Competitive Rewards System Reduces the Employee's Turnover in the Organization

1.IntroductionHuman Resource Management (HRM) has become an consequential dick to erect the rapid development of modern enterprises. One of the core functions of HRM is to patch compensation and benefit portions for the employees. An payoffive compensation and benefit package must involve competitory rewards system which should be capital punishment oriented. Reward system will be an effective tool to promote the realization of enterprise strategic goals. Reward solicitude changes the enterprise spirit and the relationship between labor and management, increase the enterprise competitive edge and vitality in its own special way. It plays an important role in the process of reforming and guiding the enterprise.

Turnover is enough a serious problem in todays corporate environment. The craft culture is changing as well. It is now relatively uncouth to change jobs every few years, rather than grow with iodin company throughout the employment tenure. Basically, organizations always strive to keep an efficient and capable workforce for it?s rapid development. here(predicate) comes the necessity of competitive rewards system. Standardizing the reward system to enhance employees blessedness and performance benefits both the individual and the enterprise, balances the influences coming from various factors, which in conclusion represss the turnover in the enterprise. Reward system should be rational and aligning with organizational structure.

This paper analyzed the causes and remedies of turnover in any organization, highlights some ideas of reward system, and finally derive the effect of competitive reward system to reduce turnover in the organization. It also provides some concrete frameworks and decision-making tools that will help in understanding the power of reward management for tomorrow?s organizations.

First, I shall focus on turnover which will include causes of turnover, factors which affects turnover and steps that can be taken to reduce turnover. Then I shall highlight the purposes, goals and principles of rewarding system. Last...

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