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Project Report on Total Reward System

   

Added on  2020-06-05

11 Pages3165 Words55 Views
Reward System

Table of ContentsINTRODUCTION...........................................................................................................................1Main body .......................................................................................................................................1CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTIONTotal Reward system is a way to acknowledge the employee’s performance. Rewardssystem plays the major role to motivate the employees for consistency performance. It is also aunique relationship between employer and employee. Organisation have different objectives andto fulfil these objectives employees work together as a team. Reward can be the monetary ornon-monetary terms but employee will be satisfied when the total reward system will follow onthe basis of their performance.Main body Concept of total Reward system:The concept of total reward system plays an important role in the organisation in whichthe different types of component has been emerging from the total reward system. It depends onthe employee’s efforts made by them. It can be in terms of financial and non-financial rewardsystem. It is specific techniques have been used from the management to motivate the employeesand also attract them to fulfil different purpose of the organisation. The whole concept has beenchanges the entire the business process (Krämer and Gruber, 2017). it is the duty of the mangerst Employees know the performance and management is also easy to find the key person formsuch system. The aim of the total reward system not only to motivate the employee but tomaintain the healthy relationship with employees. it is the responsibility of the management toidentified the employee who are contributing values towards the organisation goals., so thatreward can be given to the such employee. It is necessary to give reward to the right people atthe right time because if the organisation is not able to give reward at the right time thanemployees might not satisfied with the organisation. The organisational culture can be made forthe total reward system in which the employees will try to coordinate with each other and workaccording the system of organisation (Hoole and Hotz, 2016). The way all the organisations areimplementing the total reward system which is helpful for the employees perfromance . Beforedeveloping the such system in organisation, management need to identify the external factorswhich can be hindrance during the implementation. It can resources, core value and ethics,culture of the organisation.Total reward such as financial and non-financial.Financial: it is the direct reward such by giving cash in terms of salaries, invective, bonus.1

The indirect system includes the benefits such as insurance, holidays, medical and health,employees assistance.Non-financial: it includes the job and environment.The job can be including such as interesting work, responsibility, recognition,advancement.The environment includes such as better policies and practices, competent supervisionTherefore the total reward system can be analyse which can be link directly to the academictheories of motivation such as :Maslow’s need hierarchy theories: This theory describe the five needs of the humanbeing. It suggests the different needs at particular stage. Such stages as follows:Physiological needs: it includes the basic needs of the employees to survive it can befood shelter, water and sleep. The theories suggest that the brain can't be function in propermanner if their needs are not fulfilled in time. They need better pay from the employer to buyfood and other fulfil their basic needs (Chen and Wang, 2016).Safety and security: These needs includes as better working environment, decent income, healthand well being of the employees. the safety need refers to the desire of safety during the workingor in petrosal life. It is also the important aspect in never human being that proper protection andsafety can get from the organisation so that they can be secure in their life. Security can be donethrough the better income so that more expenses can be made on the different source of thesecurity. The proper health can maintain with regular health check-ups (Tomaževič andAristovnik, 2016).Belongingness and love: this needs includes to be feel part of the society and get the affectionaterelationship. It can be prioritised needs of every human being after some a particular stages camein the life. The maslow also suggest that the people need to belongs to society so they feel betterin their life. A better affectionate relationship is also make impact on the someone life.Esteem: every human being need the value and respect in the society or if the employees areworking they need respect from their subordinates. Also they need appreciation form theorganisation. Sop that they feel motivate and focus on their goals.2

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