More handpicked essays just for you.
Employee Rewards and Recognition
Employee Rewards and Recognition
Importance of reward management to employees
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Employee Rewards and Recognition
Starting a business or company requires too many things like basic knowledge of the industry, funding sources, legal certification, etc along with capable employees or human resource. Ranging from SMEs to big corporate houses all need good employee to see their business growing. Good employees are the priceless assets of the company. Companies offer employee benefits in terms of health or life insurance policies as gratitude to the worker’s effort. Also it helps the business owners to attract new and productive workers.
Definition of “Employee Benefits” for employees:
Employee benefits are like a benefit package for the employees. It helps them to plan for accidents like becoming injured or ill. It also helps employees in their old age as a source of income against daily expenses.
Definition of “Employee Benefits” for employers:
It is a very effective and useful benefits package from the employers towards productive employees. It helps in getting new employees and be the favorite of loyal staffs.
An employee benefit includes:
1. Pension:
In terms of defined contribution pension, ...
The company's management put a lot of emphasis on taking care of its employees, encouraging an entrepreneurial spirit, treating each other with respect, and being committed
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
We can see that piecework is a direct indicator of the employees output. In addition, the year end bonus is linked with the profit the company earns. The guaranteed employment provides employees the base line for their life, so they don’t have to be worried about getting fired or searching for other jobs, which makes them more concentrated on their jobs. From the combination of these three components, employees can have confidence to work and to understand that their performance will be measured properly.
IT helps manager to reduce inventory and human resource requirement to a competitive level in market.
Offering employee benefits is one way a company must competes in today’s marketplace to retain old employees and attracts new ones. These benefit packages may range from offering basic health insurance to additional discretionary and perk benefits such as vacation and retirement packages. Benefit packages are often a large portion of employee costs and Federal mandates require an employer to carry and offer certain benefits even if they offer nothing else. Federally required employee benefits make up approximately a quarter of the costs associated with employer offered benefit packages. Some of these mandated benefits include Social Security, Worker’s Compensation Insurance, and the Family Medical Leave Act.
Rising insurance costs are one the primary reason employers are investing in corporate wellness programs more than ever before. Companies spent nearly $348 billion on employee healthcare premiums in 1997 according to a study conducted by (Kuttner, 1999). A quick overview of health insurance is necessary to better understand the methodology behind corporate wellness, starting with the fact that all insurance companies exits to make a profit. They review the company’s utilization each year (how much they paid out for all employees at the company) and weigh that against premiums collected (how much they took in from employees.) Then they figure out their additional costs to administer the program and a fair profit. So if there are a lot sick people, rates are going to go up a lot. If there are more healthy people the rates will still go up but only 4-5% (to account for inflation). So the company either needs to pass those costs along to the employee or figure out how to lower those costs, which is where corporate wellness comes in.
Money and other resources will be required to hire and to train a new employee and get them up-to-speed on the corporate culture and within individual work groups. Likewise, the longer a top performing employee contributes to projects, programs and daily operations, the more valuable they become to company success. When the employee
They provide a quantifiable value for individual employees. They are the indirect form of compensation as they are not related to the performance but are granted to the employees for just being a member of the organization. They are called benefits as the employees stand benefited on account of such provisions. They are not in the form of wages, salaries and time related payments. For example key executives in large companies might also enjoy fringe benefits like use of time-share condominiums, paid continuing education, use of a company jet, use of a company credit card, discounted or free health club memberships, and a significant amount of paid vacation.
To begin, as of September 2010, companies have spent an average of approximately $19,000 per employee to provide discretionary benefits and these benefits account for as much as 30.5 percent of payroll costs. They are offered at the will of each company and employees often view them as entitlements. At the same time, while not recommended, employers reinforce the entitlement mentality by awarding employees regardless of their performance. Next, the three types of benefits include protection programs, paid time off, and services offered by the organization. Protection programs are an incentive to provide benefits for families, as well as promote health. In addition, the benefits guard employees against income loss caused by catastrophic events
The pay rate and benefits of employees are handled by the HR department. New employees come in with questions about their benefits like insurance or a 401k. The HR department has to educate the employee regarding medical and dental insurance as well as helping them handle claims and understanding their policies. In some corporations, there 's the ability to have life insurance taken out of the employees ' paycheck. HR handles that too.
Holland Enterprises is on a new strategic direction, to attract and retain the most talented employees and to reduce turn over. Human resource department has came up with a new compensation plan. In the propose compensation and benefits system plan , I will explain a new compensation plan for Holland Enterprises, also I will explain the components of the compensation and benefit system plan in order to attract and motivate employees to be productive . In order for the compensation and benefits system plan to be operational, the package should include a necessary level of compensations to fulfill basic needs, equity with the external labor market, equity within the organization (Henderson, 2006).
The succeeding paragraphs will explain how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. In order to maintain their competitive edge, companies need to fully understand that as the needs of their employee’s change, so does their benefit plans. Companies need to find innovative ways of engaging employees that encourage and support their commitment and improve their performance.
It is a well-established reality that organisations in the world today can no longer survive without focusing on their employees. If they have to be at the competitive edge, they have to invest in human resources, and placing their employees on top priority. This notion has led to the strategies that, most organisations are pursuing through employee management. To achieve the optimum performance of employees, organisations must motivate their employees, and engage them in activities that will benefit and help employees in achieving their predetermined goals and objectives. In order to achieve this, it is imperative for managers to set in motion work conditions that will help employees to achieve satisfaction of their job, low turnover and absenteeism rate and promote the environment that promotes the organizational commitments and organizational citizenship behavior.
Companies should have only enough workers to perform essential operational functions. Hire employees who are well trained and able to pro-vide results. Moreover, employees should be happy, keep them motivated. Remember that just being good at one thing doesn't mean it's enough for the business to be successful. The owner should be adept at several things such as hiring, accounting, marketing, public relations, etc. And, although initia...
The relationship between employer and employees plays a pivotal role in the performance of the organization. Employers and employees have certain responsibilities towards each other which facilitate a fair and productive workplace. Positive work relationships create a cooperative climate with effort towards the same goals. Conflict, on the other hand, is likely to divert attention away from organizational performance.