Total reward -Job Satisfaction Literature review

Total reward -Job Satisfaction - Literature review Example Total Rewards pertains to all the tools that an employer has at one’s disposal, which could be used to attract, retain and motivate employees.Total Rewards approach takes into cognizance all the factors and attributes that are the direct outcome of an employment relationship, which are perceived by an employee to be of valueThe objective of the Total Rewards approach is to optimize the rewards offerings facilitated by an organization so as to yield the optimal results for the money spent on configuring and delivering awards This approach may involve an integration of a wide range of programs within an organization, which may not be directly perceived to be rewards by everyone (Fitz-Enz 2009). A wide range of practices that may involve enhancing the employee productivity by making the work hours more flexible, curtailing employee turnover by extending career advancement and training opportunities within an organization, making the management system within an organization more p articipative and interactive to encourage employee participation could be blended with the direct and indirect monetary compensation to yield maximal results from a reward system that is inherently bold and innovative (Fitz-Enz 2009). A Total Rewards approach do takes into consideration that the fact that when it comes to foster a workforce that is committed and motivated, the tangible reward forms and systems are important, but are certainly the be all and end all of a viable reward system (Fitz-Enz 2009). In that context, the question that deserves the attention of researchers is that why the reward approach has suddenly become very important in the contemporary context. One of the reasons for this is that there is a war for talent in the job market out there. Though going with the current economic meltdown and the recessionary trends, the labour market may have softened somewhat, still, employee retention has emerged to be a pivotal issue in many organizations (Jensen, Mcmullen & Stark 2007, p. 62). Companies do incur massive expenditure in training and grooming talent and hence attracting and retaining a staff that is experienced and skilled stands to be the top priority for many managers. With the compensation budgets getting more constrained, the competition to attract skilled and experienced employees has tremendously increased (Jensen, Mcmullen & Stark 2007, p. 62). To be able to cope up with such budgetary squeezes, managers need to delve on an assortment of tangible and intangible rewards and benefits to hold on to their employees. Then there is an enhancing focus on employee engagement (Jensen, Mcmullen & Stark 2007, p. 63). By making the jobs more rewarding and meaningful, the managers can encourage the employees to put in a discretionary effort so as to deliver better results (Jensen, Mcmullen & Stark 2007, p. 63). The challenging global environment is pushing the organizations to make the most of the human resources that they have at their disposa l, and hence it has become essential for the managers to directly depend on their employees to perform and act in a way that is in consonance with the organization’s objectives, values and culture (Jensen, Mcmullen & Stark 2007, p. 63). The increasing diversity of workforce is one other reason necessitating a Total Rewards approach towards management (Jensen, Mcmullen & Stark 2007, p. 64). Globalization has given way to dilution of borders and has augmented the diversity within organizations (Jensen, Mcmullen & Stark, p. 64). Besides with women getting an enhanced access to education and career building opportunities, the participation and proportion of women within the workforce has increased (Jensen, Mcmullen & Stark, p. 64). Changes in social attributes and demographic aspects have also contributed to the