Question

2)

Part A: Explain the concept of a Total Rewards Philosophy. Discuss the difference between rewards and compensation. Why is it important to understand what motivates employees? Why do organizations provide both monetary and non-monetary rewards to employees? Use the articles and resources provided to support your ideas.

Part B: Of the benefits discussed in chapter 7, list the ones you consider essential. Why are these benefits important to you?

Answer 1

Part A: Explain the concept of a Total Rewards Philosophy. Discuss the difference between rewards and compensation. Why is it important to understand what motivates employees? Why do organizations provide both monetary and non-monetary rewards to employees? Use the articles and resources provided to support your ideas.

Total rewards philosophy,employee motivation and their rewards.

Explanation:

Total Rewards Philosophy is a system that helps organizations in designing and allocation of salaries to its employees including allowances and other compensations so as t help it achieve its goals and objectives of being successful. It can be used as a motivation to employees as it creates equality between competition and the organization's expenses.

Rewards are forms of acknowledging or appreciating employees in an organization for good performance while compensation refers to the monetary or non-monetary funding given to employees once they have been done wrong, for example, if they are injured while at work the company may decide to pay for the employee medical bills to make up for such an accident.

It is important to understand what motivates employees so as to meet their requirements and put those needs in the first position because if employees are not satisfied they will not be productive and this can affect the company yields.

Organizations provide monetary and non-monetary rewards to employees to boost their hard-working spirit upwards hence motivating them, to meet different employee demands, to gain a competitive advantage by providing unique services to employees and to reduce employee turnover rates.

. Total rewards that retain: A study of demographic preferences. SA Journal of Human Resource Management, 15(1), 1-10.

Peluso, A. M., Innocenti, L., & Pilati, M.. Pay is not everything: differential effects of monetary and non-monetary rewards on employees' attitudes and behaviors. In Evidence-based HRM: A Global Forum for Empirical Scholarship (Vol. 5, . Emerald Publishing Limited.

Part B: Of the benefits discussed in chapter 7, list the ones you consider essential. Why are these benefits important to you?

Employers consider benefits similar to pay as part of the total compensation, as it is a means to attract, retain, and motivate employees. Most of the employers design the compensations been provided to their employees depending on their needs. On the other end, benefits are more complex than the pay, and difficult to understand. So, the other challenge for the employers is to make the employees understand the benefits package, as even if the employers add large sum of benefits, and fail to make the employees understand the design, the time would be largely wasted.

The essential benefits that an employee would require in any job are as follows:

• Benefits in terms of law to protect themselves from financial hardship. Some of such benefits are social security which helps retired workers, unemployment insurance which helps laid-off workers, and workers' compensation which helps the injured workers.

• Benefits in terms of paid leave, as there are situations been faced by every individual which requires time off. Some of such benefits are vacations, holidays, and sick leave.

• Benefits in terms of insurance to protect themselves from uncertain situations. Some of such benefits are group insurance which helps employees with a lower rates and higher claiming eligibility, medical insurance to receive medical benefits, disability insurance which helps protect against loss of income.

• Benefits in terms of retirement plans to help themselves live on retirement income.