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Team-spirit, understanding, humanity, professionalism, achievable goals, same criteria for everyone, no different measure.
The elements of total rewards, is includes programs, practices, elements that define an organization's strategy to attract, motivate, create engagement, loyalty,keeping employees or in other way retain employees. These elements are:
The elements represent the "tool kit" from which an organization uses to create value for both the organization and the employee. The exchange relationship" between the employer and employee & effective total rewards strategy results in satisfied, engaged and productive employees, who in turn create desired tangible and intangible value that enriches their lives. Excellence reward system should be embraced at the workplace by successful HR manager to create better place for the employer & employee.
The Key elements of the good Reward System should be:
1. Totalitarian: Anyone of the employees can benefit of this system if he meets the criteria.
2. Simple: The simplest the best.
3. Fare: Comparing with different roles of employees, technicians and workers, etc...
4. Diversified: Money Vs Thank You Letter
The good compensation system should consider the pursued four policy choices:
1-Internal alignment: the system should consider the following:
-Focus on Comparisons among jobs or skill levels inside a single organization
-Pay relationships within an organization affect employee decisions to Stay with the organization ,
Become more flexible by investing in additional training and Seek greater responsibility
2-External competitiveness:
- Focus on Compensation relationships external to the organization: comparison with competitors
-Effects of decisions regarding how much and what forms:
§ To ensure that pay is sufficient to attract and retain employees
§ To control labor costs to ensure competitive pricing of products/ services
3-Employee contributions:Focusing on Relative emphasis placed on employee performance.
4-Management:-Focus on policies ensuring the right people get the right pay for achieving the right objectives in the right way
Good answers... I guess Mr. Walid has the most relevant one..!
Maintain equality, justice and transparency in the Organization.
Pay fair salary to all employees according to their qualification and skill sets.
Develop a reward strategy that is just and practical to implement.
A reward strategy that links pay to good peformance.
A reward strategy that understands "80 % of work is done by 20 % of your employees". identify these employees and work towards stratey to retain and motivate them.
Reward and recognition have their on pros and corns, one of the crucial management program is making a better reward and recognition program.
In reward program make motivate and demotivate the organization employees, once its work the organization excel rapidly and wise versa. The better reward having a "SMART" objective, if it set accordingly and convey to the employees accordingly.
A reward system that is:
- Transparent: Meaning it doe not discriminate on race, nationality, sex, etc., but rewards individuals and teams for achieving the results and satisfying the common criteria set.
- Rewards effort: Reward should be based on results and value added. A lot of reward is effected in the form of salary where you are paid for simply turning up for work. Total reward should differentiate and reward personnel who go the extra mile and add extra value
- promotes company vision: Reward should be aligned with the company or organisation's strategic aims. Reward is one of the major tools for shaping organisations and nurturing talent
- Reward is not just money: A lot of organisations keep thinking of reward as being the amount of salary paid at the end of the month. Nothing could be further from the truth. Reward is benefits; opportunity - be it L&D, personal advancement, experience, exposure to new influence; the working environment ... in short anything that the organisation does that effects the individual.
A good reward system should, therefore, be a holistic one that looks at how the organisation can shape itself to streamline effort and nurture it.
Can this be done in real term? Yes.
The thing that separates the experts from the dabblers is the how.
