Throughout history of organized work employers feel been challenged with attracting, motive and retaining top level talents. To maintain being free-enterprise(a) employers created a system that allow them retain top level talent. The total payoff strategy was designed to reward employees for justice and commitment. According to Christofferson, J., & King, B. (2006), Total rewards involve the deliberate integration of quin key elements that effectively attract, retain and motivate the talent unavoidable to achieve desired business results. The total reward strategies argon criteria set forth by employers to determine guidelines to merit some(prenominal) monetary and non monetary value for superior mathematical operation. The maintain destruction of the total reward program is to attract, motivate and retain employees.
The advantages of a total reward strategy
Increase Profitability A fully engaged workforce is actuate to perform at the highest level. The total rewards plan is designed causes the workforce to overachieve. A motivated workforce is the main factor in driving up a companys profitability. There are 2 types of motivation, intrinsic and extrinsic. Extrinsic Motivation -- Extrinsic motivation is almost frequently associated with rewards that are tangible such as pay.
infixed Motivation -- appeals to the workforce sense of achievement, driven by an avocation and enjoyment of the result of performing at a high levels.
Improved Recruitment and Retention - An effective total reward system designed to promote employee retention and recruitment. Employers are challenged with attracting retaining and motivating employees. The implementation of a total reward system is a tool use to attract the best and bright talent on the market.
Reduced Labour Costs/Cost of derangement There are clear links between frolic satisfaction and turnover. The cost of turnover significantly affects the financial performance of the organization. A companys bottom line adversely...If you expect to get a full essay, order it on our website: Orderessay
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