, D. (2007). How to Recognize & Reward Employees: 150 Ways to Inspire Peak Performance. Texas: AMACOM Div American Mgmt Assn. Colletti, J. & Fiss, S. (2008).Compensating New Sales Roles: How to Design Rewards That Work in Todays Selling Environment. Texas: AMACOM Div American Mgmt Assn. Armstrong, M. (2008). Employee Reward Management and Practice.Britain: Armsterdam: Kogan Page Publishers. Wayne, K. (2007). Intrinsic Motivation at Work: Building Energy & Commitment : London. PublisherBerrett-Koehler. Politano, C. & Macnaughton, D.(2009). Recognition Without Rewards: Building Connections: New York NY: Portage & Main Press. Read More