New and Improved Rewards at Work

1627 Words Mar 30th, 2012 7 Pages
Abstract
The purpose of this paper is to determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. Then, it explains how innovative benefits could be tied to specific jobs. After that, it critiques the effectiveness of equity-based rewards systems versus those with more creative approaches and discusses the key elements of integrating innovation into a traditional total rewards program. And last, it recommends a process that optimizes an employee-based suggestion program to continually refresh the total rewards of the organization.

1. Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. In
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Also lack of these benefits may cause losing of that employee. These benefits impact the way employees feel about their work in a either good or bad way. So companies must create innovative benefits for their employees. Otherwise they can lose their competitive advantage (Worldatwork, 2007). 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: * Flexible working hours for employees * Childcare centers * Benefits that include use by members of the employee’s family * Subsidized meals at staff canteens * Certain companies do offer subsidized housing to employees * Telecommuting and working from home options * Certain companies do offer use of company accommodation at holiday centers.
Innovations in employee benefits can improve the overall competitive