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Employee retention methods literature review
Employee retention methods literature review
Employee retention methods literature review
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Background
Total reward strategy is a holistic approach aligning with business strategy and people strategy; it encompasses everything employees value in their employment like compensation, benefits, development and the work environment (Kaplan, 2007).
The existence of different generations in a workforce can cause several obstacles in terms of employee performance and rewarding a workforce effectively and efficiently.
• The study is intended at finding if there are any generational particular preferences for certain rewards.
• The intention that the multiple-generations have different values, could present managers with an opportunity to familiarize their current rewards strategy to a more specified total reward strategy.
• This could motivate performance and results and lead to an increase in employee satisfaction and engagement over all.
Problem Statements
1. How to support the rewards strategy with the organization’s business strategy in related workforce goals?
Effective and efficient workforce programs are the extension of the organization’s business strategy. Evidently to support key priorities and goals as well as clear communications level and contribution an organization expects from the employees. Total Rewards Association of U.S., defines total rewards as all of the tools available to the employer that may be used to attract, motivate and retain employees. It also indicates that total rewards include everything the employee perceives to be of value resulting from the employment relationship (Worldatwork, 2006).
For instance, a strategy focusing on technological innovation might emphasis on performance-based rewards to attract workers to become an innovator. In contrary to business strategy focusing on customer serv...
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...es in its flexibility and comprehensiveness. It has to be able to adapt with the unique circumstances of diverse workforce.
The relationship between total compensation (not including meeting fees) and attendance problems is negative but always statistically significant (Jensen & Murphy, 1990; Adams & Ferreira, 2008). Elements of recognition and reward can be as important as structure in achieving the desired synergism that accompanies cross functional cooperation (Appeldorn, 2008).
Technology enabled environment provides useful choices to employees that operates within borders. It will help employer to channel their expenditures in the ideal ways to meet with their needs and ways to reduce investments with engagement, affect retention, as well as productivity. If it is executed well it will symbolizes the axiom that the whole is greater than the sum of its parts.
Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization.
There are many traditional and non-traditional rewards. Aflac uses to meet the organizational objectives. Aflac supports a total reward program. These programs begin with employee need assessments. Employee surveys focus on group help and improve the employee retention. It is well known to help solve many issues and identify marketing initiatives as well as employees along with
...s about issues of consequence, shift them to higher level needs, influences them to transcend their own self-interests for the good of the company, and inspires them to work harder than they had originally expected.
The company motivates employees by providing “reward” and “engagement”. Reward is evaluating the employees properly and giving reasonable salary, and are divided into three parts:
The link between employee motivation and the rewards they receive from their employers are vital to maintaining a loyal, reliable and steady workforce. The two categories of rewards, also referred to as motivators, are intrinsic and extrinsic. “The primary difference between the two types of motivators are extrinsic factors arise from outside the body of the employee, where as intrinsic elements arise from within the employee.” (Cherry, About.com) Extrinsic motivators for example would consist of working to earn money, job security, and rewards like extra time off, earned vacation days, a pay raise etc. Intrinsic motivators involve the personal motivating factors within an employee that keep them satisfied while
For this assignment, I was given the opportunity to research and broaden the spectrum and knowledge of the field of Total Rewards, Compensation & Benefits. My task was to find a current event, topic, law, etc. from World At Work Association research. The article that I was chosen must correlate and show that the topic and resources used enhances the knowledge, understanding and application total rewards.
The foundation for effective job performance and compensation system can be traced to effective job analysis process. Fundamentally, a job analysis should consist of a thorough examination of the job 's duties and knowledge, skills, abilities, and qualities that are required in order to be successful in a specific position, upon which appropriate rewards or compensation can be determined. For many perspectives, jobs are usually made up of requirements and rewards, where rewards may be regarded as a major recruitment strategy for motivating potential employees in order to influence them to stay the organization for a longer period as well as enhance their performance. The most common or basic form of rewards which attracts employees is extrinsic
Winn could nothing or implement a rewards program that rewards the employee with more than cash rewards; employee recognition program namely employee of the month with a paid day off or a gift card. As part of the employee focused plan, the company should allow employees’ input on how to become more customer focused, efficient, and effective organization. This would greatly improve employees’ satisfaction and help the company achieve its overall goal of providing quality customer service.
Johnson, Sam T. "Plan your organization’s reward strategy through pay for performance dynamics: Compensation & Benefits Review 30, Number 3: (May/June 1998): 67-72
Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.
...The importance of the generational mix within an organisation is that it brings about inclusivity and helps generate new innovative ideas that could bring the organisation to its sustained competitive advantage. With each age group with its expectations by interacting with one another, there is knowledge and experience exchange.
Also, technology has been a major factor for the addition of Autonomy in the workplace in the past ten years. Video calling services through companies like skype, have allowed employees to be free from the confines of the office space (TR). Technology has given employees the option to work from anywhere they feel the most comfortable. Moreover, technology has also brought lower cost to companies, because they no longer have to fly employees to distant locations for meetings. Also, I want to add that it has decreased the size of the office
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.
We in management have to show employees what's in it for them when they follow behaviours that benefit the company. We can show them by using rewards and recognition, appealing to their sense of pride and achievement.
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay