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Application of Total Rewards Model at Tinder and Coca Cola Companies

   

Added on  2023-04-20

16 Pages4500 Words347 Views
Human Resource Management 1
Human Resource Management
Student’s Name
Institutional Affiliation
Date of Submission
Application of Total Rewards Model at Tinder and Coca Cola Companies_1
Human Resource Management 2
Application of Total Rewards Model at Tinder and Coca Cola Companies
The total rewards model is made of six elements – the elements are benefits, compensation,
recognition, work-life effectiveness, development of talent, and performance management. The
six elements collectively denote the ability of a firm to strategize to motivate, attract, engage, and
retain workers. The elements could also be considered as a toolkit that an organization could
employ align and offer value leading to engaged, satisfied, and productive workers. The workers,
in turn, deliver desired results and increase overall performance (IDC, 2016). Therefore, this
essay paper will employ a reward framework known as the “WorldatWork Total Rewards
Model” to highlight the extensive relationship that exists between an organization’s management
personnel and its employees. The “WorldatWork Total Rewards Model” is not new as it was first
introduced in 2000 (Peter, 2010, pg. 71). As time elapses, this model has evolved. Currently, the
“WorldatWork Total Rewards Model” succinctly depicts strategic factors that determine
employee- employer exchange. The framework also shows the manner in which the external
environment influences an organization’s employee management in term of motivation,
attraction, engagement, and retention. The “WorldatWork Total Rewards Model” will be
employed in two contrasting firms – Tinder and Coca Cola. While one is a micro-business, the
other is a multinational corporation (Jurevicius, 2014).
Tinder, for instance, believes that the people it meets have changed the way it operates.
Therefore, the firm empowers its users worldwide to create connections that were not possible
before. The company has improved the way people perceive about relationships by making close
to 10 billion dating matches annually and several million new connections every day. Most
importantly, the firm as reconfigured the manner in which people meet and connect on the global
scale (Xoxoday Enterprise, n.d.). The mission of Tinder is to make single individuals have fun
Application of Total Rewards Model at Tinder and Coca Cola Companies_2
Human Resource Management 3
and connect with other single individuals globally – connections that may be impossible in real
life. Individuals have the chance to celebrate the journey of being single (PewResearch Internet
Project, 2014).
The HR department in Tinder believes that recognizing and demonstrating appreciation of
workers is part of ensuring organizational success. However, the question is how effective re the
models employed by the organization ensure organizational success. Within the last few years,
Tinder faced employee motivation and retention issue after deciding to fire several workers who
went against company policies (Xoxoday Enterprise, n.d.). However, the company decided to
employ the Xoxoday Experiences Framework to provide meaningful rewards to workers. With
the Xoxoday Experiences Framework Tinder was able to successfully sustain, cultivate, and
maximize worker engagement. With time, tinder was able to recognize small, most significant
employee engagement victories to biggest, most record-setting retention and engagement
successes. Employees were happy that they got rewards for their contributions and commitments
towards Tinder’s journey to achieving success (Peter. 2011, pg. 370).
The Xoxoday Enterprise reward framework is committed to rewarding and recognizing workers
for any significant achievements they make in the organization. Therefore, the Xoxoday
Enterprise reward framework improves the ability of an organization to recognize the efforts of
its workers and having the management celebrate alongside its employees (Xoxoday Enterprise,
n.d.). The framework works by encouraging employers to provide employees with e-gift
vouchers and experience from Xoxoday. The Xoxoday program for rewarding employees
increases their confidence and engagement – that translates to elevated worker satisfaction
scores. Such milestone recognition is also vital in improving relationships between workers and
managers thereby enhancing productivity. The Xoxoday program’s reward across the lifecycle of
Application of Total Rewards Model at Tinder and Coca Cola Companies_3
Human Resource Management 4
workers include aspects of (1) providing employee referral awards (2) providing long service
awards (3) providing peer-to-peer rewards. Other aspects include performance rewards, personal
occasion rewards, and worker wellness benefits (Jurevicius, 2014).
The element of employee referral awarding ensures that Tinder and other micro-businesses
acquire fresh talent through sources such as consultants, career pages, employee referrals, and
hiring portals. However, employee referrals are the most reliable means of acquiring fresh talent.
A firm is able to get close to 40 recruits for every 70 workers annually. For every successful
referral, an employee gets cash payout. For the element of long service awarding, an employee
gets recognition – through awards, when he or she attains 5 to 15 years in the firm he or she
works. The long years of service provision portray the commitment and trust that a worker has
on the company he or she works. A firm must then recognize such long service and rewards their
workers through experiences provision, cash payout, as well as providing them with gift
vouchers among other methods (Philip, 2015). Recognizing and appreciating long serving
workers through long service awards is crucial for an organization. In addition, the element of
peer-to-peer rewarding allows micro-businesses to appreciate and encourage workers to reward
their fellow employees who may have helped them in particular instances. The culture of the
firm that employs the element of peer-to-peer rewarding must have an organizational culture that
appreciates, expresses gratitude, and recognizes individual efforts. The gestures proposed by the
element of peer-to-peer rewarding may be minute but creates a large impact on improving
employee productivity and engagement. The element of personal occasions rewarding
encourages business managements to reward workers when they achieve personal milestones
such marriage, birthday, wedding anniversaries, or parenthood among others. That way, workers
experience an emotional connection with the firm in which they work (Succeed Group, 2018).
Application of Total Rewards Model at Tinder and Coca Cola Companies_4

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