Download file to see previous pages...
Moreover, employees are expecting limited working hours so that their personal lives are given equal attention. Organizations need to react to the growing expectations of the young work force. (Burke & Cooper, 2006)
We find that there are three main drivers which bring about change in the workforce – Demographic changes, technological changes, and globalization. (Foot & Stoffman, 1998) The labor pool has shrunk because of the lower birth rates and aging workforce. The kind of workforce we have today would be different ten years hence. Their values, demands and characteristics would differ considerably. Hence, there is a need for change in policies concerning retirement. The second driver is technology. It is vital for organizations to be in par with ever growing technology, which would require workers to keep up with the advanced technology. Third factor, globalization, has brought new opportunities for both organizations as well as workforce. Now organizations can utilize the untapped potential of global workforce to match the increase in competition. Multinationals expanding globally has difficulty managing their subsidiaries. (Edwards & Rees, 2006)
Hence, there is a need for greater commitment from the existing staff and to attract quality staff into the organization. Companies wants to hire the most talented and skilled workforce across the globe to stay one step ahead in the competitive world. Total reward system can help us address the above issues and help companies to grow.
Total reward includes all possible types of rewards. It may be direct or indirect, intrinsic or extrinsic or both. They can be monetary as well as non-monetary as compensation to the employees for their services. Employees are rewarded so as to attract them into joining the organization, to motivate them for achievement of the organizational goals or to retain or employees. One needs to ensure that there is a balance between the needs
...Download file to see next pagesRead More
The job satisfaction is related with several motivational factors which can be delivered though rewards. The study elaborates and empirically investigates the role of different tangible and non-tangible rewards for motivation of employees. It can be observed that both tangible and intangible rewards play vital parts for employee motivation and higher performance.
The world is changing at a rapid rate, resulting in a simultaneous change in the composition and structure of the workplace. The organizations today comprise of a highly diversified workplace, than ever before. The expectations of the employees have also changed drastically with the change in the organizational composition and structure.
(OSP) Total reward includes all types of reward – non-financial as well as financial, indirect as well as direct, intrinsic as well as intrinsic. It is a value proposition which embraces everything that people value in the employment relationship and is developed and implemented as an integrated and coherent whole.
The compensation includes salary, bonus, shares, company’s stocks, perquisites and other forms of benefits (CIMA, 2010). Executive compensation is also regarded as a total rewards umbrella and also the company’s strategy as a whole (CIMA, 2010).The executive total reward system and model sets a separate framework and context for executive compensation (Conyon, 2006).
Rewards and incentives could facilitate in improving motivation of employees and improved motivation would lead to better work performance and collectively aid in boosting company profits. Attractive reward packages are particularly effective in retaining employees and Marks and Spencer uses reward packages as an effective tool in retaining its employees.
Because of this, it becomes notable that human resource planning becomes closely related with other personnel functions such as selection, training, and development.
Human resource planning has become important primarily because it "helps managers meet organizational subgoals as well as wider objectives such as profitability and the needs of employees in the organization" (Kohl n.d.).
The range of pay which he gets for such a stressful work is between low to average. These employees have to tolerate a lot of emotions from different clients on a day-to-day basis and this affects him/her at some point of time. So under these circumstances the management has to see to it that such employees are rewarded for a well done job or at least let them (these employees) know that their presence makes a difference to the organization.
lar where there is a dearth, one of the most commonly used methods used by employers to attract the best candidates to their firm is to offer good monetary rewards, such as high salaries, signing bonuses and attractive benefits (Pfeffer, 1998). There are two components to
Envision is an Information Technology (IT) based company. The company is a profit organization that successfully employs 20000 employees across 17 different countries. There are 2000 individuals in the management level who speak a diversity of languages. The company employs diverse individuals who are governed by multiple regulatory environments.
Globally human resource management has been a challenge to many institutions. The use of total reward management approach has shown to be an appropriate strategy even though there is no isolate strategy that is best to be in all settings. The
14 Pages(3500 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Total Reward for FREE!