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The Reward System

This document discusses total reward approaches for organizations. A total reward approach encompasses both tangible elements like salary and benefits as well as intangible elements like career development opportunities and work-life quality. Total reward approaches have benefits like motivating workers, enhancing employment relationships, flexibility to meet individual needs, attracting and retaining talented employees, and improving organizational competitiveness. The document recommends that Air India adopt a total reward approach to attract and retain great talent in order to make the company competitive again by effectively combining all forms of rewards, including training to motivate employees.

Uploaded by

Daniel Buchi
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
17 views

The Reward System

This document discusses total reward approaches for organizations. A total reward approach encompasses both tangible elements like salary and benefits as well as intangible elements like career development opportunities and work-life quality. Total reward approaches have benefits like motivating workers, enhancing employment relationships, flexibility to meet individual needs, attracting and retaining talented employees, and improving organizational competitiveness. The document recommends that Air India adopt a total reward approach to attract and retain great talent in order to make the company competitive again by effectively combining all forms of rewards, including training to motivate employees.

Uploaded by

Daniel Buchi
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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A reward sysLem conslsLs of a number of lnLerrelaLed processes and acLlvlLles whlch comblne Lo
ensure LhaL reward managemenL ls carrled ouL effecLlvely Lo Lhe beneflL of Lhe organlzaLlon and Lhe
people who work Lhere (ArmsLrong's Pandbook of Puman 8esources ManagemenL racLlces 2009)
1he besL reward approach ls known as Lhe LoLal reward meLhod 1hls reward approach has helped
malnLaln Lhe compeLlLlveness of organlzaLlons pracLlslng LhaL adopLed lL 1oLal reward accordlng Lo
1hompson (2002) can be deflned as Lyplcally encompasslng noL only Lhe LradlLlonal quanLlflable
elemenLs llke salary varlable pay and beneflLs buL also more lnLanglble noncash elemenLs such as
scope Lo achleve and exerclse responslblllLy career opporLunlLles learnlng and developmenL Lhe
lnLrlnslc moLlvaLlon provlded by Lhe work lLself and Lhe quallLy of worklng llfe provlded by Lhe
organlzaLlon
1oLal reward approach has many beneflLs whlch lnclude
1) CreaLer lmpacL ComblnaLlon of dlfferenL Lypes of rewards usually wlll moLlvaLe and boosL
Lhe morale and workers commlLmenL whlch ln Lurn lmproves organlzaLlon compeLlLlveness
2) Lnhanclng Lhe employmenL relaLlonshlp as Lhls form of reward approach ls usually more
aLLracLlve Lo workers
3) llexlblllLy Lo meeL lndlvldual needs whlch leads Lo personal [ob saLlsfacLlon and lnnovaLlons
4) ALLracLlon and reLenLlon of LalenLed people Lo work for Lhe organlzaLlon 1he organlzaLlon
becomes a wonderful place Lo work and employer of cholce whlch wlll furLher lmprove Lhe
flrm's compeLlveness

Alrlndla should adapL Lhe LoLal reward approach ln order Lo aLLracL and reLaln greaL LalenLs
for Lhe company Lo become compeLlLlve agaln 1hey should effecLlvely comblne all forms of
rewards whlch lncludes Lralnlng lndlvlduals as Lhls wlll moLlvaLe and llfL Lhelr splrlL Pappy
workers are usually Lhe mosL producLlve creaLlve and lnnovaLlve

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