Employment and Total Rewards
Introduction
The aim of this paper seeks to examine the concept of total rewards in the process of increasing prominence in organisations.
Total Rewards is best described as a business strategy that “includes financial and non-financial complementary elements designed to recruit, develop, retain and motivate employees”(OSP 2003). “Employees working for a total rewards employer tend to be more motivated, productive, and happy”. (eHow 1999) As a result is “the business thrives”(eHow 1999) and prominence. In this paper, I will following this concept to explore more detailed of effectiveness total reward in the organisation prominence.
The concept of rewards has developed over the time to represent more than just to pay cheque an employee at the end of the month. The concept of total rewards was emerged in the 1990s as a new way of thinking about the deployment of compensation and benefits, combined with other tangible and intangibles ways that company seek to attract best people.(Richard val del Walt 2010) As defined by Manus and Graham (2003), total reward ‘includes all types of rewards-indirect as well as direct, and intrinsic as well as extrinsic’. (Michael Armstrong 2006) The direct reward is what an employee receives from the employer in bank account such as base wage, bonuses, commission. Indirect rewards, often called “benefits” refers to that part of the total reward package in addition to direct pay, such as health & life insurance cover, retirement & pension plans, health care, company car and mobile phone (Koala Consulting and Training 2008). “There are extrinsic rewards, which cover the basic needs of income to survive (to pay bills), a feeling of stability and consistency (the job is secure), and recognition (my workplace values my skills). On the other hand, there are intrinsic rewards, the most important of which is probably job satisfaction, a feeling of completing challenges competently, enjoyment, and even perhaps the social
The aim of this paper seeks to examine the concept of total rewards in the process of increasing prominence in organisations.
Total Rewards is best described as a business strategy that “includes financial and non-financial complementary elements designed to recruit, develop, retain and motivate employees”(OSP 2003). “Employees working for a total rewards employer tend to be more motivated, productive, and happy”. (eHow 1999) As a result is “the business thrives”(eHow 1999) and prominence. In this paper, I will following this concept to explore more detailed of effectiveness total reward in the organisation prominence.
The concept of rewards has developed over the time to represent more than just to pay cheque an employee at the end of the month. The concept of total rewards was emerged in the 1990s as a new way of thinking about the deployment of compensation and benefits, combined with other tangible and intangibles ways that company seek to attract best people.(Richard val del Walt 2010) As defined by Manus and Graham (2003), total reward ‘includes all types of rewards-indirect as well as direct, and intrinsic as well as extrinsic’. (Michael Armstrong 2006) The direct reward is what an employee receives from the employer in bank account such as base wage, bonuses, commission. Indirect rewards, often called “benefits” refers to that part of the total reward package in addition to direct pay, such as health & life insurance cover, retirement & pension plans, health care, company car and mobile phone (Koala Consulting and Training 2008). “There are extrinsic rewards, which cover the basic needs of income to survive (to pay bills), a feeling of stability and consistency (the job is secure), and recognition (my workplace values my skills). On the other hand, there are intrinsic rewards, the most important of which is probably job satisfaction, a feeling of completing challenges competently, enjoyment, and even perhaps the social
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