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Holistic Reward Strategy To Retain Employees

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Question:

Write a Literature Review on Adopting a Holistic Reward Strategy to Retain Employees.
 
 

Answer:

Literature Review    

In this era of globalization, organizations have realized the importance of employee retention. Today, organizations have expanded in different parts of the world and they fight together to get the best talent from the market. In fact, hiring the best talent from the market is just one part of the problem. The important or the key thing for organizations is to retain the employees (Suttapong & Srimai, 2014). It is important that the organizations must have a holistic and comprehensive reward strategy in place.

The employee retention would be high only when employees remain motivated. Some of the issues current day organization is facing is that all the departments are working in Silos with their individual objectives and there is often lack of synchronization between them and it results in excessive raw material or excessive food item and sometimes organization is also not able to fulfill the demand. In this case, motivation of employees is the key as motivation is directly linked to the productivity level of employees (Smit & Stanz, 2015).

Gilley & Gilley (2015) argued that holistic reward strategy for organizations is one that focused on various aspects. The financial remuneration or the salary is just one aspect of reward system. It is important that organizations must look for other aspects also. There are four pillars of holistic reward strategy. These are compensation, work environment, performance or recognition, and benefits.

It would be correct to say that the monetary compensation is the most important aspect of reward strategy. The component of compensation would include, the basic pay, the variable pay and the incentives. The compensation given by the organizations should be more than the industry average if they want to retain the employees. It is important that employees should be satisfied with their current compensation structure. The variable component of the salary should be offered based on the performance of the employees and not on the basis of tenure.

 


Taneja & Sewell (2015) argued that the workplace environment should be challenging for employees. The employees should feel that they are adding value to organizational growth and development. The employees should get a platform to feel new challenges at workplace every day. The bottom line is that the employees should not get bored with their work and organization. Another critical thing of workplace environment is autonomy. It is suggested that organizations and leaders should create a flexible and open culture. For example, flexible working hours, work from home, etc. facilities should be provided to employees to retain the best talent from the industry.

Yadav & Saxena (2015) argued that in an organizational setting, employees must have a clarity of their goals and objectives. In fact, employees would be able to perform better only when they understand their expectations. It can happen only with an effective performance management system is in place. The performance management system must focus on continuous reinforcement for employees and non-cash rewards. It is important that the high-performing employees should be recognized among the masses.

The benefit is the last pillar of a holistic reward strategy. It is the last pillar, yet an important pillar. The things under this pillar would include the benefits like health care benefits, insurance benefits, retirement benefits, etc. It is important that the organizations should create a balance of various benefits being offered to employees. With the benefits like pension plan and retirement plan employees are able to think from the long-term perspective and it increases the chances of employees remaining stick to the same company. It is suggested that the health benefits given to employees should also cover their immediate family members (Bellou & Chaniotakis, 2015).

It is recommended that the organizations must target to develop and implement the strategies that can increase the motivation level of employees. All the discussion leads to one thing that motivation level of employees could be the key lever of employee retention. Therefore, steps must be taken to increase employee motivation (Pereira & Malik, 2015). At the same time, the senior leaders of the organization should work to bring cultural changes in the organization to establish an inclusive and open culture based on trust, respect and freedom for employees. 

With the above discussion, it can be said that retention of employees is a challenge for organizations and leaders. The steps should be taken to increase the retention level of employees. It can happen only when organizations have strategy in place to keep employees motivated and committed.

 

References

Bellou, V., Chaniotakis, I., Kehagias, I. and Rigopoulou, I., 2015. Employer Brand of Choice: an employee perspective. Journal of Business Economics and Management, 16(6), pp.1201-1215.

Gilley, J.W., Gilley, A.M., Jackson, S.A. and Lawrence, H., 2015. Managerial practices and organizational conditions that encourage employee growth and development. Performance Improvement Quarterly, 28(3), pp.71-93.

Pereira, V., Malik, A. and Sharma, K., 2015. Colliding Employer?Employee Perspectives of Employee Turnover: Evidence from a Born?Global Industry. Thunderbird International Business Review.

Smit, W., Stanz, K. and Bussin, M., 2015. Retention preferences and the relationship between total rewards, perceived organisational support and perceived supervisor support: original research. SA Journal of Human Resource Management, 13(1), pp.1-13

Suttapong, K., Srimai, S. and Pitchayadol, P., 2014. Best practices for building high performance in human resource management. Global Business and Organizational Excellence, 33(2), pp.39-50.

Taneja, S., Sewell, S.S. and Odom, R.Y., 2015. A culture of employee engagement: A strategic perspective for global managers. Journal of Business Strategy, 36(3), pp.46-56.

Yadav, P. and Saxena, S., 2015. Interrelationship among Employee Retention Strategies Adopted by Corporate Sector: An Empirical Study. International Journal of Research in Management, Science & Technology (E-ISSN: 2321-3264) Vol, 3.

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