Total Reward System

[Name of the Institute]

Total Reward System

Introduction

Reward System in the Current Scenario

In the contemporary business environment the majority of the global organizations can no longer be identified as a unilateral organizational entity. The companies functioning in the current business environment are not completely independent, neither are they owned by stakeholders belonging to a specific country. The ownership of these companies is dispersed among numerous shareholders, who belong to different nationalities and countries all over the world. This current scenario has been developed due t the recently emerging phenomenon of globalization. Globalization has caused the organizations to drastically change their strategic vision and enhance their operational capabilities. In the traditional perspective, the majority of the companies were only concerned regarding their own national markets, and the local business environment (Bartol & Srivastava, 2002). These companies functioned in a relatively stable business environment, where the majority of the factors could be easily identified and a long term organizational strategy could be developed by the senior management. In this scenario the companies could easily identify the needs of their homogeneous human resource. And develop a fairly simple reward system, which would enhance the satisfaction and motivation levels of the employees.

As the role of the organization shifted from a single market organizational entity, to a multidimensional global entity, handling a diverse and multi dimensional work force became a relatively difficult task. The senior management of the contemporary organizations do not have stable and homogenous business environments, and they must critically analyze the dynamics and the specific needs of their human resource. The human resource is considered as one of the most strategic tools of the organization, and it can help the organization develop a positive culture and innovative products or services (Kerr & Slocum, 1987). In the contemporary society the role of the human resource as a quality and innovation source has become more popular than the traditional approach of assembly line workers. In this perspective it is very important for the managers to critically analyze the dynamics of their human resources, and provide a comprehensive reward system, which will enable the employees to become more effective and motivated.

Discussion

Company Overview 'Mobile Service Provider'

The company selected for this paper is a service based organization, which offer mobile phone services to the global consumer market. The organization has a credible global presence, which operational activities in more than 17 different countries worldwide. The organization has a very complex and vast human resource network, which includes over 20,000 employees belonging to different socio cultural backgrounds. In order to maintain operational efficiency and a high performance standard the company's senior management has employed more than 2000 managers to lead the vast global workforce. In the service industry, the consumer perception is a very essential component. The company has to ensure that it critically analyses the consumers, and identifies their needs and demands. The quality of the service and output provided by the company will only be measured by the utility and satisfaction achieved by the ...