Total Reward system

A generous benefit package and pay for performance act as a strategic investment and play a fundamental role in attracting and motivating employees. Since they act as employee incentives, they add a significant value to the business (Armstrong, 2007). When employees receive the benefits, they gain a sense of good will, a sense of belonging and happiness. It is important to note that employee increases their performance with respect to the amount of reward. This means that employees who are career oriented will   increase their performance and productivity in order to gain security and stability in the organization (Armstrong, 2007).

A generous  benefit package and  pay for performance  will increase employee morale in that  when employee receive benefits,  they will show commitment and be loyal to their employees. By acknowledging that they are valued by their employers, they will show their high potential and strive to achieve the set organization goals (Armstrong, 2007). The important point is that the company will have a loyal workforce as well as competitive advantage.

  Both reward system improve communication in that employees are motivated and more interested in developing organization growth.  They feel like they are part of the organization and for this reason, they hold discussion with employers in discussing goals and other important issues related to business (Armstrong, 2007).  Communication becomes strong in that employees and employees want to restructure the organization and a common culture. Employees are allowed to express their concern and their ideas toward organization’s growth are valued.

In my next position, I would like to have a benefit plan which is based on ‘pay for performance’. This future benefit will help in achieving my career goals in that pay for performance will be rewarded for my performance (Armstrong, 2007). This means that the benefit will motivate in improving performance. My higher performance will improve productivity in my position and achieve the career goals. I will also bring innovative ideas so that I can gain high compensation (Armstrong, 2007). Note that the purpose of benefit is not for making my own profits only but also for creating a competitive advantage in the organization.

 

 

 

 

 

 

Reference

Armstrong, M. (2007). A handbook of employee reward management and practice. Philadelphia: Kogan

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