Total Reward - Findings, Discussion, Conclusion and Recommendations Essay

Total Reward - Findings, Discussion, Conclusion and Recommendations - Essay Example The study is developed on the basis of a mixed approach where both qualitative and quantitative methods have been used. In order to undertake the analysis, the opinions of respondents have been collected through questionnaire method. From the research analysis, it has been found that total rewards which comprise both the elements of tangible and non-tangible rewards can effectively impact on the job satisfaction of the employees. As different employees have different needs, thus their motivational aspects can also differ. Nowadays, only better pay is not sufficient for employees to stay in an organisation. They also desire for other forms of motivation along with tangible rewards. In this context, the total reward package enables organisations to balance organisational objectives with the requirement of individual employees from organisations which in turn lead to enhanced productivity. Table of Contents Executive Summary 2 Introduction 4 Findings 6 Discussion 21 Conclusion 26 Recomm endations 28 References 30 Introduction Reward is a set of approaches which is intended for managing the human resources in an organisation. The major purpose of reward is to motivate employees to accomplish higher performance. ... The fundamental idea of reward is to motivate greater performance through certain activities and to emphasise their reoccurrence. The consequence of reward can result in a sense of achievement which in turn can lead towards higher performance. Rewards are of two kinds which are tangible/monetary rewards and non-tangible/non-monetary rewards. Tangible rewards are pay, incentives and compensation among others which are the basic conditions for employees to work in an organisation. On the other hand, intangible rewards are those which can lead to motivation of employees towards high performance such as recognition, better work culture and training and development among others. Together tangible and intangible rewards can generate job satisfaction for the employees. Job satisfaction occurs when an employee receives those facilities which he/she expects from an organisation. There is significant relationship that exists between job satisfaction and reward provided by an organisation. Rewa rds act as a basis for job satisfaction of employees. However, significant differences exist among the employees about expectations from an organisation. Thus, the aspect of job satisfaction within the employees can also be differing according to demographic factors such as age, gender and psychographics variables. Due to this reason, the term total reward has gained much acceptance among organisations in order to ensure better job satisfaction and enhance productivity (Flamholtz, 1996). The total reward includes all elements of rewards which are useful for enticing, encouraging and retaining employees. It is aimed at providing all employees a positive work environment where they can put much effort towards accomplishment of organisational objectives. In present days, total