Total Reward in general, in the context of a multi-national organization and in Japan

Abstract

Topic: Total Reward in general, in the context of a multi-national organization and in Japan

Significance of the topic: in this paper the importance of reward strategy will be focused in Japan and multinational organization also if applying the reward strategy in the organization is it beneficial or not. Since there are a number of challenges that the organizations have to go through, we will be looking at the total reward strategy in different theoretical perspectives. This area is important and beneficial for studying in order to determine the possibilities total reward strategies could result in like motivation, retention and recruitment. But this can only be successful for the organization if the strategy for reward is efficiently communicated within the employees so that they can clearly understand and follow it.

Purpose of the Study: there are a number of reasons for studying this particular area of topic because it is capable of increasing opportunities for the employees when the reward strategy will be applied within the organization they will be motivated towards achieving goals.

Methodology: in this paper the method for understanding the topic will be using the secondary sources as well as the approach regarding qualitative study.

CHAPTER 1: INTRODUCTION

Background To The Study

In this paper it will be aiming towards understanding the significance of the total rewards strategy within the organization. But in this study we will be briefly looking towards the way this strategies are implemented within the international organization because a consulting company in the United Kingdom is looking for hiring people for their organization from Japan and for that they require the total reward strategy for the purpose of recruitment. Amongst all types of budgets within the organization the cost of remuneration stays as the significant part of increased importance (Jhiang, Xiao, Qi, Xiao, 2009). Along with the rapid update within the modern world, nevertheless the management of traditional remuneration have been going through increased challenges mutually within the private and public sectors underneath the present business and economic circumstance, which results towards a number of problems that are capable of affecting the performance of the organization, also become the reason for existential threats (Jhiang, Xiao, Qi, Xiao, 2009). There are surveys that have been demonstrating regarding the cash rewards that was highly paid attention during the past is not that significant in the present. During the latest period, some of the glossaries related to reward have also emerged as the “new fashioned market economies” have been progressing for instance: reward management, compensation management, payment/ pay management, salary administration and salary management.

Rewards are capable of presenting the entire provisions and tangible advantages an employee acquire as being the segment within the “employment relationship; while illustrated by Malhotra et al, “work rewards” reflect the advantages employees are receiving through the work environment and also the fact that they are recognized determinants of the job satisfaction and commitment. Defined by Bratton & Gold, 2003; “rewards” ...