Total Rewards
For organizations looking to increase their competitive advantage within a chosen industry it is necessary to think outside of the box and perform some frank and open dialogue to unearth some practical solutions. Businesses that thrive on salespersons performance must balance many tasks at the same time in order to maintain profits and keep the labor pool content and hungry enough to keep performing.
As the science of human resource management continues to grow, new approaches to the subject of sales force performance are developing alongside this trend. The purpose of this essay is to examine one such approach that addresses these pertinent needs. This essay will examine a "total rewards program" approach that can be installed by human resources departments to increase the efficiency, effectiveness and economic status of these organizations wishing to improve their wealth and maintain their competitive advantage.
Features of An Effective Total Rewards Program
To incentivize a sales force in the past, human resource departments have relied on compensation or sales commissions as the main ingredient to keep their labor force happy. The economic climate of today's quickly changing world has demonstrated the need for finding new ways of paying sales forces without biting into the profit margins of the company. The human resources departments looking to solve this problem have found the features of a total rewards program to be very helpful in contributing to a solution to the problem.
The first great feature and benefit of a total rewards program is the increased flexibility. Living in the 21st century as a sales professional is challenging and provides unique perspectives. Silverman...
total rewards programs for firms. This is from a large number of high profile scandals (i.e. Tyco) that are highlighting how these abuses have been taking place. To prevent these kinds of challenges in the future, there will be a focus on the current issues impacting companies and how they can address these issues. Once this happens, is when specific policies and procedures will be introduced to help firms
Total Rewards: Compensation That Encourages Developing a more comprehensive and conscious reward system can be an excellent way to motivate employees, to maintain and exceed ethical human resources management practices, and to attract and retain top talent through performance-based compensation. There are also several legal considerations that need to be taken into account before implementing such a system, however; though it might seem odd that trying to give employees more could
Total Awards Overview- There are a number of approaches to organizational behavior, maximization of groups, innovative working environments, and solution oriented models for business that are adaptive to the needs of the new workforce. Human resources experts all agree that the modern work situation is dramatically different from that of even the 1980s and 1990s. The new generation has different expectations about work, about their participation, and about management. Organizations are
Aflac, Inc. Case StudyThe purpose of this paper is to provide a review of a case study concerning the total rewards strategy at the American Family Life Assurance Company, Inc. (Aflac) and how it aligns with the company�s guiding values and principles. To this end, a discussion concerning the company�s internal strengths and weaknesses and the external opportunities and threats of the company as well as how it responded from
Total Reward Program General Mills is a major food producer with a stable business selling packaged foods to supermarkets. The company earned $17.9 billion in revenue in 2014, and on that took home $1.8 billion in net income (MSN Moneycentral, 2015). According to its 2014 Annual Report, the company sees its strategy as "putting the consumer first." The company competes by connecting with consumers and developing "deep insight into what they
Legal Environment/Total Rewards Resizing organizations must have a good idea of where they want to go and ensure to the best of their ability that they will be able to convince employees that this new direction is desirable for all parties involved. First, organizations need to gather information concerning what psychological contract obligations employees perceive as being most valuable. Probably the best way to do that is to gather feedback from
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