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Essay / New and Improved Workplace Rewards - 1579
Employers have developed innovative employee rewards to boost morale and recognize employees' needs for creativity and achievement of personal goals. Some of the latest potential rewards for employees include using the Internet at work for personal reasons such as shopping, communicating with friends, or managing personal finances; bring a pet to work; instituting a controlled nap policy and sports and professional betting pools. Determine how benefits innovations can improve the organization's overall competitive compensation strategy. Worker sentiment, which includes competitive compensation and reward strategies, professional growth and development, career paths. and succession plans as well as the leadership and culture of the organization are factors that contribute to employee engagement. Money remains the underlying factor in employee performance, and that's not to say that non-monetary factors such as flexible work hours or casual dress codes can be of much help. Competitive compensation continues to attract and retain top talent. Remuneration is composed of a base salary (paid by the hour, at work or by the year; excluding overtime or bonuses), variable remuneration (bonuses, profit sharing/stock options which work hand in hand). (including health insurance/savings plans – 401(k) or tuition reimbursement). The traditional way to determine a job's base salary was to compare jobs in the same industry. Now the industry and market no longer operate alone, current thinking is more person-based and takes into account the knowledge, skills and competencies of the job. However, it is best suited for high-performing environments that remain flexible in their deployment of human capital. , RS and Mathis, RL (2012). Employment and labor relations. Mason, OH: Cengage Learning. International Business Machines Corporation. (March 16, 2014). salary.com. Extract from salary.com: http://www.salary.com/Leavitt, P. (2002). Reward innovation. Houston: American Center for Productivity and Quality. Mujtaba, BG and Shuaib, S. (2010). A fair total reward approach to rewarding performance management. Journal of Management Policy and Practice Vol. II (4), 111-121. Taggar, S., Sulsky, L. and MacDonald, H. (2008). Subsystem Configuration: A Model for Aligning Strategy, Context, and Human Resource Management. Multi-Level Problems in Creativity and Innovation Research in Multi-Level Problems, pp. 317-376.WorldatWork. (2007). The WorldatWork Handbook on Compensation, Benefits and Total Rewards. Hoboken, New Jersey: John Wiley & Sons.