Remuneration and Reward for Graduates

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Remuneration and Reward for Graduates|
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HRM 301 |
Research Report|
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Contents
1.Introduction3
1.1 Graduate programs3
1.2 Y Generation4
2.Remuneration and Rewards5
2.1 Base Salary5
2.2 Incentives6
2.3 Travel7
2.4 Employee Benefits7
3.Employee Engagement8
4.Career Advancement8
5.Training and Development9
6.Conclusion9
7. References11
8. APPENDIX. Chart 1 13

Remuneration and Reward for Graduates
1. Introduction
Maintaining excellence in human resource management enhances an organisations value and provides an opportunity to achieve competitive advantage. Managing the employer-employee relationship should incorporate efficiency in areas of recruitment, training and development and the appropriate recognition, reward and remuneration to ensure sustainability and increased profitability for the organisation, through continuing employee retention. Remuneration includes all aspects of financial payments and any other goods, rewards and benefits that an employee may receive in exchange for working for an organisation (Stone 2010). Rewards can either be short term and tied to simple and specific goals that focus within the impending 12 months; or long term rewards that commence beyond one year and are in line with more complex and broader ongoing goals of an organisation (Howe 2011). During recent times, global economic instability has influenced employee attitudes to remuneration and reward. Unrealistic demands from employees have reduced with employees being prepared to compromise and endure nominal benefits in the short term in order to gain larger reward and remuneration benefits in the long term (Anon. 2009). This report will investigate how new university graduates are rewarded and remunerated in the workplace, in line with the statement above. It will analyse both short term and long term rewards and how these influence the engagement and retention of valued employees. It will also explore how graduate expectations influence their satisfaction of compensation. 1.1 Graduate programs

Graduate programs are generally run by larger organisations to offer a challenging and rewarding career to new university graduates. Formally structured graduate programs provide an opportunity to work with and learn from experienced professionals from within the company, and offer great training and development opportunities. They assist in the transition from student to full time employee (John Holland Graduate Program 2011; Kpmg Graduates 2011). Graduate programs and their structured format vary greatly between industries. Engineering and accounting firms have structured formats (Kpmg Graduates 2011; John Holland Graduate Program 2011) as opposed to hospitality and tourism industries that take a more casual approach (Kelley-Patterson and George 2002). Kelley-Patterson and George (2002) presents the view that graduate employee expectations and measures of satisfaction for employment within graduate programs are * Suitable progress in salary (Base salary , Benefits, Incentives and R&R) * Diversity, challenge and variation within their job role (Employee engagement) * Career development, promotion and long term career prospects (Career Advancement) * Good quality induction, training and development programmes (Training and Development) * Open and honest communication

A collection of research literature confirms this view that the above attributes were considered very important by the majority of candidates when selecting a graduate program across all industries (Kelley-Patterson and George 2002; The Aage Candidate Survey 2011; Maxwell 2010; Walker 2006) Graduate vacancies have risen in recent years and will continue to do so (The Aage Employer Survey 2011). They are being accepted by more organisations as a way to develop and retain a talent pipeline or succession plan (Meet Our Graduates 2011). A...
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