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New and Improved Rewards at Work

In: Business and Management

Submitted By gozde
Words 1641
Pages 7
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.

1. Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. In this century, every dimension of life changes so fast. In unison, the way of companies doing business, personal lives of employees and employers, and working environments change, too. To stay in the business, companies need to comply with these changes. Employees have changeable needs and companies need to make employees keep working with their comprehensive benefits. They must find innovative ways of engaging employees that encourage and support their commitment and improve their performance. Otherwise they will be out of the race. Also, in this century, in workplaces the diversity of workforce increases. Companies must understand and address the diverse needs of their workforce to survive, thrive, and stay competitive. For example, the dramatic increase on women in the workforce, resulting in the rise of the dual focus worker- workers focused on work and family, rather than on work or family- and the aging of the workforce are among the most critical factors shaping today’s workplace and affecting the way people live and work (Worldatwork, 2007, p. 519). Innovative benefits become a big issue for employees. During the...

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