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Developing A Reward Strategy T - College Paper

Developing A Reward Strategy T


hat Delivers Shareholder and Employee Value
Today business faces the biggest and most difficult times ahead. With the ever changing moods and directions that business is taking almost daily, it is impossible to have a strategy set in place. There is no true "one way of doing things" and it is almost impossible to say that one strategy is the way to go. Knowing this the truly successful companies will be the ones who:
Are linked to their suppliers, Global, Cross-functional, Built around knowledge workers and organize with a capacity for continuos change. With these guidelines set in place it is important to realize how to gain a competitive advantage. This is accomplished by innovation in ...

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as shown in Exhibit1. These must be properly integrated to work. Doing What has worked in the past will only lead to complacency. This figure demonstrates how to develop a working "culture". A culture designed to work faster, communicates more efficiently and gives a focused joint effort as a goal. Exhibit 2 presents a model for developing an integrated Hr approach to creating both shareholder and employee value
Reward Systems:
Reward systems are a crucial part of this development. This aids in behavioral modification and creates drive and performance. Some negative aspects of rewards are that they are often too financially focused. They are lag indicators rather than lead indicators. They are not always associated with creating shareholder value. In most cases they do not promote long-term behavior for most of the work force.
A research done by Watson Wyatt shows that out of 1000 organizations surveyed. Only 27% of the employees had an understanding of the reward's program. Is ...

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PAPER DETAILS
Added: 8/31/2004 08:08:55 AM
Category: Miscellaneous
Type: Premium Paper
Words: 648
Pages: 3

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