Total Rewards System Essay Example | Topics and Well Written Essays - 1750 words

Total Rewards System - Essay Example It is the duty of the management to find some ways in which their employees are rewarded to show that they are cared for by their employers. "Motivating the individuals that work for you is one of the most important functions that you will have as a manager" (People Skills, 2006). Practically dealing with an employee and making him/her do thinks for which they are hired is one of the biggest challenge a manager of any organization faces. But there may be individuals who would work very hard for the rewards the company provides them. At the same time there are some employee who are very hard to be pleased no matter what rewards are given to them. Total Rewards is 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 (Corey Rosen et al, 2006). Through out the history of any organization the employers have always been challenged to attract, motivate and retain their employees. Right from the days of the barter systems to the present complex production formulae the organizational principle has been the same. The principle of employees providing the enterprise with productivity and results and in turn they will be provided with something of value. According to Bob Nelson raise is not the only thing which motivates an employee neither does promotion. Some intangible, unexpected gestures which shows real appreciation for a well done job sparks a person to perform his best. Companies and organizations make use of rewards and recognitions to increase their productivity and at Total Rewards 4 the same time retain their valued employees making them happier. For instance the different types of rewards or recognition can be similar to: Airplane mechanics who are rewarded with balloons and pinwheels or it can be; A manager calls his employees' mothers and thanks them for raising such industrious children or even; ideas from the offbeat (The Margarita Award) to the company-wide (a quiet room) to the embarrassingly simple (a hand-written thank you note) to the wacky (the Laugh-a-Day challenge) to the formal (a two-week promotion to special assistant to the president). Bob, Nelson 2005 In this paper, the concept of total rewards is being discussed and a comparison with the more traditional approaches to compensation and benefits has also been discoursed. Total Rewards 5 Discussion Organizations today are laying a high degree of emphasis on getting high quality credible market insights to make informed HR decisions and to manage people which are their key value differentiators (The NASSCOM-Hewitt Total Rewards Study, 2007). Historical picture: (http://www.worldatwork.org/waw/aboutus/html/aboutus-whatis.html). During the 1970s and 1980s, organizations discerned that tactically planned compensation and benefits programs gave them the edge in a quickly changing environment. It looked as if the different organizations were responding to: The development which was taking place from the global economic perspective and also