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Essay / Research Paper Abstract
This 3 page paper compares and contrasts the advantages and disadvantages of an employer using a total rewards package compared to a traditional approach to remuneration. The issues are considered from the perspective of the employer and the employee and the case of Starbucks is used as an example. The bibliography cites 4 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEtotalre.rtf
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Unformatted sample text from the term paper:
added at specific levels of the hierarchy, may be eared as a result of achievements or may be negotiated individually. By contrast an approach which looks at a total reward
package looks at more than simply the basic salary, it is the way the entire remuneration package is provided, which includes all direct and indirect payments including wages, benefits as
well as other prerequisites. The use of a total rewards package has both advantages and disadvantages for the employer and the employees (Armstrong, 2002). When looking at the
disadvantages of providing this type of package from the perspective of the employer there are several issues. The first may be the cost of the higher level of benefits, although
it may be argued some benefits will cost an employee less than the perceived value in wages terms to the employee, which can result in coast savings. There may also
be some level of wasted benefit as the full package may not be appreciated or even used by some staff, which can result in a waste of resources. There is
also the administrative overhead of setting up and running the total reward benefits and scheme, which will also have a cost in terms of time and resources. There are
also some potential benefits. There may be cost savings for example providing benefits that employees want may help increase the value of a remuneration package without increasing the cost, especially
where an employer is able to take advantage of saving due to scale. However, it is possible that the best savings may be the result of the impact that the
provision of a total reward package will have on the motivation of the employees, increasing productivity and loyalty and decreasing the costs associated with attrition and low work rates. This
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