New and Improved Rewardsatwork

New and Improved Rewards at Work

Veronica Powell

HRM 533 - Strayer University

Dr. Lorna Thomas

May 31, 2015

New and Improved Rewards at Work

Today rewards and benefits play a very important role when it comes to motivating and retaining employees. It appears that compensation and rewards packages are highly talked about within the workplace, as this is essential when providing employees with the correct package for the employees to feel good and be motivated enough to perform at their best. What should be understood is that employees that are working in any organization, be it for a profit or non-profit employees want to know what they will receive in exchange for the work in which they are performing. For the purpose of this paper, I will be discussing how employers have begun to come up with new and innovative reward systems that will boost the morale of their employees while recognizing their needs with regards to their accomplishments and the creativity. Here are some innovative ways that employer’s use which will provide their employees with rewards like letting them use the office computers for personal use

Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization.

Explain how innovative benefits could be tied to specific jobs.

Critique the effectiveness of equity-based rewards systems versus those with more creative approaches.

Discuss the key elements of integrating innovation into a traditional total rewards program.

Recommend a process that optimizes an employee-based suggestion program to continually refresh the total rewards of the organization.