Improved 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.

From a total rewards perspective, the reorganization allowed the company to develop ways to improve the satisfaction of its employees. Linking pay to performance and other compensation incentives was an asset when recruiting talented technology professionals to come in and build

carefully planned out and considered, the total closure or failure of the organization could be at hand in the near future. In our modern age, employers know that salary is not the only factor that should be considered and that salary alone will not lead to better or more highly profitable workers alone. This is why compensation planning is important and why pay should have some connection between performance and compensation. This is why the human resources department should consider many monetary and non-monetary factors when considering how to properly compensate and motivate employees (Dessler, 2013).

Thus, employers must know how the compensation they offer for critical positions differs with compensation for similar positions at other organizations in the market. Therefore, if an organization is recognized to be a great place to work in terms of factors such as training, resources, technology, work environment, staffing, and scheduling, the organization may be able to pay less than its competitors do within an acceptable range. However, if competitors are viewed more favorably as an employer, on the other hand, the organization will need to use compensation as its strength. Although, any strategy based solely on compensation will not succeed in the long run because a successful strategy combines market-rate compensation and a work environment that is competitively distinguishing and unique (Gering & Conner,

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.

It has been shown that employees who have a high satisfaction rate on the job or with the company that they work for, are less likely to leave the company that they work for compared to those who have a less satisfaction rate (Hellawell, 2012). As mentioned earlier, this would result not only in cost savings, but it would improve the overall relationship between the employee and the company. Employees that are committed and satisfied are not only not going to leave, they would also be able to contribute more and be more effective and efficient.

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:

Within this business report, I have analyzed three different employee compensation strategies that I feel could be well executed within our organization. Employee compensation is key to

This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards it's employees for the work they do for us each and every day.

The issue with many companies today is that their organizations put tremendous effort into attracting employees to their company. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as the war for talent.

Understanding how employee benefits can play a vital role in recruiting and satisfying employees can help me recognize how an organization can use it as a competitive

Reward and recognition programs must connect the needs and expectations of the workforce with the company’s overall goals and strategies. A program that reinforces important company values and goals will encourage employees to act in line with such goals and emphasize the importance of achieving these goals. Alternatively, rewards which do not connect with organizational goals may convey a misleading message and encourage employees to act in a manner that does not facilitate the

They are thinking of implement a strategic compensation plan as well as various other options that will allow its organization to focus on its strategic objectives and develop a comprehensive plan, considering base pay, short- and long-term incentives, benefits and growth opportunities. This kind of planning helps ensure that the compensation system will support the organization's long-and short-term objectives without overlap, which would have more than one pay plan driving the same objectives. The ultimate objective of this process is to ensure that the compensation system and other important facets attract and retain the desired employees and that it motivates them to do those things that support the business plan.

In today’s competitive workforce, compensation and benefit packages plays a crucial role on recruitment and retention for both the organization and the employee. Bumpbie finds itself in a situation where it could positively affect its employee’s morale, turnover rate and longevity; by making a strategic decision to implement compensation and benefit packages that will encourage current workers to stay and entice new applicants. Money is not always the inherent reason businesses experience high turnover rate, the constant shifting in the job market will always be a contributing factor as well as employee’s moral. Mayhew, R. (2016), explains that an “employee compensation plan” refers to all the components offered as well as the way in which they are paid, and the reason behind the employees getting the compensation case bonuses, salary increases and incentives. The fact that there are voluntary and mandatory benefits that organization provides to their employees give employees the freedom of choice, as well as the option to make the whether to stay with or leave an organization based on the benefits it provides. Variable Pay is also an option that some employers offer their employee which is performance based or results oriented. Whether it is profit sharing, merit based programs or incentive bonuses; it all comes down to which organization can provide employees with the compensation or benefits packages that best satisfy their needs.

A great opportunity lay in employee recognition. Employee recognition will be nonfinancial benefits offered to employee. This non-financial benefit allows management to proper recognize and foster employee loyalty as well reinforce positive work behavior and encourage for repeat performance in all areas of the job (Henderson, 2006). Another non-financial benefit for employee is training. Training will allow employee gain additional knowledge and expertise and to be up to date with new technology open opportunity to advance in their career. These non-financial benefits allow management to make sure employees are value. Including employee in department meetings and allowing employee to have a say so in decision making demonstrates respect for employee and it allow the