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Total Reward System Assignment Doc

   

Added on  2020-03-16

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TOTAL REWARD SYSTEM1TOTAL REWARD SYSTEM By [Student’s name]Professor’s nameCourse CodeUniversityDate of submission

TOTAL REWARD SYSTEM2Executive SummaryThe total reward system is one of the critical aspects of every organization's human resource. This research paper examines the impact of total reward systems as implemented by companies on the motivation of workers. The article starts by definition of key terms and proceeds to highlight the different forms of total reward system. The paper progresses to explain the link between the need concept and reward system and further digs into the relationship between Maslow hierarchy of needs, Alderfer's ERG theory of needs and the Heizberg Hygiene factor theory with the total reward systems as established by organizations. Finally, the research discusses the effectiveness of total reward system to the public and private sectors economy and make conclusive remarks on the article. Thus, the paper is critical in Table of Contents

TOTAL REWARD SYSTEM3Introduction.................................................................................................................................................4Forms of reward systems.............................................................................................................................5Growth Needs and Total reward system......................................................................................................6Relations of Total Reward system to Motivational theory of needs.............................................................7Effectiveness of Total Reward systems to different Employment sector...................................................10Conclusion.................................................................................................................................................12References.................................................................................................................................................14

TOTAL REWARD SYSTEM4IntroductionReward systems imply processes set by an organization to reward performance and motivate workers on individual or group basis. These rewards are generally in monetary terms but separated from employee salary. Business enterprises are different because they differ regarding resources, skills and their goals and objectives. This fact, therefore, informs the decisions of companies to device customized reward systems addressing compensation, benefits and recognition fitting company situation. Importantly, an ideal system should recognize and reward workers differently based on behaviorism and performance. The reward is primarily a compensation made in return for a satisfactory service, effort orachievement. Failure to meet performance targets necessitate withholding of reward thereby attracting resentment from the affected workers. This, therefore, reveals that motivation and performance are directly affected by the presence and quality of reward systems available to the employees. Additionally, the total reward system is a detailed and comprehensive tool disposableto employers to attract, motivate and retain highly skilled and experienced human resources. Motivation can be triggered from within and outside a person. Example, a person can feelself-fulfilled for significant achievements which will make them thirst for more successes. This is internally driven motivation also called intrinsic motivation. Equally, one may be motivated byfactors external to their being. In most cases, the element is often tangible an example being

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