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The key components in the Total Rewards System (TRS): HRM – Human Resource Manag

The key components in the Total Rewards System (TRS): HRM – Human Resource Management Scenario: The key components in the Total Rewards System (TRS) which will be examined are: Compensation, Benefits, Work-life Balance, Recognition and Career Development. In the current Total Rewards System, other than base salary, it includes additional employee benefits (healthcare insurance, screening and holiday incentives). There are also recognition schemes: Star of Asia, Kaizen, and Long Service Award for better performing employees. For the incentive schemes, there is a further productivity incentive that will be awarded to all employees if the team achieves the productivity targets set by the management. Though employees are given high and competitive remuneration, the organisation is faring relatively poorly in areas such as career development and work-life balance. There is a critical shortage of employees (technician) to meet the organisation’s competing expansion and operational needs. With limited staff strength, the existing technical team faces heavy workload and inflexible work arrangements. Promotion opportunities are also limited or non-existent as there is a lack of clear and structured career progression pathway for the technicians. Coupled with limited employee training opportunities and funding, the current TRS should be reviewed for further improvements…

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