Reflection Assignment 1.C.2 Please comment on your individual experience on whether total rewards is a viable concept or is it something organizations have instituted to avoid concrete rewards. In other words, what is your prediction about the concept of total rewards continuing as a sustainable rewards mechanism? In addition to 'yes' 'no' kind of answer you need to elaborate on your views with pertinent evidential statements. Include comments about where this concept (total rewards) will work well and where it may not succeed. I feel that the total reward is a viable concept. Total Rewards consists of all of the tools available to the employer that may be used to attract, motivate and retain employees. Total rewards include everything the employee perceives to be of value resulting from the employment relationship. Throughout history, employers have been challenged with attracting, motivating and retaining employees. From the simplest barter systems of centuries past to the current complex incentive formulas of today, the organizational premise has been the same which is to provide productivity and results to our enterprise and we will provide you with something of value. Today there are five elements of total rewards, each of which includes programs, practices, elements and dimensions that collectively define an organization's strategy to attract, motivate and retain employees. The five elements are: Compensation, Benefits, Work-Life, Performance and Recognition, Development and Career Opportunities. Total rewards strategy is the art of combining these five elements into tailored packages designed to achieve optimal motivation. For a total rewards strategy to be successful, employees must perceive monetary and non-monetary rewards as valuable. An effective total rewards strategy results in satisfied, engaged and productive employees, who create desired business performance and results. Hence I strongly believe that total rewards will continue as a sustainable rewards mechanism. Source: Martocchio, J. J. (2013). Strategic Compensation. Upper Saddle River: Prentice Hall. https://www.worldatwork.org http://www.awlp.org
Reflection Assignment 1.C.2Please comment on your individual
experience on whether total rewards is a viable concept or is it
something organizations have instituted to avoid concrete
rewards.In other words, what is your prediction about the concept
of total rewards continuing as a sustainable rewards mechanism? In
addition to 'yes' 'no' kind of answer you need to elaborate on your
views with pertinent evidential statements. Include comments about
where this concept (total rewards) will work well and where it may
not succeed.I feel that the total reward is a viable concept. Total
Rewards consists of all of the tools available to the employer that
may be used to attract, motivate and retain employees. Total
rewards include everything the employee perceives to be of value
resulting from the employment relationship. Throughout history,
employers have been challenged with attracting, motivating and
retaining employees. From the simplest barter systems of centuries
past to the current complex incentive formulas of today, the
organizational premise has been the same which is to provide
productivity and results to our enterprise and we will provide you
with something of value.
Today there are five elements of total rewards, each of which
includes programs, practices, elements and dimensions that
collectively define an organization's strategy to attract, motivate
and retain employees. The five elements are: Compensation,
Benefits, Work-Life, Performance and Recognition, Development and
Career Opportunities. Total rewards strategy is the art of
combining these five elements into tailored packages designed to
achieve optimal motivation. For a total rewards strategy to be
successful, employees must perceive monetary and non-monetary
rewards as valuable. An effective total rewards strategy results in
satisfied, engaged and productive employees, who create desired
business performance and results. Hence I strongly believe that
total rewards will continue as a sustainable rewards mechanism.
Source: Martocchio, J. J. (2013).Strategic Compensation.Upper
Saddle River: Prentice
Hall.https://www.worldatwork.orghttp://www.awlp.org
