Total Reward

br Introduction

The fine line which separates between a company 's unfortunate failure and admirable success lies in whether or not key innovations and policies have served it well . At first glance , it would appear that the more a company dedicates a fair amount of aggressiveness to meet its sales and /or revenue targets , the more competitive it becomes in the eyes of its counterparts . Unknown to many people , the success of a company - in fact - does not solely depend on implementation of key policies that would ensure its effective operation and

continued growth Key to a company 's survival is the equally important attention it accords its human workforce . Put in other words , it is axiomatic to say that what spells success for most companies lies in their ability to cater to the needs of their employees , who , by inference , are the ones responsible in delivering results for them . To this end , the scheme called

aimed at ensuring that employees are , all things considered , empowered to do their jobs well . And since it entails creating a workplace that promotes rather than frustrate employees ' creativity , dedication and personal growth , the exact implications of little difficult to be singularly defined . At the very least though there are those who think that of affording a host of benefits to employees - specifically , benefits which expands beyond the traditional salary , health insurance , and vacation benefits (significance of basic compensation towards the growth of the company and of its employees as well . A just compensation scheme that essentially meets the workload of its employees is definitely a staple for every company . the contrary hopes to augment such traditional model of compensation with layers of motivational benefits to inspire employee loyalty and ultimately , to boost workforce productivity Under the Traditional compensation scheme , companies align remuneration for employees which is classifiable into three major types - basic pay benefits mandated by law and case-to-case basis rewards . Basic pay refers to the monetary compensation agreed upon by employers and employees when the employment contract commences . The remuneration amount is usually determined by the difficulty , expanse and importance of a specific job vis-a-vis the objectives of the company (which , other than the basic pay , are demanded by law . This includes healthcare coverage , social security contributions , vacation leaves maternity and paternity leaves , among others . Lastly , there are certain companies that observe an additional payment scheme to reward exemplary performance by employees who may be crucial to their survival Commission for sales brokered or bonuses for perfect attendance are just among some of them

The endeavors to create a workplace that is able to accommodate the needs of its diversified employees in a scheme that put all those aforesaid benefits into one single system of rewards remuneration . This is a tall challenge indeed . Reynolds for instance notes that the current state of affairs of this country 's workforce involves employing individuals coming from four distinct generations , and tapping their skills thereof What matters most therefore for most companies is to conceive of...