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Total Rewards System Proposal - Research Paper Example

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Company A is a holding organization that gives insurance, financial protection and asset management facilities that uses 20,000 workers in 17 various countries in North America, Europe and Asia. The company employs 2,000 management-level persons who speak various languages and…
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Total Rewards System Proposal
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Download file to see previous pages Due to the fact that the workers are the core of the business, the industry aims to make its collective achievement around its requirements as well as that of its workers. “By presenting the total rewards picture, employers gain the flexibility to shape the work experience in different ways at different phases in the company’s life cycle, as well as for different segments of the employee population” (Total Rewards Strategies for the 21st Century, 2012, p.6).
Several industries have now begun to understand that they get improved performance from connected and engaged employees. Thus, this new insight has helped them to focus on rethinking their strategies for workers. They are introducing new methods to recognize, connect and maintain the right labor force in order to deliver plans that would entail in the overall development of the business concern. By adopting total rewards strategies, the industries are considering to make amendments in the character of work as well as expectations of workers. Managers have recognized that employee commitment affects the base line. So where reward plans have to be changed, managers are taking benefit of new tools to access improved information in order to take the most apt decisions regarding the human resource of the company. Total rewards strategy is a preparation for assigning reward resources in a way would ensure that the business achieves the organizational goals and objectives. “The elements of a Total Rewards Program – compensation, benefits, work life balance, performance & recognition and development opportunities – create an environment in the organization which is completely focused on employee engagement. Total Rewards program elements are not mutually exclusive and results in satisfied, engaged and productive employees, who create desired business performance and results” (Total ...Download file to see next pagesRead More
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