Reference no: EM13916301

New and Improved Rewards at Work

Abstract

Employers have been coming up with innovative employee rewards to boost morale and acknowledge employee needs for creativity and personal goal accomplishment. Some of the latest potential employee rewards include using the Internet at work for personal reasons such as shopping, communicating with friends, or personal finances; bringing a pet to work; instituting a controlled napping policy, and the sports and office betting pools, although those maybe extreme creative we will discuss how innovations in employee benefits actually can improve overall competitive compensation strategy, how innovation of certain benefits can be aligned with a specific job, critique the effectiveness of equity based rewards verses other creative approaches, discuss key elements of integrating innovation into traditional rewards program(s) and recommend a process that optimizes an employee-based suggestion program to continually refresh the total rewards program of an organization.

Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization.
A Right Total Rewards System is a characterized as monetary and nonmonetary rewards offered to employees, which will generate valuable business results. These results range from enhanced individual and organizational performance to improved job satisfaction, employee loyalty, and workforce morale (Henenan, 2007). However, instead of organizations awarding employees pay increases and other incentives simply for seniority, the so called total rewards program can link rewards to achievement of the organization's strategic objectives (Henenan, 2007). Currently,