Reward Strategy in Talent Management

A___________________s an organization's effort to possess a workforce striving for excellence and helping the company grow. The principal components of such a strategy are inclusive reward packages. The package may include benefits, incentives and bonuses.

Reward Strategy,

Can organized system that provides monetary compensation to employees in exchange for work performance.

compensation

form of compensation paid by employers over and above regular salary or wages.

Benefits

hourly compensation paid to skilled and unskilled workers or those performing blue collar jobs, with time as the basis in the compensation.

Wages

usually given to professional and managerial employees or those who are performing white-collar jobs.

Salaries

official monetary plan designed to motivate and recognized employees performance.

Incentives Program

legal principle stating that regardless of sex, employees should be compensated equally for jobs involving the same degree of skills, responsibilities, and effort performed on the job

Comparable Worth

compensation other than wages and salaries (holiday pay, insurance contributions, extended health, life insurance)

Benefits Program

a wrong doing committed by the employer or employee on the basis of which the aggrieved party may terminate the employer-employee relationship.

Just Cause

cause brought about by changing economic or business conditions of the employer

Authorized Cause

Serious misconduct or willful disobedience by the employee of the lawful orders of his employer or representative in connection with his work.

Just Cause

Commission of a crime or offense by the employee against the person of his/her employer or any immediate member of his/her family or the duly authorized representative

Just Cause

Give the Authorized Cause Termination by Employer

Installaion of labor saving Devices, Redundancy, Retrenchment, Closure or cessation of operation

Closure or cessation of operation is what article in labor law

Art. 283, Labor Code

Changes in work Schedules

-COMPRESSED WORKWEEK
-FLEXIBLE TIME
-JOB SHARING
-TELECOMMUTING

Under the Tight budget what is the challenge of it

LIMITED FINANCIAL RESOURCES MIGHT RESTRICT HIRING TOP TALENTS OR INVESTING IN TRAINING

opportunity under tight budgets

THIS ENCOURAGES LOOKING FOR CANDIDATES WITH POTENTIAL RATHER THAN EXPERIENCE, FOSTERING A CULTURE OF LEARNING AND GROWTH

Undefined Roles challenges

IN EARLY STAGES, ROLES MIGHT BE FLUID, CAUSING AMBIGUITY.

Undefined Roles opportunity

SUCH FLUIDITY CAN ENCOURAGE MULTI-SKILLING, FOSTERING A FLEXIBLE AND ADAPTABLE WORKFORCE

Rapid Growth Challenges

RAPID EXPANSION CAN LEAD TO HASTY HIRING DECISIONS AND CULTURAL DILUTION.

Rapid growth Opportunity

STRUCTURED ONBOARDING AND CONSISTENT TRAINING CAN MAINTAIN A COHESIVE CULTURE AND HIGH PERFORMANCE

high risk, High reward challenges

THE UNCERTAINTY IN STARTUPS MIGHT DETER TOP TALENT

Limited HR Infrastructure challenges

ABSENCE OF STRUCTURED HR CAN LEAD TO INCONSISTENT PRACTICES

Limited Hr Infrastructure challenges

IMPLEMENTING AGILE, TECHNOLOGY-DRIVEN HR SOLUTIONS CAN CREATE STREAMLINED PROCESSES FROM THE OUTSET.

Cultural Establishment challenges

DEFINING AND MAINTAINING A POSITIVE CULTURE.

Cultural Establishment Opportunity

ENGAGING EARLY EMPLOYEES IN CULTURE CREATION ENSURES ALIGNMENT WITH COMPANY VALUES AND VISION

Talent retention Challenges

HIGH TURNOVER RATES DUE TO INTENSE WORK ENVIRONMENTS.

Competing with Giants Challenges

ATTRACTING TALENT AGAINST ESTABLISHED COMPANIES.

Competing with Giants Opportunity

EMPHASIZING THE UNIQUE GROWTH OPPORTUNITIES, CULTURE, AND DIRECT IMPACT OF ONE'S WORK IN STARTUPS CAN BE ALLURING.

Skill Gaps Challenges

RAPIDLY CHANGING DEMANDS MIGHT LEAD TO SKILL DEFICIENCIES.

Skill Gap Opportunity

CONTINUOUS LEARNING PROGRAMS AND COLLABORATIONS WITH EDUCATIONAL INSTITUTIONS CAN BRIDGE THESE GAPS.

Leadership Development Challenges

LACK OF SEASONED LEADERS IN THE EARLY STAGES.

Leadership Development Opportunity

INVESTING IN LEADERSHIP TRAINING CAN HELP IDENTIFY AND NURTURE LEADERS FROM WITHIN.