Features of an Effective Total Rewards Program Essay

Features of an Effective Total Rewards Program - Essay Example Total rewards program, that is explained in this essay ensures that employees get paid according to their performance. Also, fair payment means that employees get the best value for the work that they do. Equitable payment relates to the ranks of the employees and so it should match their interests according to the organization structure. This essay is focused on a total rewards plan creation. Benefits that employees get should be competitive and should meet their personal needs. Author states that this can be achieved by offering economically feasible benefit plans that meet their needs at personal level. Rewarding also should be done in a fair way. Efforts made by employees to attain a certain goal should be recognized, this can be done by having a rewarding and recognition system that satisfies the employees. Also, the expectations of employees to grow and succeed should be met by the highly managed plan and high-qualified managment. Equity and fairness in payments for both genders, that are defined in this essay can be determined by communication between employers and the employees. In general, equitable pay leads to motivation and increased performance. Also, the plan, created by the magament should be positive. The employee compensation plan should be positive in the sense that both the employees and the employe r are comfortable with the system or program. In conclusion, author states that if payments are competitive for employees, they will do their work with a lot of motivation.

Human Resource strategy in Recession Term Paper

Human Resource strategy in Recession - Term Paper Example wever, the recent global meltdown or in other words the recession has abruptly changed the employee as well as employer outlook particularly in the aspect of Human resource planning or HRM. So, this paper will analyze how the current economic downturn had a major impact on HRP giving more power to the HR managers when they negotiate with their employees. In this globalised world, an economic problem in one country will not get restricted to that country, but gets spread to other countries. The economies of most of the countries in the world are directly and indirectly dependent on the U.S.’s economy and with liberalization happening everywhere, the negative effects in USA will be felt everywhere, with businesses worldwide facing the negative impact on its HRP. Many companies are suffering losses and as a result of it several companies are opting for retrenchment strategy. Cost cutting would have to eventually result in job cutting. British Airways (BA) has said that it plans to cut a further 1,200 jobs after reporting a huge loss of  £292 million in the six months up to the end of September. (Hinton 2009). Fewer job requirements and constant lay offs irrespective of the sector made employers to be choosy about the kind of employees they want and more dominant in deciding the compensation package for them. Many reputed organ izations have quietly cut the salaries and other fringe benefits to their employees. BBC plans to cut the amount it spends on the salaries of its top bosses by about 25 percent, The BBC currently spends about $129.4 million on pay for its 634 senior managers and nine most senior executives. (Bryan-Low 2009). Managers have upper hand these days and really have become dominant, slightly skewing HRP. Instead of thinking about how to optimize productivity and thereby effectively overcome financial problems, managers look at the easy way out. When negotiating with their employees there are some critical issues that concern both like salary,