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Total Reward Systems (Factors (I. Legislations (Employment Act (Part III…
Total Reward Systems
Factors
I. Legislations
- Employment Act (Part III & Part IV)
- Central Provident Fund (CPF) Act
- Work Injury Compensation Act
- Workplace Safety and Health Act
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Elements
I. Compensation
Pay provided by an employer to an employee for services rendered that includes fixed and variable pay
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III. Work-Life
A specific set of organizational practices, policies and programs plus a philosophy, that actively supports efforts to help employees achieve success at both work and home
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Objectives
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II. Motivate
Total Rewards should reinforce desired behaviors and acts as an incentive for these behaviors to occur in the future
III. Retain
Employees may quit when total rewards are not competitive which results in high turnover. The cost of turnover is overwhelming, not only financially but also in terms of skills, knowledge and talent
Definition
A concept that is inclusive of an employees’ values as part of the relationship with their employers. A form of total rewards model that is derived from the one created and maintained by world at work. It involves the formulation and implementation of a reward system that is equitable and align with the organisatiom strategic objectives, management style and other organisational systems. For an effective system, their total reward package must be tied together with the organisations strategy, workforce strategy and the human resource strategy.