New and Improved Rewards at Work
Employees’ retention becomes one the most challenging issues for the human resource managers worldwide. The 21st century is the period of the outstanding mobility of the workforce and the growing number of people who prefer flexible working schedule and freelance work to the traditional office jobs (Lumley et al., 2011). In order to attract talented workforce, as well as to prevent their retention HR manages currently look for opportunities to make the working environment more balanced according to the employees’ requirements. Organizations understand that in the fast moving competitive environment the job satisfaction of their employees is essential for their ability to be successful at the market and put significant efforts in the development of the new approaches to HRM. In this context, the understanding of the innovations in the employees’ benefits which determine the individual job satisfaction and help to maintain the balance between the personal well-being and work are essential for the achievement of the strategic goals of the organizations. In this respect the examination of the most innovative approaches to the employees’ rewards can shed light on the issues being critical for the companies’ success on the competitive market and the role of the research practitioners is to help the executives to develop the HRM policies being accustomed to the individual demands of the modern workforce.
For most individuals work and family are two components of their life, which are to be treated with equal care and any violation of this principle might lead to the conflict, which would consequently lead up to damaging outcomes such as lower job and life satisfaction, psychological disorders and depression (Yang & Cho, 2016). Therefore, organizations must give serious attention to the relationships between work and family roles and other related constructs as a possible solution to help employees in striking the right balance (Edura et al., 2012). In this respect the integration of the innovation into traditional total rewards program at workplace can become one of the key factors of the organizational success. Thus, the overall objective of this work is to investigate the modern innovations in employee rewards and to determine how these innovations can help to improve the overall competitive compensation strategy of the organization. Additionally the aim of this paper is to evaluate the new approaches to the rewards at work, compared to the equity-based traditional rewards systems and to provide the framework for the efficient integration of the innovative rewards practices within organizations of different kind.
Advantages of Innovative TRP and its Effect on the Competitive Strategy of the Firm
The perception of the total rewards program within the large companies changed in recent years. If in twentieth century it mostly focused on the salary and other material benefits to workers, in twenty first century TRP transformed to the broader definition. At the moment TRP can be identified as the total range of factors that are crucial for the employees’ valuation of the employment relationship (WorldatWork, 2007). …
