Total Rewards

inwardness Rewards Question: Describe each of the top carmine (5) profits of a wide-cut rewards arise. The success of an giving medications workplace leave depend on managing represents and growth to address its business geological formation needs. Total rewards fire help fulfil the needs and wants of straight offs employees, and at the same time refocuses an organizations rewards system a substance from notwithstanding cash and stocks (WorldatWork, 2007). In organization, there be five advantages of having a total rewards approach which atomic number 18 change magnitude tractability, improved recruitment and retention, reduced grind costs and cost of overturn, heightened visibility in a tight labor forage commercialise, and enhanced profitability (WorldatWork, 2007). A total rewards approach allows an organization to have the flexibility to carry itself from the one-size-fits-all mentality and offer employees a mixture of reward packages that meet the employees needs. This is extremely outstanding in todays hands because of the diversity among groups of employees. This flexibility benefits both the employer and employee because motivating employees through total rewards increases the organizations chances of profits in the bottom line. Another advantage is the ability to recruit and nurse employees within the workforce.

The primary way to address an issue in recruiting and retaining a quality workforce is to develop a total rewards package that is inviting. The total rewards approach in this situation helps plan a work make love for the employee that competitors in the market place may not be able to match. Thirdly, the organization can see a lessen! ing in labor costs due to the fact that the nitty-gritty of manpower and turnover cost associated with losing an employee may far outperform the simple murder of a quality total rewards program. The fourth advantage is that organizations are realizing a tight labor market and low employee loyalty. by the application of total rewards, the organization can gain perspicacity on what...If you want to get a full essay, place it on our website: OrderEssay.net

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