Employee rewards can be divided into two categories: tangible and intangible. Tangible employee rewards include financial incentives, presents, holidays, various perks etc. According to Woods (2009) intangible rewards include the following points:
i) Communication between management and employees. Management should ensure the intensive level of communication with the workforce discussing with them the various aspects of the business. Moreover, engaging employees in decision making processes will positively contribute to the level of their job-satisfaction and will increase their loyalty.
ii) Opportunities for career development. Some of the highly qualified professionals value the opportunity for personal and professional growth, and display willingness to join a company where such opportunities exist, even if the payment package is not so competitive. This fact should not be ignored by management, and accordingly opportunities for personal and professional growth should be provided for employees that would be highly beneficial for both, employees, as well as the company.
iii) Assisting with employee work/life balance. Management should assist its employees with maintaining their work and life balance by providing opportunities of job sharing, working from home etc so, and in this way the company can dramatically increase its value in view of a potential job applicant.
iv) Recognition of employee contribution. Each single occasion of positive employee contribution should be recognised by management by sending appreciation letters, verbal appreciation, and announcement and through other means.
v) Providing coaching at work. Some potential applicants hesitate to apply for a vacancy because they would not feel confident if they could do the job. The management should organise coaching for each new employee joining the company, so that people with necessary qualifications would feel confident to apply for a position with the company.
Moreover, according to Price (2004), as taken from Naidoo and Wills (2000) promoting health and safety in the workplace companies will gain the following benefits:
i) “Hard” benefits, that is benefits which will translate into financial gains in the forms of productivity improvement from low level of sickness, absence and staff turnover
ii) “Soft” benefits will promote the image of the company as the one that cares of its employees that will serve as an efficient advertisement to all stakeholders.
Job restructuring involves changing the content of the job in order to ensure greater satisfaction for employees (Armstrong, 2001). Restructuring can be done horizontally, where more related tasks will be added to the job or it can be done vertically, in which case the tasks of the level above can be added to responsibilities of employees.
- Armstrong, M, 2001, A Handbook of Human Resource Management Practice, Kogan Page
- Price, A, 2004, Human Resource Management in a Business Context, 2nd edition, Thomson Learning
- Woods, G, 2009, Human Resource Management: A Critical Approach, Taylor & Francis