Essay On Total Rewards

Offer a competitive benefits package that fits your employees’ needs. Providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees and bonuses. But other perks, such as flextime and the option of telecommuting, go a long way to show employees you are willing to accommodate their outside lives.

Specific Praise. Specific praise includes verbal or written statements to a student that recognize a desired or correct behavior. Praise can function as a tool for instruction and for increasing social and academic behaviors. To be effective, the student must view the attention provided through praise as pleasurable or motivational (Curran, 2017). Specific praise promoted more on‐task behavior than positive praise and significantly increased academic self‐concept (Bizo, 2004). Offering specific praise will help Sam because it sends a message that the teacher is aware of the effort he is putting into staying on task. As time goes on, Sam will desire the teacher’s positive statements. He understands that the statements are the result of him remaining on task and reaching his six-week goal. Sam will also develop an understanding of how to meet the teacher’s expectation. In the end, Sam will mature and advance in his academics. As he matures, the need for constant specific praise will become unnecessary. The added benefit of specific praise is to the teacher. The high levels of stress and emotional exhaustion while attempting to teach in the classroom with Sam will diminish as he progresses.

There are a few benefits that employees will expect as standard. These benefits are usually seen as priority and can include pensions, medical, dental and life insurance and. Aside from priority benefits a number of companies need to add extra enticements. These employee benefits can include discretionary bonuses, performance related bonuses, profit sharing, gym memberships. Employers who then go the extra mile above standard employee benefits packages may be looking at some extra loyal employees. Innovative employee benefits are not the normal or standard benefits. They can sometimes be seen as unusual but can actually be very worthwhile. Examples of innovative benefits can include:

The term compensation refers to all forms of financial returns and tangible benefits that employees receive in exchange for their time, talents, efforts, performance, and results (Bernardin & Russell, 2013) Presumably, employees are motivated by the compensation they receive in all combinations to include their benefits packages. Naturally, employees want to be able to take care of their family to include having good medical coverage and other related benefits. Equity is said to occur when a person perceives that the ratio of his outcomes to his inputs is equal to other’s outcome/input ratio (Salvendy, 1976). Of course, employees want more money, and companies want more work out of each employee. With the cost of benefits like health insurance continuing to rise, companies have to take the higher cost of benefits into consideration when implementing pay

Regardless of the diverse composition of the workforce today -- in experience levels, gender, location, work style, or any number of variables -- a solid understanding of what launches top-flight individual contributions will be essential to developing an effective pay-for-performance strategy.

The right compensation program will depend on the organization’s business strategy and goals. To achieve these, an organization must recruit and select the best possible employees. To attract such employees, there must be an attractive compensation plan. Competitors will be offering different payment options, this may be based on pay rate or special perks, and a company’s stock options. Organizations must be aggressive yet reasonable to compete with competitors. Retaining and encouraging employees to perform at their best may be achieved through an immediate incentive award

As important as attracting good employees is, it is just as important to retain them. As always, benefit packages help to retain employees. After spending as much time as you should have in attracting good employees, it only makes sense that you would go to certain lengths to keep them.

This focuses on the idea that much of the company’s growth will reflect towards equity-based salaries. By doing this, it will “align the interests of corporate management with the company’s shareholders.” Essentially, if the company does well, then the executive will be compensated higher. This will encourage management to work harder to improve performance thus increase the stockholders wealth, as well as their own when stock prices rise.

A well-articulated compensation philosophy drives organizational success by aligning pay and other rewards with business strategy. It provides the foundation for plan design and administration and anchors current and future plans to the company's culture and values (Kaplan, 2006, p.32). Recognizing and rewarding achievement is the cornerstone of the company A’s compensation philosophy. The mission of the company is to attract, select, place and promote all individuals based on their qualifications. The company believes that performance-based compensation helps attract, develop and retain talented professionals. In addition to base pay which based upon local market conditions and targeted to be above market, the company provides the following types of potential compensation to reward performance:

A competitive organization understands the need for a skilled and loyal workforce. In order to attract and retain top talent, many organizations offer innovative and creative employee benefit packages. It enhances an attractive salary and creates a niche for the employer. An organization that is aware of the dynamics of its workforce will be in step with the innovations in employee benefits. Technology, global workforces and diversity have made it necessary for companies to review

Most important, the employees can earn stock, which gives them voice within the company to make pertinent decisions.

Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.

Chapter conclusion: Benefits for employees are very important for companies. Benefits for employees include various insurance plans, paid vacation days, paid sick leave, paid days off, etc. Different companies need to establish different benefit plans based on their company conditions. In brief, benefit in one of the bridge between employers and employees.

Money is an important enticement to work motivation. Many people work in order to be able to receive their pay at the end of the month, though others might argue this is not the case. If for instance you take money away, will people still show up for work? The answer to this is no as many people only show up at their work place with the aim of getting some remunerations. The equity theory states that in addition to being an exchange commodity it is also has a symbolic value in addition. In this scenario, a company that pays more to its employees tends to show its competitors that it is more valuable and thus the better pay (Wyld, 2011).

Employee benefits are a tool used by businesses to attract potential applicants, improve employee satisfaction, reduce turnover and maintain competition. Benefits that most employers offer include, but are not limited to, medical and dental coverage, time away from work, retirement, and additional assistance during life changing events. The majority of employers in the United States offer benefits to their employees and include an annual enrollment yearly to select benefits and make any needed changes.