New and Improved Rewards at Work – Research Paper Example

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According to a psychological research, when exposed to people in need, a product manufacturer is able to develop empathy and prosocial motivation which is important in making tailor-made products for them (Batson & Shaw, 1991). When employees in a company are exposed to their product end users, they are able to witness how their work is impacting on their lives thus creating a stronger anxiety for assisting them (prosocial motivation). Similarly, they are able to have a stronger comprehension of their tastes and perspectives (perspective-taking). In return, this strategy has the effect of making employees work extra harder and smart and become more effective. The second way of how innovations can enhance overall competitive compensation strategy of the organization is through establishment of health benefit designs where employees can benefit from health insurance schemes.

Organizations can commit to take care of employees health care needs, this way employees do not have to be worried about their health needs and those of their families. This gives them enough time to concentrate on their jobs and improve on their overall effectiveness and efficiency. Where employees happen to use their finances to take care of their health while on holidays and vacations, organizations need to introduce arrangements for health reimbursements.

This strategy has the aim of regulating expenditure on health by employees of an organization while increasing their efficiency at work place. Alternatively, there are other organizations that have devised strategies aimed at projecting the work environment as a place of recreation besides normal routine job. In this case, they have introduced wellness programs. Workers get a chance to engage in fitness programs before beginning their work or at the end of work before they retreat home.

In this light, organsation may employ fitness and wellness experts to offer advice to employees on how to take care of their overall fitness. Workers may feel motivated to work hard and remain in the organization rather than move to other organizations. Benefits and Specific Jobs As far as employee compensation is concerned, most managers struggle with deciding what to offer as best packages, perhaps an easier approach to this issue should be how good the compensation package should look like.

It is now evident that compensation packages are directly linked to business structures, workers recruitment and retentions, motivation at work, better performance, effective feedback and job satisfaction.

REFERENCES

Batson, C. D., & Shaw, L. L. (1991). Evidence for altruism: Toward a plurality of prosocial motives. Psychological Inquiry, 2, 107-122.

Caggiano, C. (2014). Perks you can afford. Retrieved from, < http://www.inc.com/magazine/19971101/1359.html>

Grant, A. M. (2007). Relational job design and the motivation to make a prosocial difference. Academy of Management Review, 32, 393-417.

Grant, A. M. (2008). The significance of task significance: Job performance effects, relational mechanisms, and boundary conditions. Journal of Applied Psychology, 93, 108-124

Heathfield, S, M. (2014). Harness the Power of an Employee Suggestion Program: Beyond the Suggestion Box. Retrieved from, <http://humanresources.about.com/od/quality/a/suggestion_pro.htm>

Kaplan, S. (2014). 6 Ways To Create A Culture Of Innovation. Retrieved from, < http://www.fastcodesign.com/1672718/6-ways-to-create-a-culture-of-innovation>

Pollitt, D. (2008). Employee engagement “does it” for B&Q. Human Resource Management International Digest, 16 (7) 12-15.

Solomon, L, C & podgursky, M. (n.d). The Pros and Cons of Performance Based Compensation. Retrieved from, < http://web.missouri.edu/~podgurskym/articles/files/Pros_cons.pdf >

Wojcik, J. (2013). Large companies’ innovative benefits programs help midsize firms expand offerings. Retrieved from, < https://www.businessinsurance.com/article/20131229/NEWS05/131229948 >

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