Total Rewards

Topics: Employment, Wage, Employee benefit Pages: 8 (1507 words) Published: June 22, 2013

NEW AND IMPROVED REWARDS AT WORK 1

Running head: New and Improved Rewards at Work

New and Improved Rewards at Works

HRM 533 Total Rewards

Dr. Mary Ann Wangemann

Strayer University

June 7, 2012

NEW AND IMPROVED REWARDS AT WORK 2 Abstract

Innovative employee rewards are designed to boost employee morale and in some cases helped to increase personal goal accomplishments within the company. This paper will attempt to explore the challenges faced with employee rewards and how innovations in employee benefits can improve the overall competitive compensation strategy of the organization.

NEW AND IMPROVED REWARDS AT WORK 3 Determine how innovations in employee benefits can improve the overall competitive

compensation strategy of the organization.

Innovations in employee benefits can improve the overall competitive compensation

strategy because of what may be offered to employees through each benefit. In order for

companies to be competitive in the job market, the benefits must be appealing to attract, retain

and motivate employees to build long term success. In today’s economy employee benefits

are becoming as important as pay may be for most employees. A company who offers good pay

along with good benefits is what most job seekers and current employees are looking for to

determine if that particular company is one worth working for until retirement. Companies must

find innovative ways to engage employees while encouraging and improving their skills

and performance. For example, more companies are now offering and making it the employees

responsibility to save or invest in retirement through 401k plans. A 401k plan is a retirement plan

employers provide where employees can deduct a portion of their salary, pre-tax and invest that

deduction in a portfolio of investment options. I believe this really gives employers an advantage

in the market because people usually manage their bills by the “take home pay” and if you

choose to invest in the 401 k, the money will come out your pay check before taxes which makes

it easier to budget and invest at the same time.

The 401k is just one benefit an employer may offer to make personal and work life

manageable. It offers employees more money in the future and the employer gets the

commitment of dedicated employees in return. There are many other benefits from offering

affordable rates with the rising cost of healthcare to flexible spending accounts. Benefits that

employees can pay a small amount and get coverage or discounts is a good way to improve the

overall competitive compensation strategy as employees will get more with the money earned. NEW AND IMPROVED REWARDS AT WORK 4

Explain how innovative benefits could be tied to specific jobs.

Over the last few years, there has been a continuous battle to offer attractive employee

benefits in keeping up with employee demands. Employee benefits can increase employee

satisfaction with the company. A company may provide additional benefits to...

References: 1. Worldatwork (2007). The world at work handbook of compensation, benefits & total rewards.
2. Botsford, Erin The Big Retirement Risk: Running Out of Money Before You Run Out of Time Pub. Date:1/1/2012 Publisher: Greenleaf Book Group, LLC
3. Adams, J.S. 1965. Inequity in social exchange. Adv. Exp. Soc. Psychol. 62:335-343.
4. Hellriege, D., & Slocum (2010). Organizational Behavior (12th ed). Mason, OH: Cengage Learning
5. Fed EX Employee Handbook 2008 Edition
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