¶ … employee rewards has been increasingly brought to the forefront. This is because globalization is creating a shift in how firms are operating by requiring the utilization of specialized skills. These individuals are necessary for a firm to be able to adjust with changes inside the marketplace and new competitors. As a result, a number of organizations have begun focusing on transforming compensation strategies to address these needs. To fully understand how this is occurring requires focusing on: the way this can improve competitive compensation plans, how they are tied to specific jobs, the effectiveness of an equity-based rewards system, the key factors for integrating this model with traditional rewards programs and providing recommendations that will streamline these initiatives. Together, these elements will provide specific insights as to how a firm can improve their competitive compensation strategy. (Wilson, 2003, pp. 1 -- 15)
Innovations of Employee Benefits
Innovations in the type of benefits that employees are receiving will lead to a transformation in the workplace. This is because everyone will compare the kind of compensation they are receiving with other firms. Those that offer the greatest benefits will be the most sought after. The reason why is, these areas will address the critical needs of the individual. Moreover, the generous rewards plans are illustrating the kind of work environment that exists inside a particular employer. (Griffin, 2012, pp. 396 -- 400)
For staff members, they will compare what they are receiving with their peers inside the industry and their levels of job satisfaction. When there is an improvement in compensation plans, there will be changes in the attitudes of employees. This is because they will use the rewards program to determine how much the firm cares about: their well-being and time. As a result, innovations in compensation plans will have a dramatic impact on the underlying levels of productivity. (Griffin, 2012, pp. 396 -- 400)
Evidence of this can be seen with Google, as they have a generous rewards program for developers including: an onsite doctor, free childcare, a flexible work schedule and outstanding pay. This is showing how...
ethical issues have been increasingly brought to the forefront. This is because a variety of challenges are impacting the way executives and employees are behaving inside the workplace. A good example of this can be seen by looking no further than Tyco. What happened is Dennis Kozlowski was the CEO of the company from the early 1990s until 2002. This is when a wide scale fraud was reported, as
Employee Comp The future that is fast heading our way is often thought to be associated with creative technologies and businesses that do online services. But this is definitely not the full picture. Many traditional businesses are also being impacted in regard to what will be expected about some of their core operations, including in regard to how they treat and motivate their employees. Basic manufacturing is no different. In order
Employee Satisfaction And Productivity employee satisfaction and productivity ASTRACT Employee satisfaction directly links to organizational excellence and/or productivity. Maybe… Maybe not… Researchers regularly debate exactly what components contributing to employee satisfaction and the company's and/or organization's productivity. Similarly, employers and employees do not typically agree on the reason/s an employee stays committed to a company or what factors contribute to an employee's satisfaction with the company. During the mixed-method case study, the researcher focuses
Reward Programs in the Workplace Fieldwork Timeline and Budget Reward and incentive programs are a popular component of employee benefit packages. Many employees value such offerings as flexible scheduling, tuition assistance, and child care in order to satisfy personal needs and professional development. In today's society, it is becoming increasingly common to align these reward systems with the overall business strategy of an organization in order to satisfy business needs and to improve
(Koen 2011, pp. 61 -- 62) The piece of literature that was written by Shreman (2006), talks about how employee benefits will vary from one location to the next. Once there is a merger or acquisition, this could be when the employee compensation structure will change. The reason why, is because one company is purchasing the other. This will have an effect on the value of certain investments that the
The answers offered by the high profit seekers as stakeholders is to take advantage of the immigrant, by demanding high work hours, and even in some cases taking advantage of the individual's low level of knowledge about the rights and responsibilities of the employee and the employer, denying overtime pay, when earned, unauthorized deductions from pay, even things as simple as demanding less "ethnic" hairstyles from employees to the
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