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.
The first way is by helping the company to attract and retain talent. A company is only as good as its workforce so having an innovative benefit plan will help to attract high potential candidates and also retain them within the organization. McKeown, J. (2002) states that, “Effective retention begins before the hire- in tour recruitment literature, of course, but also in corporate and product literature, advertisements (for recruitment and for sales), press releases, product branding, company image, management reputation, and a myriad of other messages that your organization puts out into the marketplace about what it is, what it does, and how it does it.” (p.20). It is well known that in order for companies to gain that competitive edge thy need to offer something that the other companies in their market are not offering in order to attract and retain top talent.
The second way is by helping the company to raise morale and job satisfaction. WorldatWork (2007) notes that according to a 2004 Overworked in America Study, that employees were less likely to feel overwhelmed if they had jobs that afforded them the chance to continue their education. A management team that supported them in succeeding in their careers, the flexibility they need to manage their job and personal/family life, and ...
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... of the changes because it will not require going through the entire upper management team for approval as they are already the ones on the review teams.
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Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization.
The team needs to establish a policy and procedure which would be a step toward an organizational structure. This process will be a framework that defines formal reporting relationships between the different levels of management. For example, the guidelines can be used as a protocol of the process managers needs to follow to assist their employees through the change process. The team also needs to provide in house trainings for all departments so employees can be aware and implement the new changes. The training will increase skill level and improve staff productivity.
In a business or a workplace, it is essential for the organization, which consists of the employers, the managers, and their employees, to work towards reward programs within the human resources in order to create a healthy and cordial work environment and most importantly, to efficiently achieve business’ goals. In Carol Patton’s (2013) article, Rewarding Best Behaviors, she explains the importance of several companies that are beginning to recognize their employees, not just for the end-results, but for reflecting good behaviors towards the business’ values, such as demonstrating creativity on certain projects, problem solving towards certain issues, and also collaborating with fellow co-workers. Patton stresses that these reward programs could help suffice the overall being of a company as long as the rewarded behaviors correlate with the corporate strategy. Patton expresses that some things human resources must comprehend include “how its company creates success, what drives its business strategy and what behaviors are needed from employees to achieve that success” (Patton, 2013 para. 15). Moreover, the employee would be reflected as a role model for others and perhaps influence them to demonstrate comparable behaviors.
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There is probably nothing more for pet lovers than taking their quadruped to work with them. The latest researches have proven that taking pets to workplace has resulted in lot happier and less stressed environment in the job. Scientists found that people who take their dogs to work reported lower stress throughout the day than employees without dogs or those who had dogs but didn’t take them to work (International Journal of Workplace Health Management). Many previous studies have linked the presence of pets with less stress and better health. For example, in hospitals and nursing homes, animals have contributed to faster recovery from surgery, controlling blood pressure and depression levels of patients.
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I believe that allowing dogs to be taken to the workplace by their owners could be a very good way to boost productivity. The owners would be less stressed because they wouldn't have to worry about their dogs at home. Also, they could want to stay later and get more work done; because, they don't have to go home to walk the dog.
Saussy, P. F. (2004). EMPLOYEE BENEFIT PLANNING ROADMAP. Journal of Financial Service Professionals, 58(2), 10-10+. Retrieved from http://ezproxy.villanova.edu/login?url=http://search.proquest.com/docview/209618200?accountid=14853
This program would not just reward senior staff but all staff for every year they stay beginning after their first year. It would create a ladder effect, where every year or so that a nurse stays, they climb the ladder and unearth new benefits and reasons to stay longer. A new nurses “one year mark” is an important and monumental goal to reach. To them, it is everything. They survived that first year. However, besides their first annual evaluation, this often goes unnoticed and unrecognized by management or the hospital itself. The benefits would have to be hospital or unit specific because all organizations have different policies and ways to reward their staff. One incentive could include more flexibility with scheduling such as less weekend shifts, less Fridays, and first dibs on holiday shifts. Another Incentive could be becoming a charge nurse and a preceptor/mentor at a certain stage in your career. Although these require more responsibility, it also allows for growth, confidence, and a sense of authority and autonomy. Other incentives could be reimbursement or scholarships for furthering education, raises for performance, length of stay, and certifications obtained, and increased PTO and vacation time. Most nurses are task-oriented, goal-focused individuals. Employers who give them a goal to
I firmily beleave that you should be able to bring your dogs to work. (In Support of Bringing Dogs To Work) states "Researchers have found that when pet owners interact with there dogs,they expirence a sense of well being and feel less stress and anxiety." I personally feel less stressed when i am around my pets.It also helps productivity.(In Support of Bring Dogs To Work) states "Many studies show that employees get more work accomplished in less time when their workplaces allow them to bring there dogs." I personally got more
Meyer, H. H. (1975). The Pay-for-Performance Dilemma. Organizational Dynamics, 3, 39-50. Print. 8 Feb. 2014.
The foundation for effective job performance and compensation system can be traced to effective job analysis process. Fundamentally, a job analysis should consist of a thorough examination of the job 's duties and knowledge, skills, abilities, and qualities that are required in order to be successful in a specific position, upon which appropriate rewards or compensation can be determined. For many perspectives, jobs are usually made up of requirements and rewards, where rewards may be regarded as a major recruitment strategy for motivating potential employees in order to influence them to stay the organization for a longer period as well as enhance their performance. The most common or basic form of rewards which attracts employees is extrinsic
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay