Question: Describe each of the top cardinal (5) profits of a total rewards arise.
The success of an organizations workplace will depend on managing costs and growth to address its business needs. Total rewards fire help fulfil the needs and wants of todays employees, and at the same time refocuses an organizations rewards system a substance from notwithstanding cash and stocks (WorldatWork, 2007). In organization, there are five advantages of having a total rewards approach which are increased flexibility, improved recruitment and retention, reduced labor costs and cost of turnover, heightened visibility in a tight labor food market, and enhanced profitability (WorldatWork, 2007). A total rewards approach allows an organization to have the flexibility to carry itself from the one-size-fits-all mentality and offer employees a mixture of reward packages that meet the employees needs. This is extremely important in todays hands because of the diversity among groups of employees. This flexibility benefits both the employer and employee because motivating employees through total rewards increases the organizations chances of profits in the bottom line.
Another advantage is the ability to recruit and retain employees within the workforce.
The primary way to address an issue in recruiting and retaining a quality workforce is to develop a total rewards package that is inviting. The total rewards approach in this situation helps design a work make love for the employee that competitors in the market place may not be able to match. Thirdly, the organization can see a lessening in labor costs due to the fact that the nitty-gritty of manpower and turnover cost associated with losing an employee may far outperform the simple implementation of a quality total rewards program. The fourth advantage is that organizations are realizing a tight labor market and low employee loyalty. Through the application of total rewards, the organization can gain insight on what...If you want to get a full essay, order it on our website: Orderessay
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