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Total Reward - Essay Example

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It has been found that workforce management is the key towards competitive advantage than technology or patents. (Pfeffer, 1994). The…
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Total Reward

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
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