New and Improved Rewards at work



New and Improved Rewards at Work

Introduction

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.

Discussion

A rewards program built can attract and motivate employees. Nowadays, the best companies offer rewards programs included that go beyond compensation and benefits to attract retain and motivate their employees. An excellent rewards program results in positive changes in employee behavior, reinforces the overall strategy of the company and ensure organizational success in the future. Organizations should consider the following when developing a rewards program effective: compensation, benefits, work-life balance, performance and recognition, and finally development and career opportunities (Singh 2002, pp. 28-33).

As the market changes and we start we all compete for the same resources, the employee knowledgeable will come to expect a comprehensive rewards that combines these elements and provides it with the value.

The immediate rewards cards as saving on fuel can play an important role in the aspects of performance and recognition of a comprehensive rewards. Because these awards are by their supervisors for their good performance or behavior, employees consider highly personal and perhaps more interesting than the filing of the company in his bank account at a later date (Milkovich & Bloom 1998, pp. 15-23).

The market is changing and it is not enough to worry about only the effectiveness of compensation programs and benefits and control costs. The HR must manage the "exchange value" recognizing that engaged employees create value for their organization in return for tangible rewards and intangible.

Organizational structures will also more flexible forms in the future. Investigations reveal that the conventional way to organize and perform the tasks is not necessarily the most effective. The organization of the future must be oriented on the realization of adaptations flexible and increasing the reaction rate. HR managers are visionaries rotation functions increase in the future. Workers are also supporters. Another form of flexible work, i.e. work in draft form, is considered by 87% of our participants as 'a work of the future'.

Versatile employees who have the ability to perform tasks quickly or different functions are considered a must by 94% of respondents. Simultaneously, members of the new generation feel much need to give themselves as to their job. Flexibility in function and distribution of tasks become increasingly important in the future, according to 93% of the survey participants.

In this new context, the rigid systems of remuneration, such as descriptions of function traditional systems function evaluation systems, salary and remuneration packages seem doomed standards. This is the whole area of ??compensation and benefits that will inevitably ...