Hrm 533 Total Rewards'

1633 WordsMay 22, 20147 Pages
Assignment 5 – New and Improved Rewards at Work Casandra Reynolds HRM 533 Total Rewards December 15, 2013 Dr. Lila Jordan Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. 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…show more content…
Chosen and implemented effectively, however, creative benefits can demonstrate leadership 's concern for the well-being of employees, reinforce cultural values, and foster deeper employee engagement (Lagunas, 2012). Prospective employees expect run of the mill standard benefit packages such as healthcare, vision, dental and retirement plan benefits. Stock options, stock ownership and other equity based rewards viewed with a dubious eye as people still remember Enron. Yes, you will do well if the company is doing well but what if your company is operating unethically, where does that leave the employee? Worthless stock and a jaundiced eye toward organizations are what are left. On the other hand, an organization that touts benefits such as on-site dry cleaning, subsidized childcare, or commuter passes taps into what employees really need and want. Occasionally, time is a valuable benefit for employees, time to do the things they cannot accomplish due to work schedules and competing priorities. Discuss the key elements of integrating innovation into a traditional total rewards program. Integrating innovation into a traditional rewards program is not overly cumbersome but it must be done with the full support of leadership and with the support of employees. Leadership must embrace a new outlook on benefits and employees. The proper research and fact finding must be accomplished to ensure benefit innovation will mesh with the company culture and the needs of its
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