Hrm533Assignment 5 New and Improvedapproved Rewards at

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Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. Business leaders charged to remain competitive within their industries are discovering a corresponding need to develop and implement programs to develop the competitiveness of their employees within their fields. They are discovering that in order to attract and keep the best employees, they will have to offer these employees opportunities for educational and vocational development that address the need to remain relevant and aggressive in pursuing their career goals. The main objective of compensation strategy is to provide or create an optimal and significant rewards package in anticipation of enticing and rewarding certain employee behaviors. When developing or making improvements to employee benefit programs, companies should compare the benefit packages to competitors. The best benefits are the ones desired by the workforce and are competitive in the marketplace. Compensation strategy can reinforce the organizational culture that the company desires to promote. In the public sector, many aspects of employee compensation is governed by legislation. In most cases, there is not much room for innovative ideas in formulating compensation strategy. When making improvements to your employee benefits it gives you the upper hand in attracting talented employees. Whereas many companies develop a plan and sticks to it, it causes employees to begin to feel that they are not getting what their performance is worth. Adding to the benefit packages keeps the employees motivate and excited that they have been taken into consideration. Even though the company may not include the employees in the specifics of developing the benefits package; it is very important to know and understand the needs of the employee. It is a fruitless and unworthy effort…...

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