Total Reward Systems Assignment
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Added on 2020-09-08
Total Reward Systems Assignment
Added on 2020-09-08
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Total Reward Systems
Table of ContentsINTRODUCTION...........................................................................................................................11........................................................................................................................................................1Concept of total reward system and link with academic theories of motivation .......................12........................................................................................................................................................5Effectiveness of total reward system ..........................................................................................5CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONTotal reward system includes several elements that organise strategy to attract, motivate,retain, engage, etc. to employees. In other words, elements that creates compensation andbenefits that also create value from employment relationship (Pinheiro, Moura and Lisboa,2015). With this regard, two types of rewards can be provide at workplace such as financial andnon-financial. In the financial reward, direct and indirect things can be provide. With this aspect,cash benefits can be provided by the organisation such as salaries, incentives, etc. In addition tothis, non financial benefits can be provide for the development of the goals and objectivesthrough insurance, holidays, medical facilities, etc. In non-financial reward, job and environmentare two major elements that make successful results. In the job perspective, organisation provideinteresting work, challenges, responsibilities, advancement, etc. On the other hand, environmentincludes good policies and practices, safe and healthy work, fair treatment, etc. In order to focus on the present report, it covers concept of the reward system and its linkwith academic theories of motivation. Furthermore, it evaluates effectiveness of total rewardingsystem which could be applied in several kinds of employment sectors. With the help of differenttools and techniques, employer can provide benefits to their employees to attract, motivate andretain them in business unit. It includes everything that perceive and creates value from theemployment partnerships. In the present report, five elements can be develops for total rewardsuch as programs, practices, elements and dimensions. Along with this, report also discussesabout the objectives of different categories of business to develop their target market atworkplace. 1.Concept of total reward system and link with academic theories of motivation Concept of total reward systemWithin the total reward system, there are several benefits can be implemented atworkplace that are related with tools available in business. It includes compensation thatprovided by employer to employees for the services that are rendered in business (Benavides-Velasco, Quintana-García and Marchante-Lara, 2014). For example, employees of britishairways providing time, skills and efforts to enhance effective functioning in business. For thisaspect, manager of the organisation determines benefits such as programs that uses by employer1
to supplement cash compensation which receives by employees. These program designed toprotect employee and their family from financial risks. In addition to this, work life alsoimplementing in it that includes specific set of organisational practices, policies, programs thatmake actively support to achieve success at workplace and home as well (Pinheiro, Moura andLisboa, 2015). Introduction of motivation theoryMotivation is the one of the important factor that driving to accomplish goals andobjectives. Without motivation, we are unable to perform functions in effective manner. In thecorporate management, it is important aspect that assists to develop effective results (Howard,Turban and Hurley, 2016). There are different types of motivational theories exists that assists toimprove workers performances in effective aspect. Therefore, with introducing theory ofmotivation, activities will be performed for business outcomes. Link of reward system with motivational theoriesIn order to determines the link between reward system and motivational theories,following description can be develop:Maslow's hierarchical of needs: This theory proposed by Abraham Maslow in whichconsists 5 level of needs that are arranged in the aspect of its importance. It includesphysiological, safety, social, esteem and self-actualization needs. In order to implementthis theory, the organisation require provides each level needs (De Gieter and Hofmans,2015). In this way, they have to given salaries, assistance, advancement, treatment, etc.according to the employees need. For example, a person work in Tesco who is sales manof the company. Therefore, he has desire to accomplish his basic level, safety and socialneeds at least. Hence, the organisation need to satisfied with minimal satisfaction beforeoccurring of higher level needs. Hierarchical needs of the employees are caters in threeperspective such as existence, relatedness and growth (Hanus and Fox, 2015). At thebusiness environment, different level of employees are exists that make successfulfunctions and operations for ascertain more profits and revenue. It is the best way throughbusiness can develop their profitability and performances in effective way. As results, itassists to make sure that motivation take place in positive aspect to attract so manyemployees at workplace (Kallio and Kallio, 2014). 2
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