MOD003486 Managing Human Resource
Added on 2020-05-11
10 Pages3731 Words228 Views
Running head: Rewards systems in health care and retail industryRewards systems in health care and retail industry
Rewards systems in health care and retail industryIntroduction The essay talks about the total reward system of the organization. It explains that howreward and compensation systems are becoming the significant motivators for the companies inorder to meet the course of action within the organization. Further, it determines the variousaspects of the remuneration systems. It tells that how motivational theories influence the rewardsystem of the organization. Along with this, the paper explains the significance and effectivenessof the remuneration and compensation systems in the healthcare industry and retail industry. 1. Total reward system Total reward is the critical and significant integration of the firm approach for providingreward and incentive to the potential and talented employees. There are various components oftotal rewards system such as practices, programs, dimensions, and elements. It may be defined asan organizational strategy to attract, retain, motivate employees. Performance and efficiencyinvolve the alignment and association towards the accomplishment of the business goals andobjectives of the firm. It is a long-term approach and process which is not required anytheoretical concept (Ioannidis et al, 2014). It is based on the incremental rather than on radicaland fundamental changes and it provides several benefits to the employees as well as employers.The total reward system describes and explains a range of monetary, fiscal and non-monetarybenefits and rewards which helps to enhance and assist the reputation of the company in theglobal market. Rewards and incentives provide satisfaction to the employees at the workplace.Further, it is a group of neural structures which is responsible and accountable for incentive andmotivation salience, positive emotions, and associate learning which includes variouscomponents of rewards (Corr, DeYoung and McNaughton, 2013). The company uses reward systems to increase and enhance the productivity andefficiency of the employees. In addition, various companies use this system in order to attain thegoals and objectives of the firm. Rewards also cover compensation (including equity, basic pay,and bonuses) and other benefits as well. It also helps to provide competitive advantages in themarket. It also includes some perks benefits and some other promotions and appraisals. Rewardsand incentives play a significant role to reduce the high employee turnover of the company. The2
Rewards systems in health care and retail industryrewards policy and procedure of the one company differ from other company which is existed inthe market. The main aim of the reward and compensation system is to maximize and enhancethe revenue and profit of the company. Through this system, many companies are trying toachieve corporate objectives and targets of the firm. Reward and compensation are the majorfunction of the human resource management within the organization. The companies use variousstrategies and policies to provide rewards and incentives to the employees for performing thetask and duties effectively (Lammel, Lim, and Malenka, 2014). Relationship between aspects of rewards system and academic theories of motivation There is a close and integral relationship between aspects of reward systems and theoriesof motivation within the organization. The aspects of rewards system include compensation,benefits, life/work balance, recognition, bonus, and development. Compensation is the majoraspect of reward systems which influence and encourage the employees to increase and improvethe performance of the workers in the global market. Compensation can be provided for shortterm and long term. Through compensation system, the company is able to motivate andencourage employees. The second aspect is recognition which gives happiness to the employees.They feel that their hard work and efficiency are appreciated by the company so theycontinuously do hard work to achieve the goals and objectives of the organization. Thus, it willalso motivate the workers to do work efficiently and effectively (Ruff and Fehr, 2014). Reward systems also include some other benefits such as sick leave, leave of absence,vacation leave and bereavement leave. It also includes Medicare and social security. In this way,the company offers various other benefits to attract more competitors in the global market. It isthe effective and good source to overcome on the competitors around the world. Work/ lifebalance is the fourth aspect of the reward systems which helps and assists to the employees togenerate a manageable workflow and health work balance between the demands of the task andother individual and personal responsibilities. It is mandatory to keep people happy whileworking at the workplace. The fifth aspect of the reward system is a development whichinfluences the behavior and efficiency of the employees. It also helps to encourage employeesfor improving quality and performance of the workers. The company cannot survive its businessoperations and activities due to lack of development. As result, many employees do not want to3
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