New and Improved Rewards at Work
The purpose of this paper is to determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. Then, it explains how innovative benefits could be tied to specific jobs. After that, it critiques the effectiveness of equity-based rewards systems versus those with more creative approaches and discusses the key elements of integrating innovation into a traditional total rewards program. And last, it recommends a process that optimizes an employee-based suggestion program to continually refresh the total rewards of the organization.
1. Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. In …show more content…
It is known by employers that to attract the best employees and to keep them, they need to offer something that competitors do not. Innovative employee benefits are one way of beating the competition when it comes to attracting the best candidates for the job. Competition for first rate professionals can be fierce and in many cases an excellent salary just isn’t enough. Employers who go above and beyond the run of the mill employee benefits can attract employees and keep them for longer which is a key of successful and competitive business.
2. Explain how innovative benefits could be tied to specific jobs.
Studies show that tailored benefits plans can increase employees’ satisfaction with the company. It can only happen if the plan has a meaning for an employee. For example, retirement benefits and health care are less important to workers in their 20s, but become increasingly important as employees age (Heneman, 2007).
Innovative benefits can really be used by employers for specific jobs. For example, in a unit of the company, if the employees have to work on computer a lot, the company can provide them with more comprehensive vision insurance. If , in the another unit of the company, employees work around the