Reference no: EM133305261

Assignment: Review of Literature

Innovations in employee benefit
A robust benefits package is more crucial than ever in today's competitive recruiting market. When it comes to recruiting and retaining new employees, employee perks have been proved to be beneficial. Hiring Managers must be sure to being innovative with their benefits package in order to recruiting great personnel (Block, L, & Davidson, M. 2019). Some examples are discussed below:
1. Birthdays are paid- On their birthdays, many people nevertheless report for work to avoid a salary cut. Offering a paid birthday holiday is a great way to show their employees that company appreciate their hard work.
2. Time Off for Holidays - When the year ends many companies close for a week or more to make the holidays more special. As a result of the closing, employees may spend time relaxing with their loved ones.
3. Work from Home Possibilities - When it comes to remote employment, few companies provide it. Providing workers with the opportunities to work remotely just to make them feel better, but it may also save you money on commercial space and supplies.
4. Workforce Development - Training programmes at work may be beneficial to all parties concerned, including the employees. To avoid employee animosity, it's best to schedule these training sessions throughout the workweek.
5. Working in a group - Innovating employee perks include team building. Aside from promoting positive reinforcement, they may also increase communication amongst co-workers and enhance communication. Some of the team building activities for workers consider playing a sport, having a potluck, or organizing a treasure hunt.
6. Health Benefits - Of course, it is great to provide your employees health insurance, but companies may also offer it in other ways. Offer nutritious snacks every Friday, yoga courses or a gym membership discount to the employees. Employees that are healthier tend to have more energy, which increases their drive to perform well in their jobs.
7. Space to Unwind - Cubes should be replaced with more employee-friendly workstations. A spacious lounge with comfortable furnishings may make your company more productive even if each employee doesn't have their office. A pool table, for example, would be a good addition for staff to use during their breaks.
8. Paid Maternity Leave - For up to 12 weeks following childbirth or adoption, women's careers are protected under the Family and Medical Leave Act (FMLA).

Impact on competitive strategy
Creating a competitive edge requires a compensation scheme that reinforces a solid company plan led by individuals who know what they're doing and have a clear vision. An organization must be competitive on the employment market and offer attractive perks in order to attract and retain top personnel. Workers' needs must be kept up-to-date by employers, who must provide benefits that suit their requirements. In order to stay relevant in the marketplace, companies must be able to adapt and comply with the changing demands of employees (Distanout. A., & Khongmalai, O., 2020).
As mentioned above, it's up to employers to come up with fresh and inventive ways to keep their staff motivated, engaged, and committed, whole also improving their performance. In order for a firm to thrive, it must have a wide range of employees. A company must provide something that its competitors do not in order to attract top talent. Because of the increases in diversity, employees must offer an attractive benefits package for their employees. In order to motivate and reward workers, it is beneficial for a business to focus on customized perks.
According to Distanout, A., & Khongmalai, O, in the areas of recruiting, morale, and retention, companies may increase their return on investment by implementing simple and cost- effective employee perks. Day-care, flexibility and work-from-home alternatives are among the benefits that many firms now provide as part of their employee benefits packages. In addition to increasing job happiness, non-traditional perk choices help employees feel appreciated by the business.
Google is one business that gives a wide range of benefits and incentives to its employees. From free meals to massages, Silicon Valley is full of firms who provide their employees anything from free food to free massages. It's no secret that Google, in particular, strives to make its employees happy and provides them with measures to reduce their stress levels. For example, it provides haircuts and dry cleaning for free, as well as access to a fitness centre and a heated swimming pool with an on-site personal trainer.

Innovation benefits and specific jobs
Employee happiness with a firm may be boosted by a customized benefits package according to research. If the employee believes in the strategy, then it will work. Employees in their 20s, for example, place less importance on retirement benefits and health care, but as they become older, these become more critical to their well-being.
As mentioned by Block, L., Davidson, M, in collaboration with HR, managers can establish and raise salaries based on a variety of criteria, including cost of living, individual qualities and competitive analysis. A manager's job may require him or her to negotiate salary both within his or her company and with a new recruit. When arguing for paying Audrey more than Joe would have requested, you might need to show that her abilities will have an impact on the bottom line.
Arthurs further mentioned that employers might utilize innovative perks for certain occupations. Such as: Employers might utilize innovative perks for certain occupations. It is possible to give more comprehensive vision insurance to employees in a unit of the firm who spend a lot of time on a computer. A gym membership can be provided to employees who spend a lot of time sitting around a table in another part of the firm and don't move much during working hours. Employee buses are available in another unit if the shift starts or ends too early.

Equity-based rewards systems
According to Lenihan, H., McGuirk, H, & Murphy, K. R, A non-cash renumeration provided to employees is equity. These investment instruments, such as options, restricted stock, and performance shares, gives workers a stake in the company. If there are vesting restrictions, equity pay allows the firm's employees to partake in the profits via appreciation and can promote employee retention. In certain cases, stock remuneration may be combined with a wage that is below the market rate.
Many public businesses and some private organizations, notably start-ups, provide equity remuneration as a reward to their employees and stockholders, respectively. Traditionally, stock pay has been utilized to reward staff at both start-up and mature technological businesses. Due to a shortage of funds or a desire to invest cash flow in development efforts, stock pay is viable alternative for newly established businesses to recruit high-quality personnel (Lenihan, H., McGuirk, H., &Murphy, K. R. 2019).
Types of Equity reward are as follows:
1. Stock Options - Shareholders can issue stock options to their co-workers in firms that provide equity compensation plans. A company's equity can be purchased through options at a predetermined price. Depending on the firm, this right may vest over time, allowing employees to use this option after a length of time.
2. Employee Stock Options (ESOs) and Non-qualified Stock Options (NSOs) (ISOs) - Non-qualified stock options and incentive stock options are two more forms of equity compensation that can be offered. Employees have exclusive access to ISOs (and not non-employee directors or consultants). It's important to note that some alternatives have specific tax advantages. While the option is available, employers are not required to disclose its receipt and when it becomes exercisable.
3. Restricted stocks - According to a vesting schedule, restricted stock units (RSU) reflect the company's pledge to pay out shares. But employees don't get any stock ownership rights until after they've earned and received it. A specified amount of time may pass before vesting occurs, or it may occur in equal amounts over a defined period of years.
4. Shares of the performance - Certain measures must be satisfied in order for performance shares to be granted. In addition to earnings per share (EPS) targets, these measures might incorporate return on equity (ROE) or the stock's overall return as a percentage of an index. Performance spans often span many years.
Other creative approaches
Employers should be rewarded for their hard work and punished when they don't. For example, many firms offer catered lunches and complimentary snacks and coffee as part of their employee benefits package as a minimal cost to their employees. "Prizes" may not inquire certain employees as much as opportunities.
Employers rely heavily on benefits to compensate them for their time and effort. Benefits such as health insurance and retirement in particular are highly prized. Such as paid pension plans, life insurance, vacations, and sick days. It is the responsibility of managers to inform their employees about the advantages accessible to them. In addition, Human Resources should teach employees on how to access and utilize benefits.
The prospect of an enjoyable retirement is enough for many individuals, even if the work itself isn't all that exciting. Pensions and contribution plans (often 401(k) plans) are the two main forms of retirement plans. For the remainder of their life, pensions provide retired employees with a regular, guaranteed income. Spouses may also be eligible for retirement payments. As part of a contribution plan, employees as well as their employers contribute money. Funds are invested, and depending on the market, they may increase or decline (Block, L., & Davidson, M., 2019).
In both cases, the goal is to increase employee engagement and motivation, reduce employee turnover, and recruit skilled people. Each firm has its own business vision, strategy, and purpose, therefore which one is used depends on the organization's plan. As far as I can tell, both of them are very excelled communicators. Also, the effectiveness of a company is determined by its workers. When it comes to their personal lives, some employees are more concerned with their family that they are with their money.
Traditional total rewards program
Employee-related charges are collectively known as "total rewards" in the business world. Bonus, salaries, wages and other intangible rewards are all included in this. Unified benefits are the result of an organization's Total Rewards Program. As a result, the business becomes known as a premium employee in the marketplace, which makes it easier for it to attract and retain exceptional people (Gulyani, G., & Sharma T, 2018).
As mentioned in the report by Gulyani, G., & Sharma T, a complete rewards plan may help a company achieve its goals and values, according to Enterprise Engagement's revised Total Rewards 2.0 model. For everyone's benefit, it is meant to guarantee that all elements of the organization are functioning together. This encompasses remuneration, well-being, perks, recognition, and growth - all of which, when combined, lead to optimal performance inside a company.
Key elements of Integrating Innovation
Satisfied workers work harder and longer than dissatisfied ones, and employers must recognize that it takes more than money to keep an employee happy. In a typical pay system, the only components are salary and health benefits, and they must be integrated in a comprehensive incentives programme (Sarto, F., 2020). Employees should be rewarded with intangible advantages through innovative perks. If you work at Google, for example, you may be permitted to bring your dog to work or play pool in the office lobby.
Further added by Sarto, F. that as part of a typical total rewards programme, innovative perks can be incorporated into the program's programmatic elements such as policies and benefits. Some examples of programmes include peer support groups, pagers for expectant dads, adoption help and career preparation. In addition to flexible work schedules and paid sick days for the whole family there are group insurance policies for automobile, house, and life. When it comes to business culture, everything is in sync.
Recommendation
In order to keep the entire incentives of the company fresh, I would advocate a method that improves a recommendation programme based on employee inputs. Try to choose an industry with considerable growth potential, regular revenue, and the opportunity to be a company leader. As part of the process, new technology would be implemented to improve the goods and services supplied.
To recruit and retain motivated, skilled individuals who share the organization's goals, and who help us win in the markets. On a worldwide basis, chosen markets would be able to access a wide range of mission-critical, cost-effective, computerized transaction processing and information services.
As an employee-based recommendation programme may be optimized using the following approach, according to Sarto, F. (2020). The following would be part of the process:
• Try to look at it as a portfolio with diverse but complimentary goals and intended outcomes, rather than a single programme.
• Be sure to accurately assess and size your overall investment in a workforce programme in order to guarantee that it is in accordance with budgetary realities as a well as business demands.
As an incentive for its employees and investors, many public companies and some private companies provide equity pay. When employee get equity compensation, they are rewarded for their contributions to the company's success. Technology start-ups and established companies alike have relied on stock compensation to reward their employees in the past. The hard effort of the employer should be rewarded. Especially valuable are health insurance and retirement benefits.
Flexibility is essential for a framework that can quickly adapt and evolve with the company's strategy and workforce mix. Worldwide, a comprehensive range of mission-critical, cost-effective computerized transaction processing and information services would be available to selected markets.

Thesis

Employee benefits are a key part of any organization's overall pay plan and can be used to boost employee morale and motivation. By offering unique and innovative benefits, organizations can attract and retain top talent, as well as stay ahead of the competition. However, designing and implementing an effective employee benefits programme can be a challenge. This report will discuss the essential components of an effective employee benefits programme, as well as offer a strategy for optimizing an employee-based recommendation programme.