2 pages/≈550 words
Business & Marketing
Total Rewards (Essay Sample)
THE COMPANY TO USE IS MICROSFT Again, we are not looking for factual information specific to your chosen SLP employer. We are looking at current, HRM-specific information that might be applicable to the employer you have chosen. For the Module 5 SLP assignment: Discuss the benefits for developing a total rewards program in your SLP organization. Discuss the drawbacks. (If your organization already has such a program, then evaluate the program as it currently exists, and make recommendations for improving it.) What do your readings (journal authors, for example) say about the total rewards concept? Is it worthwhile for employers and here to stay, or is it just a passing fad? Please upload your paper to CourseNet. Paper length: 2-3 pages, not counting the cover page and reference pages. Assignment Expectations: As you research the organization you selected from the Fortune List, if you cannot find the information you need on the specific organization, instead discuss information from other private-sector organizations. Apply HRM terminology, HRM background readings, research, and business examples of HRM policies, practices, and procedures as they might compare or contrast to your chosen organization. Bring in other private-sector employers' HRM activities, systems, practices and procedures as examples that fit into your assignment dicussion. Prepare a paper that is professionally presented (including a cover page, a "List of References," and a strong introduction and conclusion). Proofread your paper carefully for grammar, spelling and word-usage errors. Address all aspects of the assignment as stated above. Limit your Internet searching and focus instead on library searches and be sure to bring in information from the background readings. Give authors credit for their work. Cite sources of borrowed information in the body of your text as footnotes, numbered end notes or APA style of referencing. source..
Running Head: Total Rewards
Total reward just like any other modern management strategy, has been used in businesses by both researchers and administrators. As a human resource approach, total reward requires persistent evaluation and practice to enhance its effectiveness in the field. The compensation cost has been posing a great challenge to both the private and public sectors due to the rapid changes taking place in the world in the financial and business sectors. This has caused a lot of problems which have influenced the performance of many companies.Workers no longer put more emphasis on the cash reward as they used to do in the past. This is in response to the survey conducted by Nelson Motivation, Inc., San Diego, California which revealed that cash reward was ranked number fifteen out of less than twenty motivators used in the survey. Motivators like supple working hours, educational activity, improved power and close interaction with managers among others were ranked high. (Zhou J., 2009).
A number of reward-related strategies are coming up as a result of change in modern market financial matters such costs management, payment administration, salary management, and reward administration. All these strategies are meant to attract, retain and improve the performance of employees. New-fashioned reward administration is formed on the ground of administering changes in the management, the approach does not only consider the contribution of members to the improved performance of a company but instead it`s a definite action design of company`s strategic aim and principles attitude change. New-fashioned rewards management incorporates indirect income and non- monetary compensation apart from the material and cash compensation .Total reward strategy is the mode used in modern reward management system since it goes with all the work morals and quest of the modern workers and it is a vital indication of better link between gratification of compensation values and performance. (Zhou J., 2009).
In the article Employees Benefit News, Doug Thomas, who is the Northeast region manager for the payment and rewards program at SMART, a Devon, Pa-based consulting firm, confirms that assisting workers in developing their careers helps in improving their shared loyalty, and this is a unique feature in companies that are committed total reward and will later be a basis for the company`s traditions. He continues to argue that workers are now have shown improvement in companies where these programs have been implemented and calls companies to ensure that they give their employees these rewards otherwise it will only be seen as a slogan. Total reward strategy has changed the old approach where workers used to communicate their own individual and career growth. Currently, employers chart to their employees the total package they will receive from the organization in or...
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