New And Improved Rewards At Work. Creating And Implementing

1534 WordsMar 12, 20177 Pages
New and Improved Rewards at Work Creating and implementing new and improved rewards systems at work has been a tool of success for many organizations. Corporations use these rewards to boost employee morale and to allow their employees “me time”. Throughout the course of this paper, I will determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. Next, I will explain how innovative benefits could be tied to specific jobs. Thirdly, I will critique the effectiveness of equity-based rewards systems versus those with more creative approaches. Then, I will discuss the key elements of integrating innovation into a traditional total rewards program. Finally, I will recommend a…show more content…
Lastly, these newly developed compensation strategies can also encompass a variety of diverse pay systems that fluctuate from flexible pay to talent and ability based pay. Explain how innovative benefits could be tied to specific jobs. Employers have been coming up with innovative employee rewards to boost morale and acknowledge employee needs for creativity and personal goal accomplishment. This is a positive sign for both employers and employees because it brings a personal element to the work relationship. Employers are displaying signs of empathy via the acknowledgment of their employees’ needs. Additionally, employees will begin to feel a sense of trust and loyalty to the employer because of their demonstrated acts of compassion. A few of the most up to date employee benefits include use of the Internet during work hrs. for personal reasons; allowing employees to bring their pets to work; establishing a controlled napping policy, and sports and office betting pools. However, there are some innovative benefits that could be tied to specific jobs. For example, Anytime Fitness, provides their franchise owners’ a discount on the initial franchise fee for each additional club purchased as well as ensure that they are granted an exclusive territory. No other fitness franchise is offering potential franchise owners those type of benefits
Open Document