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  • Essay / Business Strategy: Total Reward Strategy - 742

    BackgroundTotal reward strategy is a holistic approach that aligns with business strategy and people strategy; it encompasses everything employees value about their jobs, such as compensation, benefits, development, and the work environment (Kaplan, 2007). The existence of different generations in a workforce can lead to several obstacles in terms of employee performance and rewarding a workforce effectively and efficiently.• The study aims to determine if there are particular generational preferences for certain rewards. • The intention that multiple generations have different values ​​could provide managers with the opportunity to familiarize their current reward strategy with a more specified total reward strategy. This could motivate performance and results and lead to an increase in employee satisfaction and engagement overall. Problem Statements1. How to support the reward strategy with the organization's business strategy in the associated workforce objectives? Effective and efficient workforce programs are an extension of the organization's business strategy. Obviously to support key priorities and objectives as well as a clear level of communication and the contribution an organization expects from its employees. The Total Rewards Association of US defines total rewards as the set of tools available to an employer that can be used to attract, motivate and retain employees. This also indicates that total rewards include everything the employee perceives as having value resulting from the employment relationship (Worldatwork, 2006). For example, a strategy focused on technological innovation might emphasize performance-based rewards to incentivize workers to become innovators. Unlike a business strategy focused on customer service...... middle of paper ......es in its flexibility and comprehensiveness. It must be able to adapt to the unique circumstances of a diverse workforce. The relationship between total compensation (excluding directors' fees) and attendance problems is negative but still statistically significant (Jensen and Murphy, 1990; Adams and Ferreira, 2008). The elements of recognition and reward may be as important as structure in achieving the desired synergy that accompanies cross-functional cooperation (Appeldorn, 2008). The technological environment provides useful choices for employees who operate across borders. This will help the employer to channelize their expenses in the ideal manner to meet their needs and reduce investments with commitment, will affect retention as well as productivity. If executed well, it will symbolize the axiom that the whole is greater than the sum of its parts..