New and Improved Rewards at Work

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Recommended: Positive effects of giving rewards to employees

Employers have been coming up with innovative employee rewards to boost morale and acknowledge employee needs for creativity and personal goal accomplishment. Some of the latest potential employee rewards include using the internet at work for personal reasons such as shopping, communicating with friends, or personal finances; bringing a pet to work; instituting a controlled napping policy, and the sports and office betting pools.. Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. Workers feeling, which includes competitive compensation and reward strategies, professional growth and development, career paths and succession plans and the organizations leadership and culture are contributing factors of employee engagement Money is still the underlying factor of employee performance, and that’s not to say that noncash factors such as flexible work schedules or casual dress codes can help well. Competitive compensation still attracts and retains top talent. Compensation is made of a base salary (paid by the hour, work or the year; excluding overtime or bonuses), variable pay (bonuses, profit sharing/stock options which work hand and hand with the performance of the company), and benefits (to include health insurance/savings plans – 401(k), or tuition reimbursement). The traditional way of determining base pay for jobs was to compare jobs in the same industry. Now industry and market, no long work by themselves, the current thinking is more person-based that considers knowledge, skills, and competencies of the work. This, however, is best suited for high-performing environments that remain flexible in their deployment of human capital. Traditional job-ba... ... middle of paper ... ...lley, W. H., Jennings, K. M., Wolters, R. S., & Mathis, R. L. (2012). Employment & Labor Relations. Mason, OH: Cengage Learning. International Business Machines Corporation. (2014, March 16). salary.com. Retrieved from salary.com: http://www.salary.com/ Leavitt, P. (2002). Rewarding Innovation. Houston: American Productivity and Quality Center. Mujtaba, B. G., & Shuaib, S. (2010). An Equitable Total Rewards Approach to Pay for Performance Management. Journal of Management Policy and Practice vol. II (4), 111-121. Taggar, S., Sulsky, L., & MacDonald, H. (2008). Subsystem configuration: A model of strategy, context, and human resources management alignment. Multi-Level Issues in Creativity and Innovation Research in Multi-Level Issues, pp. 317-376. WorldatWork. (2007). The WorldatWork handbook of compensation, benefits, & total rewards. Hoboken, NJ: John Wiley & Sons.

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