Total reward approach to compensation and timeline Research Paper

Total reward approach to compensation and timeline - Research Paper Example Further, compensating the employees’ efforts remains a basic and foundational concept in employees’ retention and motivation. To ensure a comprehensive and fool proof operation of these types of compensations that are besides the salaries, most companies have established systems that recognize what is to be rewarded and how the process is supposed to take place (Kowalewski, College, & Phillips, 2012). These programs are called total rewards programs and are meant to direct the organization on how the employees are to be rewarded to ensure efficient motivation and maximum retention of the employees. The rewards program encompasses all things and activities that the employer regards as motivating from the employees point of view and which are valuable to the general and specific welfare of the employees. Although they include both monetary and non-monetary commodities, the financial and related rewards are the most notable and the foundation of rewards system in an organization settings. Most companies recognize four categories of rewards (Burris, 2012). There are the membership and seniority-based rewards, work status-based, competency-based and performance based rewards. The established system dictates what type of reward is to apply in each employee’s case and how these rewards are to be executed. This paper is aimed at designing a total rewards system based on Coca-Cola Company’s system. By exploring in details the total rewards system of the company, this paper will provide an insight on the basic contained in a specific system. To arrive at this design, the paper will first look into the company and its main objectives, missions and vision and an analysis of the reward system. It is from this analysis that the design will be developed. The Coca-Cola Company is undoubtedly the world largest manufacturer of beverages and soft drinks. It has been ranked the world’s number one brand on several occasions. Since 1889,