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Employee Rewards and Recognition
Employee Rewards and Recognition
Importance of reward management to employees
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Starting a business or company requires too many things like basic knowledge of the industry, funding sources, legal certification, etc along with capable employees or human resource. Ranging from SMEs to big corporate houses all need good employee to see their business growing. Good employees are the priceless assets of the company. Companies offer employee benefits in terms of health or life insurance policies as gratitude to the worker’s effort. Also it helps the business owners to attract new and productive workers.
Definition of “Employee Benefits” for employees:
Employee benefits are like a benefit package for the employees. It helps them to plan for accidents like becoming injured or ill. It also helps employees in their old age as a source of income against daily expenses.
Definition of “Employee Benefits” for employers:
It is a very effective and useful benefits package from the employers towards productive employees. It helps in getting new employees and be the favorite of loyal staffs.
An employee benefit includes:
1. Pension:
In terms of defined contribution pension, ...
IT helps manager to reduce inventory and human resource requirement to a competitive level in market.
Reasons being their job in an organization or a corporation is very crucial and not easy to replace. Due to this, companies often go to great lengths spending hundreds of thousands of dollars searching and recruiting for someone who is able to help their company grow in value and continue to be successful. In order to attract the best and highly skilled employees, companies cannot just focus on their salary offers anymore. Competitive hiring practices are now focusing on various compensation and benefit packages that will make potential employees favor them to other competitive companies (“Executive Benefits and Compensation”, 2016). Companies must offer benefits that will have a positive effect on the organization without being counterproductive, meaning offering benefits that employees will use appropriately and will consequently have a positive impact on their effectiveness at work. Some concerns about executive compensation include making business decisions in order to meet business goals under the premise of personal gain in order to receive their incentive (“Executive Benefits and Compensation”, 2016). In order to combat this concern companies should tie the employee’s incentives to the value of their firm
Money and other resources will be required to hire and to train a new employee and get them up-to-speed on the corporate culture and within individual work groups. Likewise, the longer a top performing employee contributes to projects, programs and daily operations, the more valuable they become to company success. When the employee
Rising insurance costs are one the primary reason employers are investing in corporate wellness programs more than ever before. Companies spent nearly $348 billion on employee healthcare premiums in 1997 according to a study conducted by (Kuttner, 1999). A quick overview of health insurance is necessary to better understand the methodology behind corporate wellness, starting with the fact that all insurance companies exits to make a profit. They review the company’s utilization each year (how much they paid out for all employees at the company) and weigh that against premiums collected (how much they took in from employees.) Then they figure out their additional costs to administer the program and a fair profit. So if there are a lot sick people, rates are going to go up a lot. If there are more healthy people the rates will still go up but only 4-5% (to account for inflation). So the company either needs to pass those costs along to the employee or figure out how to lower those costs, which is where corporate wellness comes in.
The company's management put a lot of emphasis on taking care of its employees, encouraging an entrepreneurial spirit, treating each other with respect, and being committed
To begin, as of September 2010, companies have spent an average of approximately $19,000 per employee to provide discretionary benefits and these benefits account for as much as 30.5 percent of payroll costs. They are offered at the will of each company and employees often view them as entitlements. At the same time, while not recommended, employers reinforce the entitlement mentality by awarding employees regardless of their performance. Next, the three types of benefits include protection programs, paid time off, and services offered by the organization. Protection programs are an incentive to provide benefits for families, as well as promote health. In addition, the benefits guard employees against income loss caused by catastrophic events
We can see that piecework is a direct indicator of the employees output. In addition, the year end bonus is linked with the profit the company earns. The guaranteed employment provides employees the base line for their life, so they don’t have to be worried about getting fired or searching for other jobs, which makes them more concentrated on their jobs. From the combination of these three components, employees can have confidence to work and to understand that their performance will be measured properly.
Awards: Those employees who had worked in this company for long period of time are awarded and the retired employees are also rewarded in the name of reward of appreciation. This will results to promote the company and the employees will be boost enough to work harder which creates competition which they can compete with the competitors
The pay rate and benefits of employees are handled by the HR department. New employees come in with questions about their benefits like insurance or a 401k. The HR department has to educate the employee regarding medical and dental insurance as well as helping them handle claims and understanding their policies. In some corporations, there 's the ability to have life insurance taken out of the employees ' paycheck. HR handles that too.
The succeeding paragraphs will explain how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. In order to maintain their competitive edge, companies need to fully understand that as the needs of their employee’s change, so does their benefit plans. Companies need to find innovative ways of engaging employees that encourage and support their commitment and improve their performance.
It is a well-established reality that organisations in the world today can no longer survive without focusing on their employees. If they have to be at the competitive edge, they have to invest in human resources, and placing their employees on top priority. This notion has led to the strategies that, most organisations are pursuing through employee management. To achieve the optimum performance of employees, organisations must motivate their employees, and engage them in activities that will benefit and help employees in achieving their predetermined goals and objectives. In order to achieve this, it is imperative for managers to set in motion work conditions that will help employees to achieve satisfaction of their job, low turnover and absenteeism rate and promote the environment that promotes the organizational commitments and organizational citizenship behavior.
The relationship between employer and employees plays a pivotal role in the performance of the organization. Employers and employees have certain responsibilities towards each other which facilitate a fair and productive workplace. Positive work relationships create a cooperative climate with effort towards the same goals. Conflict, on the other hand, is likely to divert attention away from organizational performance.
Staying ahead of the competition and increasing profits are the fundamental objectives for every organization. However, many firms today continue to invest extensively in business development activities and less on employee productivity. This mindset ignores the firm’s chief asset and its core foundation, its workforce.
...ll benefit when the employees are well equip with the excellent oral communication, critical thinking, strong work ethic, teamwork, competence and setting the goal which requires a lot of thinking process.
Holland Enterprises is on a new strategic direction, to attract and retain the most talented employees and to reduce turn over. Human resource department has came up with a new compensation plan. In the propose compensation and benefits system plan , I will explain a new compensation plan for Holland Enterprises, also I will explain the components of the compensation and benefit system plan in order to attract and motivate employees to be productive . In order for the compensation and benefits system plan to be operational, the package should include a necessary level of compensations to fulfill basic needs, equity with the external labor market, equity within the organization (Henderson, 2006).