Innovations of Employee Benefits Essays - 1876 Words

The succeeding paragraphs will explain how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. In order to maintain their competitive edge, companies need to fully understand that as the needs of their employee’s change, so does their benefit plans. Companies need to find innovative ways of engaging employees that encourage and support their commitment and improve their performance. The first way is by helping the company to attract and retain talent. A company is only as good as its workforce so having an innovative benefit plan will help to attract high potential candidates and also retain them within the organization. McKeown, J. (2002) states that, â€Å"Effective retention begins†¦show more content†¦The third way is to help the company to increase productivity. Employees can tend to lose focus on their work when they are having issues with their personal life. An innovative benefit plan can afford employees with the flexibility to handle these issues in order to give the employees more availability to concentrate on their work. This also causes employees to believe that their company cares for their overall wellbeing, creating loyalty amongst the employees which will in addition increases overall productivity, but retention as well. The fourth way is to help the company increase employee commitment and engagement. In addition to increasing productivity, companies want to ensure that their employees are committed and engaged to the organization. This will produce employees that put more effort and take pride even in the smallest of tasks, employees that are constantly thinking of ways to better improve their productivity, and employees that motivate and inspire other employees that may have a negative attitude about the organization. The fifth way is to help the company to reduce health care costs. The lack of control and employee has over their own job has been believed to lead to serious health conditions. Employers are coming to the realization that in order to get a handle on health care issues, they need to take a more activeShow MoreRelatedNew And Improved Rewards At Work. Creating And Implementing1534 Words   |  7 Pagesto boost employee morale and to allow their employees â€Å"me time†. Throughout the course of this paper, I will determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. Next, I will explain how innovative benefits could be tied to specific jobs. Thirdly, I will critique the effectiveness of equity-based rewards systems versus those with more creative approaches. Then, I will discuss the key elements of integrating innovation into a traditionalRead MoreEssay Total Rewards1510 Words   |  7 PagesInnovative emp loyee rewards are designed to boost employee morale and in some cases helped to increase personal goal accomplishments within the company. This paper will attempt to explore the challenges faced with employee rewards and how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. NEW AND IMPROVED REWARDS AT WORK 3 Determine how innovations in employee benefitsRead MoreBenefits Of Employee Lifestyle Choices And Health Economics1113 Words   |  5 Pages-Suggest one (1) plan that you would use to purchase health insurance for your organization. Determine the extent to which employee lifestyle choices and health economics would factor in to your chosen plan. Provide a rationale for your response. I will use Innovation Health plan for my organization (Innovation health, n.d). According to Innovation Health (n.d), â€Å"Innovation Health is the result of a unique partnership between two industry leaders: Inova and Aetna. Inova is a nationally recognizedRead MoreHrm 533 Total Rewards1633 Words   |  7 PagesDetermine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. A competitive organization understands the need for a skilled and loyal workforce. In order to attract and retain top talent, many organizations offer innovative and creative employee benefit packages. It enhances an attractive salary and creates a niche for the employer. An organization that is aware of the dynamics of its workforce will be in step with the innovations in employeeRead MoreEssay On Total Rewards1380 Words   |  6 PagesDepending on the job, benefits can differentiate a, by attracting top talent. The days are diminishing when employees feel that traditional benefits will do justice. Employees who offer success, want more than the typical health insurance and retirement savings plan. Different workers want and different things out of their benefits, which is why companies need their benefit package a bit more tailed-made, to meet the need of all employees within the company. According to Rose Stanley, a total rewardsRead MoreNew and Improved Rewards at Work1627 Wor ds   |  7 Pagesto determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. Then, it explains how innovative benefits could be tied to specific jobs. After that, it critiques the effectiveness of equity-based rewards systems versus those with more creative approaches and discusses the key elements of integrating innovation into a traditional total rewards program. And last, it recommends a process that optimizes an employee-based suggestionRead MoreThe Leadership Skills Of The Workplace1545 Words   |  7 PagesInnovation in the workplace is a competitive force that give businesses like Apple and Samsung a competitive advantage over other competitors. Innovation is not a new concept for businesses in the workplace, it has been around for a long time. However, businesses are focusing on innovation because they understand the key benefits of innovation. Innovation is supported in organizations through differen t leadership practices. Discover skills are important in the business and help drive innovation forRead MoreCompensation Is A Critical Component Of A Strong Hr Strategy Essay1423 Words   |  6 Pagesadditional costs incurred in offering the product. It is important to find a way to encourage the creativity and collaboration needs to move the agenda forward for companies that are developing an innovation strategy. It is critical to recognize and reward the risk associated with a focus on innovation. Not every idea is going to work right away and team members have to be comfortable trying and failing. The initial pay structure has to be good enough that employees do not need to think about salaryRead MoreEssay on Human Resource Roles and Responsibilities743 Words   |  3 Pagesindividuals. Human resource management focuses on securing, maintaining, and utilizing an effective work force, which organizations cannot survive without. Human resource management can also be described as the relationship between the employer and the employee. There are basic functions all managers perform which are planning, organizing, staffing, leading, and controlling. These represent what is often called the management process. Staffing, personnel management, or human resource management is the functionRead MoreIndustries Are In A Changing Cycle And Every Day Is A Mission1526 Words   |  7 Pagesevery day is a mission to survive in the business world. Historically, the innovation at Microsoft was driven by one person (Bill Gates) without any consideration of the other employee s ideas. The whole company relied on one person to generate ideas to develop products and services. Then the Innovation Team at Microsoft realized the current situation of the competitors evolution and the need for the grassroots innovation implementation as a new horizon to gain ideas within the firm. Of course,