Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Total Rewards: Compensation That Encourages
Developing a more comprehensive and conscious reward system can be an excellent way to motivate employees, to maintain and exceed ethical human resources management practices, and to attract and retain top talent through performance-based compensation. There are also several legal considerations that need to be taken into account before implementing such a system, however; though it might seem odd that trying to give employees more could have legal barriers, understanding the law helps owners to avoid unintentional errors that could create significant risks for the business. The following pages present a brief overview of some of the total rewards considerations that should be looked into and some of the attendant legal concerns that could arise.
Achieving Total Rewards
No rewards system will be effective if the goals that lead to rewards are not clearly defined and carefully adhered to, but part of the beauty of the total rewards perspective is that the goals are partially incorporated into the rewards system itself (Armstrong & Baron, 2002; Thompson, 2002). Development and work-life are two key considerations in a total rewards system, and these both provide motivation and guidance for employees in terms of the direction the company hopes employees will grow in and what direction the company...
Using developmental and work-life rewards as a means of establishing certain explicit and implicit goals posts can be applied in a variety of ways, from the simple -- providing an advanced sales seminar as a means of establishing new sales targets -- to the more complex -- sponsoring a team-building retreat as a means of increasing communication and collaboration between different departments and individuals in the company. Other goals will need to be set in more traditional ways, of course, but tying rewards of any sort directly to goals is important both for the reward system and for the functioning and growth of the company (Thompson, 2002). Encouraging development and creating a supportive and enjoyable environment that leads to more rewarding work-life are only two components of the total rewards perspective, however, and other considerations must also be met.
Performance Recognition is also tied to goals and in some ways to Development within the total rewards perspective, and is also something that must be directly and consciously made a part of a total rewards package (Armstrong & Baron, 2002; Thompson, 2002). Acknowledging individual achievements and successes and the manner in which they enhance the company and others' work is important in building a strong and open…
References
Armstrong, M. & Baron, A. (2002). Strategic HRM. London: CIPD.
Mathis, R. & Jackson, J. (2011). Human Resource Management. Mason, OH: Cengage.
Thompson, P. (2002). Total Rewards. London: CIPD.
Total Rewards Package StrategyIntroductionInitially known as Mills fleet farm, Fleet farm, and home is an American company with about 47 stores located in different regions like North Dakota, Iowa, Minnesota, South Dakota, and Wisconsin. It�s headquartered in Appleton, with its central distribution center in Chippewa Falls. The company�s stores are of multiple sizes, from large stores to small hardware store formats (Hiles, 2009). The company deals with household items, fishing,
These awards would serve as recognition for teams that have done an outstanding job. If these awards are based on measures that require total group contribution -- macro-level output measures -- then they will be more effective at fostering teamwork. This is important to overall corporate performance since that performance is directly related to the ability of different groups to function in unison towards a common objective. Intrinsic rewards are
Total Reward Program General Mills is a major food producer with a stable business selling packaged foods to supermarkets. The company earned $17.9 billion in revenue in 2014, and on that took home $1.8 billion in net income (MSN Moneycentral, 2015). According to its 2014 Annual Report, the company sees its strategy as "putting the consumer first." The company competes by connecting with consumers and developing "deep insight into what they
Total Compensation Methods and Benefits Programs Impact on employees and organizations Salary and benefit administration strategies Relationship with organizational culture and performance Total compensation methods used by the organizations are different in terms of their design and approach. The main objective of the compensation programs developed in organizations is to facilitate employee motivation and provide a cost effective reward system that is beneficial for both employees as well as the business. The business objectives,
Rewards and Compensation Systems Human capital is an important contributor to the worldwide wealth, and this recognizes the vital role in increasing the organization's effectiveness. One important function of the HRM is motivation of the employees, which has noticeable results in all levels of an organization. This starts from the managers who must recognize the factors that motivate their employees to improve their performance through designing and implementing effective compensation and
Reward Programs in the Workplace Fieldwork Timeline and Budget Reward and incentive programs are a popular component of employee benefit packages. Many employees value such offerings as flexible scheduling, tuition assistance, and child care in order to satisfy personal needs and professional development. In today's society, it is becoming increasingly common to align these reward systems with the overall business strategy of an organization in order to satisfy business needs and to improve