5.The Role Of Total Rewards In HR.
(hr.unm.edu, n.d.)
Introduction:
It's never easy to find and keep top talent in the
ever-changing field of human resources (HR). Total Rewards is a vital tool in
the HR toolbox for dealing with this issue. All of the resources and tactics
used by businesses to draw in, inspire, and keep talent are included in Total
Rewards. Beyond the conventional framework of pay and benefits, this holistic
approach incorporates components like work-life balance, professional growth,
recognition, and a healthy company culture.
Total rewards statement can be classified as follows,
Elements of the Total Reward:
There are various components that make up Total Rewards, and each one is essential to developing an engaging employee value offer. Offering competitive pay, health benefits, and retirement plans are essential components of compensation and benefits. Non-cash benefits, on the other hand, such professional development opportunities and recognition programs, are just as important in promoting employee happiness and engagement.
Engagement and Retention of Employees:
Total Rewards has a direct effect on retention and
engagement among employees. A well-thought-out Total Rewards plan makes sure
that workers feel important and respected, which boosts their commitment to the
company and job happiness. Employee loyalty is fostered by favorable work
environments, which are enhanced by professional growth opportunities, flexible
work schedules, and recognition programs.
Competitive Advantage:
In a highly competitive labor market, Total Rewards can effectively distinguish firms from one another. Having a strong Total Rewards program can offer businesses a competitive advantage in luring excellent candidates. In addition to pay, prospective employees frequently consider the total worth of the benefits package, which includes room for advancement and a positive work environment.
In summary:
Total Rewards is a strategic approach to HRM that recognizes the multifaceted nature of factors influencing employee performance and happiness. Organizations can increase their capacity to draw in, hold onto, and inspire a skilled staff by implementing a thorough Total Rewards approach, which will eventually lead to long-term success.
References:
- Milkovich, G. T., & Newman, J. M. (2019). Compensation. McGraw-Hill Education.
hr.unm.edu. (n.d.). Compensation Vision Statement for Staff :: Human Resources | The University of New Mexico. [online] Available at: https://hr.unm.edu/compensation-vision-statement-staff.
Jiang, Z., Xiao, Q., Qi, H. and Xiao, L. (2009). Total Reward Strategy: A Human Resources Management Strategy Going with the Trend of the Times. International Journal of Business and Management, [online] 4(11). doi:https://doi.org/10.5539/ijbm.v4n11p177.
- slideplayer.com. (n.d.). An Approach to Total Reward - ppt video online download. [online] Available at: https://slideplayer.com/slide/797003/.
hr.unm.edu. (n.d.). Compensation Vision Statement for Staff :: Human Resources | The University of New Mexico. [online] Available at: https://hr.unm.edu/compensation-vision-statement-staff.
ReplyDeleteHow does the article define Total Rewards in the context of human resources, and what are the key elements that make up this holistic approach beyond traditional pay and benefits? How does Total Rewards contribute to the engagement and retention of employees, and in what ways does it provide a competitive advantage for businesses in attracting and retaining top talent?
Dear Mayumi.
ReplyDeleteThis highlights the pivotal role of Total Rewards in HR, emphasizing its impact on employee engagement, retention, and competitive advantage. By encompassing a holistic set of benefits beyond traditional compensation, Total Rewards contributes to a positive work environment and long-term organizational success.
Hi Mayumi
ReplyDeleteA timely topic. the article provides a comprehensive overview of Total Rewards in HR management. It emphasizes the importance of a holistic approach beyond traditional compensation, highlighting elements like work-life balance, recognition, and company culture.
I would like to make a query.
How can businesses effectively measure the success of their Total Rewards program in terms of employee satisfaction and retention?
The essay highlights the value of Total Rewards in HR by providing a comprehensive strategy that goes beyond conventional compensation and benefits. In order to improve worker satisfaction and output, aspects including work-life harmony, career advancement, and organizational culture are emphasized. Paying attention to these factors becomes critical in today's competitive employment market, giving a strategic advantage in luring and keeping top individuals for long-term organizational success.
ReplyDeleteA very interesting topic which we all like to talk about & this article talkes about how can an organization meke impact employee performance and happiness through Total Rewards.
ReplyDelete