Tuesday, August 27, 2019

Compare reward approach between Asia and Western economy Essay

Compare reward approach between Asia and Western economy - Essay Example The western economy has shown progress mainly because of the motivated workforce. They have adopted the total reward management strategy. This compares to Asia that also has seen economic rise though not successful as the western economy. The Asian countries have also shifted from the traditional reward system to the total reward system. Western countries adopt the change quickly because they have less cultural cohesion unlike the Asian with the cultural cohesion. The success of the western economy can be linked in the utilization of total reward system to make decisions, improve staff performance and help solve potential reward problems. With the uncertainty of the world economy, having the right talent at the right cost in companies across the world has been a great challenge in human resource. Total reward programs aim at attracting and retaining a talented workforce in any company. As technological advances are, and the swaying global economy poses a significant threat to companies`, it has been shown that total reward strategy is used to achieve excellence. This paper compares the reward approach between Asia and the western world (Chiang and Birtch 2007, p.61). Through use of literatures, rewards systems in the international context have been explored. The main objectives of the paper include: 3. To assess the significance of total reward system under the culturally, globalization influence and through theoretical views of total reward management know the use, models and design in the global economy. According to Milkovich and Newman, (2006, p.8) reward is all the tangible and non-tangible benefits and provisions presented to an employee as part of improving employment relationship. Work rewards refer to benefits employees receive from their workplace that are considered as the determinants of job satisfaction and commitment (Malhotra et

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