The total rewards strategy is a unique and tailor-made approach that addresses the needs of individuals in a workplace, thereby motivating them and enhancing productivity. Organisations need to introduce a good TRS without sacrificing ethical principles to achieve optimal performance. It takes care of all the content and contextual factors of both work and life, creating optimum satisfaction. A TRS that is properly designed, aligned, and delivered meets all the needs in Maslow’s Triangle, starting from physiological to self-actualization needs—basic pay and benefits to career growth opportunities. It provides for fair and equitable compensation, with respect to the quantified inputs of the employees, which is an appropriate blend of financial and non-financial elements.
Continue Reading...Employee performance in a given context and for a given employee is the result of employee’s ability, engagement, and commitment. Engagement and commitment are employee behaviors that are derived from employee satisfaction. Whenever employees perceive that work conditions including wages and benefits are fairly fixed and take care of their needs, they feel satisfied with the situation. Thus, managers who are responsible for managing employees have to act in two ways to succeed. At first, they need to ensure the right share of business outcomes to the employees as the contributors for the result; and secondly, to convince the employees that the share provided to them is the right one in that situation. This means influencing the perceptions of employees and simultaneously providing the benefits in the right manner.
Continue Reading...In every organization, both the employer and the employees are equally concerned with the reward strategy, as it is a factor that protects their interests and existence. Employees naturally expect a fair reward for their contribution and, as social partners of the business, they have every right to get a proportionate share of the business gains. Text Box: It is very important for HR Managers to make sure that, the Total Reward Strategy is capable to satisfy the perceptions of both employer and employees for ensuring better organizational performance, strengthened by mutual trust.
Continue Reading...Employees have their own perceptions regarding benefits or rewards that are offered to them for their skill, experience, or performance. Benefits extended by the employer are usually compared to the set expectations and evaluations that individuals have. And all in all, satisfaction is the end result of perceptual acceptance of what the employer pays in return of the service they provided to the organization. Organizations thus need to formulate a reward system after acquiring a thorough awareness of employee’s perceptions and needs. A typical rewarding system should be capable of satisfying the physical and psychological needs of individuals. Money alone cannot serve this purpose and thus importance of intrinsic rewards such as recognition play significant roles in creating employee satisfaction.
Continue Reading...Employee performance in a given context and for a given employee is the result of employee’s ability, engagement, and commitment. Engagement and commitment are employee behaviors that are derived from employee satisfaction. Whenever employees perceive that work conditions including wages and benefits are fairly fixed and take care of their needs, they feel satisfied with the situation. Thus, managers who are responsible for managing employees have to act in two ways to succeed. At first, they need to ensure the right share of business outcomes to the employees as the contributors for the result; and secondly, to convince the employees that the share provided to them is the right one in that situation. This means influencing the perceptions of employees and simultaneously providing the benefits in the right manner.
Continue Reading...In every organization, both the employer and the employees are equally concerned with the reward strategy, as it is a factor that protects their interests and existence. Employees naturally expect a fair reward for their contribution and, as social partners of the business, they have every right to get a proportionate share of the business gains. Text Box: It is very important for HR Managers to make sure that, the Total Reward Strategy is capable to satisfy the perceptions of both employer and employees for ensuring better organizational performance, strengthened by mutual trust.
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