In today’s HR context, evaluating human resource (HR) practices is identical to assessing results. A company’s incentive plan can impact several variables, including personnel morale, financial success, managerial attention, and brand awareness. This article considers the degree to which the firm’s total rewards programs are consistent with its stated objectives and fundamental values, focusing on the fictional M. K. Makey company. In addition, the research will look at the common practice of companies offering their products to employees as compensation, including specific US instances, and provide recommendations for improving Makey’s current benefits offerings.
Companies Offering Products as Compensation: A Common Practice?
In the United States, it is customary for employers to include company goods in employee compensation because many corporations find this to be beneficial. Giants in the computer sector, like Apple and Google, are just two instances of businesses that provide their staff members with significant discounts on state-of-the-art gear (Manongsong & Ghosh, 2023). Another benefit of working for a retail behemoth like Walmart is getting discounts on items.
This tactic serves two purposes. First, it allows companies to enhance employee incentive programs without impacting revenue. Assisting employees in experiencing satisfaction from using the company’s products also promotes brand loyalty (Manongsong & Ghosh, 2023). This harmony improves morale and job satisfaction and cultivates a more committed and engaged team. In the context of overall incentives, the practice thus functions as a strategic endeavor that combines staff satisfaction and brand commitment.
Is It a Good Idea?
The sort of organization, the products at risk, and employee preferences determine how useful it is to incorporate items in remuneration. This strategy works effectively in competitive areas like technology and retail, where brand identities are valued (Manongsong & Ghosh, 2023). Alternative techniques of calculating total compensation may be better for sectors with low product popularity.
Employees feel more ownership of products they use regularly when they receive them as remuneration. This relationship makes employees proud and improves the workplace. If the options do not match worker interests or preferences, job happiness may not be affected (Manongsong & Ghosh, 2023). This strategy requires a thorough understanding of market dynamics and worker preferences.
Real-Life Examples:
A lot of well-known American firms have entire reward schemes that include products. One well-known illustration of a prosperous tech company is Apple. Apple employees get hefty discounts on the latest MacBooks, iPads, and iPhones. This reinforces Apple’s innovation and brand among employees (Arnold et al., 2022). Another business that values its workers is Google, which gives its staff members free or significantly reduced access to its goods and services. Numerous Google goods, like the well-known Google Pixel smartphones and Google Workspace subscriptions, are available to employees. This approach encourages employees to refer business to others while increasing total compensation.
Recommendations for Makey’s Benefits Programs:
After evaluating the M. K. Makey instance and contrasting it with industry best practices, several recommendations are made for enhancing the programs’ advantages. Makey’s can start by thinking about implementing customized wellness programs in response to the growing importance of employee wellness (Campbell et al., 2023). This campaign should include the provision of instructional seminars, mental health services, and gym memberships. Makey contributes to creating a healthy work environment and enhances the quality of life for its employees.
To assist its staff in advancing in their professions, Makey’s may also consider looking into continuing education and skill development programs. Partnerships with universities or online learning providers may make it easier to give staff members access to pertinent courses (Campbell et al., 2023). This method, which might involve full course fee reimbursement or subsidies, can help develop a more knowledgeable and motivated workforce.
Flexible work arrangements are another vital recommendation that Makey’s can provide because they address the evolving needs of the modern worker (Campbell et al., 2023). This could mean offering opportunities for remote work or shorter workweeks per current workplace trends. Allowance for such flexibility encourages a better work-life balance and increases employee satisfaction.
Lastly, employee recognition programs have a significant positive impact on employees’ gratitude sentiments. This can mean creating an “Employee of the Month” program, giving performance bonuses, or recognizing accomplishments regularly (Campbell et al., 2023). Giving people credit for their achievements goes a long way towards creating positive work environments.
These recommendations for enhancing Makey’s employee benefits plan will assist the business in offering a more comprehensive and employee-focused package. By embracing industry standards, Makey’s can give its workers a better environment to work that promotes their well-being, career advancement, and general contentment.
Conclusion
In conclusion, the strategic alignment of overall incentive programs with organizational goals is vital to modern businesses’ performance. The M. K. Makey case underlines how important it is to customize employee benefit plans based on individual needs and preferences. Items are a common and occasionally effective part of compensation packages, but their effectiveness depends on several factors. Apple and Google are excellent illustrations of how this tactic may boost employee satisfaction and brand loyalty.
The recommendations consider every facet of the lives of Makey’s employees. By implementing these suggestions, Makey’s can attract top talent and cultivate a driven and enthusiastic staff. Businesses must strategically integrate comprehensive benefits programs to succeed, as the workforce’s shifting dynamics drive them to change.
References
Arnold, D. G., Amato, L. H., Troyer, J. L., & Stewart, O. J. (2022). Innovation and misconduct in the pharmaceutical industry. Journal of Business Research, pp. 144, 1052–1063.
Campbell, J. T., Bilgili, H., Crossland, C., & Ajay, B. (2023). The background on executive background: An integrative review. Journal of Management, 49(1), 7–51.
Manongsong, A. M., & Ghosh, R. (2023). Living at the Intersections of Race and Gender in Diversified Mentoring: Experiences of Minoritized Women Leaders in Higher Education. Advances in Developing Human Resources, 25(4), 247-278.
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