Hrm 533 Total Rewards'
Assignment 5 – New and Improved Rewards at Work
Casandra Reynolds
HRM 533 Total Rewards
December 15, 2013
Dr. Lila Jordan
Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. A competitive organization understands the need for a skilled and loyal workforce. In order to attract and retain top talent, many organizations offer innovative and creative employee benefit packages. It enhances an attractive salary and creates a niche for the employer. An organization that is aware of the dynamics of its workforce will be in step with the innovations in employee benefits. Technology, global workforces and diversity have made it necessary for companies to review their benefit packages more strategically. Tough questions must be asked to determine if benefits are truly aligned with corporate goals. Women are entering the workforce in large numbers but they are still responsible for home lives, as well. This duality forces many women to choose between successful careers and their children and/or spouses. Workers focused on work and family, rather than on work or family- and the aging of the workforce are among the most critical factors shaping today’s workplace and affecting the way people live and work (Worldatwork, 2007, p. 519). Due to the changes in the makeup of the workforce, organizations must look at creative benefits to motivate and keep skilled employees.
Explain how innovative benefits could be tied to specific jobs
A competitive workplace must be creative and flexible when creating an innovative benefits program. This will allow the program to endure a rapidly changing business environment. Technological advancements have allowed businesses to create virtual workspaces which have become a very attractive benefit for today’s workforce. Allowing employees to work from home has become a very attractive retention tool for employees. Working from home cuts down
Casandra Reynolds
HRM 533 Total Rewards
December 15, 2013
Dr. Lila Jordan
Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. A competitive organization understands the need for a skilled and loyal workforce. In order to attract and retain top talent, many organizations offer innovative and creative employee benefit packages. It enhances an attractive salary and creates a niche for the employer. An organization that is aware of the dynamics of its workforce will be in step with the innovations in employee benefits. Technology, global workforces and diversity have made it necessary for companies to review their benefit packages more strategically. Tough questions must be asked to determine if benefits are truly aligned with corporate goals. Women are entering the workforce in large numbers but they are still responsible for home lives, as well. This duality forces many women to choose between successful careers and their children and/or spouses. Workers focused on work and family, rather than on work or family- and the aging of the workforce are among the most critical factors shaping today’s workplace and affecting the way people live and work (Worldatwork, 2007, p. 519). Due to the changes in the makeup of the workforce, organizations must look at creative benefits to motivate and keep skilled employees.
Explain how innovative benefits could be tied to specific jobs
A competitive workplace must be creative and flexible when creating an innovative benefits program. This will allow the program to endure a rapidly changing business environment. Technological advancements have allowed businesses to create virtual workspaces which have become a very attractive benefit for today’s workforce. Allowing employees to work from home has become a very attractive retention tool for employees. Working from home cuts down
References: Heneman, R. L. (2007). Implementing total rewards strategies. SHRM Foundation’s Effective Practice Guidelines Series. Retrieved December 16, 2012 from http://www.shrm.org/hrdisciplines/benefits/Documents/07RewardsStratReport.pdf Lagunas, K. (2012) Creative Benefits to Engage, Motivate, and Retain. Retrieved December 16, 2013 from http://new-talent-times.softwareadvice.com/creative-benefits-to-engage- motivate-and-retain-1012612/ WorldatWork. (2007). The WorldatWork handbook of compensation, benefits, & total rewards. Hoboken, NJ: John Wiley & Sons. .