New and Improved Rewards at Work
Employers in different organizations have been coming up with some innovative measures that would serve as rewards to their employees, and they help in boosting the morale of the employees and still serve as a way of acknowledging the needs for creativity and accomplishment for persona goals. The provision of the internet that can be used by the employees at the workplace for personal things has been one of the potential rewards that the employers have provided to the employees. Examples of such things that the employees might perform using the internet include communication with their friends, shopping, or even personal finances; the employees are allowed to bring their pets at the workplace; institute a controlled napping policy, and the office betting polls and the sports. It is, therefore, essential to determine how innovations that are done by the employers towards their employees usually help in the improvement of the overall competitive compensation strategy of the institution, and how innovation could be tied with a particular job. It is as well important to understand how effective the equity-based reward system is when compared to those having more creative approaches, key elements that are associated with the integration of innovation into a traditional total rewards plan and recommending on the process that is prone to optimizing the program that is based on the suggestions of the employees to continually refresh the total rewards of the institution.
Innovations in Employees Benefits on Competitive Compensation Strategy
For any organization to remain competitive in the job market, it must ensure that it adopts more competitive compensation strategies. Those strategies will as well help the organization in ensuring that it keeps a talented workforce. Employers must ensure that they are always current when it comes to recognition of the needs of the employees and still offer various benefits that ensure that they have addressed the needs of the employees (Shields et al., 2015). Employees in every organization have changeable needs, and it is the responsibility of the employers to ensure that they comply with those dynamic needs. For that case, the employers have to come up with strategies that will ensure that the employees remain engaged to the organization and a strategy that supports their commitment and still improving their performance. A correct total rewards system can be termed to be in both monetary and non-monetary forms that are usually offered to the employees as a strategy that will help in boosting the results of the employees. Those results can range from enhancement of and individual and the performance of the organization to even improving the job satisfaction of the employees, their loyalty towards the organization, and ensuring there is morale in the workforce. Don't use plagiarised sources.Get your custom essay just from $11/page
Instead of the organization in focusing on awarding the employees pay increases and other incentives just of the sake of seniority, the total reward program can assist the organization in linking the achievement with the overall objective of the organization. The human resource of most of the organizations has started experimenting with the impact of the innovative types of rewards at the workplace. Such rewards include pay that is based on the skills of the employees and still goal sharing whose main objective is to align the interest of the workers with the general goals of the organization. Real innovation in the organization, in most cases, takes place once the human resource personnel realize that there are much better ways that they can motivate their employees and retain them other than the standard compensation. In that case, the employers need to advance from the normal and start using those rewards and still plan on the best way they can address the needs of the employees (Shields et al., 2015). While implementing the total rewards program, it can cause challenged in the organization, and some of those challenges that the organization might experience include designing a new plan that is different from the one they were used to and still how the rewards will eventually be funded once it has been implemented. The ability of the organization to attract and at the same time, retain the existing employees will come up as the main objective for implementing the strategy. Once an organization has adopted the plan of offering different rewards, then it can be guaranteed that it will attract the best and the most talented workforce during the process of recruitment.
An organization should have the belief that for it to attract more workers, they must be innovative enough. This mostly takes place where the employees are keen about their success and still have been the key fact in the success of the institution. Organizations believe that once better compensation strategies have been implemented in an organization, then it means that they will bring a difference in the performance of the organization (Mone, & London, 2018). Benefits that ensure that the needs of the employees are met are the key goal of the objective, innovative benefits programs that are usually designed to the diverse workforce of today’s world. Once an organization has taken a step in appealing to what is most valued by the labor market in its benefits, then the organization will remain to be effective and competitive and the same time is attracting top talents in the marketplace.
How Innovative Benefits could be tied to Specific Jobs
Taking into consideration the current wage in the economy, it is therefore important for an organization to be knowledgeable of the changing pay rates, and for that case, the market price of the jobs has to remain competitive. The desire of the organization attracting and maintaining the best and the mist talented workforce versus the competitive constraints on the costs of the labour can be solved through aligning the benefits to some particular jobs (Noe, Hollenbeck, Gerhart & Wright, 2017). Tailoring of the benefits can assist in making the employees satisfied with their jobs, but that can only happen if the plan that has been developed by the employers fits the work-life of the employees. A good example is that a young employer might not be interested in the retirement benefits or perhaps any benefit that is considered to be long term, but in the same case, such benefits might be of great relevance to the older employees.
The innovation of the benefits has been closely linked with the satisfaction of the employees, their morale, and how they are motivated when in the workplace. In that case, the employees are usually driven to performing jobs to more than a point that can be termed to be the standards (Noe, Hollenbeck, Gerhart & Wright, 2017). The compensation and the rewards the employers offer to the employees must then exceed the competition as a way of ensuring the employees in the organization can feel valued and at the same time, rewarded for the efforts that they make towards ensuring that the organization achieves its objectives.
Provision of benefits that are customized and that are closely tied to the particular jobs can be structured enough as a way of allowing rewards of the performance of the jobs, designing a particular behaviour and still installation of pride in the organization. At the same time, the employers must be willing to design tools and rewards that will be used in communicating the commitment of the employees and still reminding the employees that the efforts that they are making to ensure that there is the attainment of the objectives is being appreciated (Mone, & London, 2018). Some of the companies, such as the Wholefoods, are the leading in the way so it can ensure that their employees streamline creative areas and are rewarding their employees by allowing them to come to the workplace with their pets and offering free food. Other benefits that the originations are offering to their employees is the provision of on-site child care and still nixing the old employee of the month parking space and raising the bar of the total rewards through aligning it with the specific jobs of the employees.
Effectiveness of Equity-Based Rewards Systems versus More Creative Approaches
The competitive nature of the business today is calling for all business owners to make sure that they focus on improving the services and goods that they offer while at the same time reducing the costs. Compensation rewards that are entirely based on the rewards can be termed as collaborative efforts, and that is in line with the interest of the companies, their shareholders, and the employees of the organization. The majority of the businesses today desire to get more from their employees, and the employees, on the other hand, ate looking for more from their employers (White, 2016). In that case, recognition of the employees and the reward methods are some of the methods that can be used by the employers in motivating their employees so that they can change their behaviours and work habits. The equity-based compensation are in monetary forms, although they usually have a great value to the organization. However, it will be necessary for the business owners to separate salary or any other merit pay from the reward system.
Equity rewards can take various compensation forms and can be used in offering long term incentives to the employees in the form of variable pay that included stork grants, stock options, and sometimes the stock alternatives. Benefits that are offered to the employees are offered in the form of retirement plans like the employee stock ownership plans and the employee stock purchase plans and they usually operate through deduction of some amount by the employer for the employees` salaries so that they can make pre-tax contributions based on the terms that they have agreed on (White, 2016). The primary equity rewards usually assist in the creation of a culture of ownership that helps in driving the employees towards taking more interests and responsibilities in the business to ensuring that it meets its objectives. The more creative approach that an organization has adopted into using, then the more it will allow the employees to live while at the same time getting their jobs done through offering of the equity rewards.
The reward systems that are entirely based on the equity have proven to be working well in the motivation of the employees because everyone in the organization wants them to get the bigger picture, keep the best interest of the company and at the same time use good judgment. Some of the employees in an organization usually think as the owners of the nosiness and still, are proud of the business, and that makes them commit themselves to the business 100 percent. This is the best type of reward that any organization can use since it allows the employees with a chance of having stock hence feel being motivated since they are being identified with the business (White, 2016). Creative approaches, on the other hand, would work well in more situations. While all said and done, ownership of stock cannot be expected to give someone an attitude. Other employees might prefer other forms of benefits since some prefer to be issued withy cash while some prefer to be issued with retirement benefits. An organization can expect more benefits if it manages to handle the group of employees with customized approaches.
Key Elements of Integrating Innovation into a Traditional Total Rewards Program
Over the past years, the total rewards in the workplace recognized minimum areas of the compensation plan, and the benefits were as well recognized as some particular professions. Structures of the salary used to be controlled while the benefits of the program, on the other hand, used to be designed in a way that addressed all the employees equally in an organization. Today, some basic elements can be used while integrating innovation into a traditional total rewards program. The organization being attracted and retaining talented personnel is the key element of the program today. That is the main reason that triggers all the employees to first ensuring that they have effectively communicated the rewards programs to the new employees (Mone & London, 2018). It can be said that he employers usually provide rewards that are valued by the employees while there are some things that they anticipate to get in return, and they include the time of the employees, their efforts, and good results. Some of the key elements that could integrate innovation into the traditional total reward programs start with the culture, environment, attraction, and retention. The attraction is the ability of the organization to attract talented personnel into the organization while the environment, on the other hand, are the external factors that can be included in the new competition of talent.
Process that Optimizes an Employee-Based Suggestion Program
Competition is high during that time in the labour market. The employees are searching for the employers who are going to offer them with the appropriate work-life needs while the employers on the other side are looking for talented people in the job market and do not even mind offering an extra to not just attracting the people but also retaining them and ensuring that there is an improvement in productivity by the use of the five-step PRIDE process (Vizcaíno et al., 2016). P means provision of a positive working environment, R is the recognition of the reward and reinforcement of the right behavior that should be used in the workplace, I is the involvement and engagement of the employees, D id the development of skills and potential and finally, E is the evacuation and measurement.
References
Mone, E. M., & London, M. (2018). Employee engagement through effective performance management: A practical guide for managers. Routledge.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.
Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., … & Plimmer, G. (2015). Managing employee performance & reward: Concepts, practices, strategies. Cambridge University Press.
Vizcaíno, J. A., Csordas, A., Del-Toro, N., Dianes, J. A., Griss, J., Lavidas, I., … & Xu, Q. W. (2015). 2016 update of the PRIDE database and its related tools. 44(D1), D447-D456.
White, G. (2016). Reward management. Edward Elgar Publishing Limited.