Total Reward System

By

ACKNOWLEDGEMENT

I would like to thank my supervisors, friends and family, without their support this research study would not have been possible.

DECLARATION

I adjudge that the entire content of this dissertation is entirely my own work; the content used in this dissertation has not been submitted before in any educational institution and represents my own opinion.

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ABSTRACT

The purpose of the study is to establish and formulate appropriate total reward system and strategies for multinational organization of UK that expands its business into Japan and suitable for suitable for diverse workforce. Reward strategy derives from corporate strategy that is companies' values and beliefs and this helps in boosting up company's and employees' quality and performance. Number of benefits can be attained if the rewards are viewed historically. The secondary research findings depicted that in terms of compensation and benefits, companies can realize their own unexploited potentials. Organizations can accept and applause those programs in which employees involvement is high. The organizations can monitor the reward system from the start and any hindrance that confront by the management can be resolved on priority. The findings depicted that the events that employees considered before quitting his or her job. Employee compensation is the single most influential factor described in employee retention and turnover. Primarily pay rates, offers of benefits, and pay raises were key factors in determining whether employees leave or stay at their jobs. The findings proved that pay rate is a factor in employee retention; similarly, findings depicted that that low salary contributes to employee turnover. The findings proved that pay is a significant factor that influenced employee turnover. The findings proved that having a feeling of warmth, friendliness, support, and/or camaraderie among their co-workers as contributing to their sense of job satisfaction or as one of the best aspects of their job. Knowing that their co-workers are supportive was described as reducing the stress level as well as making them want to come to work each day. Conversely, negative attitudes among co-workers heavily influence dissatisfaction and morale, as leading to job dissatisfaction. Knowing that they have the opportunity to promote within the company, one of whom described satisfaction knowing that employees could have a fair chance at advancement and not be stuck in a lower level position. Liking the work that they do and/or feeling as their job is important was also described as either contributing to job satisfaction or as one of the best aspects of their job.

ACKNOWLEDGEMENT2

DECLARATION3

ABSTRACT4

CHAPTER 1: INTRODUCTION1

Background to the Study1

Aims and Objectives4

Aims4

Objectives4

Significance of the study4

Methodology5

Secondary Data Collection Methods6

Definition of Terms6

Dissertation organization7

Conclusion8

CHAPTER 2: LITERATURE REVIEW9

Introduction9

Definition of Key Concepts10

Rewards10

Reward Strategies in United Kingdom12

Chinese Attitude towards Reward12

Total rewards (TR)13

Components of Total Rewards14

How to Design for Expatriates14

Types of Rewards14

Performance and Performance Appraisal Based Reward System15

Team Based Rewards16

Total Rewards Model16

Communicating total rewards and benefits18

Global Compensation18

Theoretical Perspective of Rewards20

Employee satisfaction and reward system22

Summary28

CHAPTER 3: ANALYSIS30

CHAPTER 4: CONCLUSION38

CHAPTER 5: RECOMMENDATIONS42

REFERENCES46

CHAPTER 1: INTRODUCTION

Background to the Study

Retaining employees has become a significant concern for organization as increase turnover rates ...