Literature Review

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Nov 24, 2024

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1 Literature Review on Incentivizing the Workplace to Attract and Maintain Quality Staff Student Name Affiliation Course Professor Name Date

2 Literature Review on Incentivizing the Workplace to Attract and Maintain Quality Staff Introduction. Businesses must hire and keep talented workers in the competitive labor market. This may be done through rewards, such as compensation, employee wellness programs, a balance between work and personal life, programs recognizing staff members, a nice workplace atmosphere, and an enhanced overall corporate culture. The evaluation examines workplace incentives and conveniences for luring and keeping excellent personnel. This review will look at the various benefits companies offer to attract and keep quality workers, the impact these benefits have on workplace morale and productivity, and the most crucial considerations that need to be made when implementing these benefits. The Value of Compensation To respond to these inquiry questions, currently published sources were evaluated, and the findings were organized into three themes: remuneration, employee wellness initiatives, and workplace culture. Organizations utilize compensation as one of the most important incentives to recruit and retain quality employees. According to a WorldatWork (2019) survey, 88% of companies utilize base pay to attract and retain employees. Organizations utilize bonuses, profit- sharing, and stock options to reward employees in addition to base pay. Compensation's influence on employee performance and corporate culture has been thoroughly researched. According to Wei and Wu (2018), a constructive relationship exists between remuneration and worker job satisfaction. Employees are more likely to perform well and approach their work with a good attitude when they are happy with their salary. However, the only element influencing employee

3 performance and organizational culture is not the salary. Research by the Society for Human Resource Management (SHRM) (2019) found that to enhance employee performance and organizational culture; businesses must also offer chances for training and career development, flexible work schedules, and a favorable work environment. Higher pay and incentives were positively connected with work satisfaction or overall organizational commitment in a study by Colquitt et al. (2018). In addition, increasing employee satisfaction and retention rates may be achieved by offering perks like health insurance, retirement programs, and paid time off (Riyanto et al., 2021). Offering attractive salaries and perks can entice top talent and encourage current employees to remain with the company. Employee Wellness Initiatives Employee wellness initiatives are another incentive employed by corporations. These initiatives may include stress management workshops, access to healthy food alternatives, and gym memberships. Workplace wellness initiatives have been shown to enhance employee health outcomes, save healthcare costs, and boost employee productivity, according to a meta-analysis by Ott-Holland et al. (2018). Employers who prioritize their workers' well-being can boost employee happiness and retention by offering wellness initiatives. By providing services, including exercise programs, nutritional counseling, and mental health assistance, these programs seek to increase the health and well-being of their participants. Employee wellness initiatives can be effective, according to research. According to research, employee wellness initiatives enhance company culture and worker performance. According to Berry et al.'sal.'s (2020) research, businesses implementing wellness initiatives reported greater worker engagement and job satisfaction. The same study discovered that wellness initiatives could lower medical expenses and absenteeism. An employee wellness program, however, has to

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4 be implemented with caution. In order to ensure the success of wellness initiatives, firms should include workers in their design and execution, finds a 2019 research by the National Business Group on Health (NBGH). Additionally, they must give staff members enough tools and assistance to promote engagement. Work-Life Balance. Work-life balance programs are also critical incentives for attracting and retaining great employees. According to a study by Iqbal et al. (2017), workers with a good work-life balance are more engaged and devoted to their firms. Furthermore, workers with the freedom to balance work and family duties are likelier to have a good attitude toward their company and are less inclined to hunt for jobs elsewhere. Another major motivation for keeping outstanding employees is employee appreciation programs. These programs may include incentives, gift vouchers, or public acknowledgment for a well-done job. O'Neill et al. (2019) state that employee appreciation programs can boost employee performance and work satisfaction. Recognizing workers for their hard work and achievements may enhance morale and motivate them to keep doing well. A good work-life balance is critical for employee well-being and may substantially influence job satisfaction and retention. Employee satisfaction and retention are better in organizations that promote work-life balance by providing flexible work hours, telecommuting opportunities and paid time off. (Rawat, 2020). Recent research has also demonstrated that individuals with a strong work-life balance are more productive and engaged in their job, which leads to improved organizational performance (Khoury, 2021; Kelliher et al., 2019).

5 Healthy workplace culture may boost employee engagement, work happiness, and overall organizational success. According to a Deloitte (2019) survey, 82% of workers say that culture is an important element in their choice to stay with a company. Creating a healthy workplace culture necessitates firms prioritizing employee well-being, reverence, and openness. According to SHRM (2019) research, to build a healthy workplace culture, firms must promote open communication, give chances for employee input, and value diversity and inclusion. Employee recognition programs, team-building events, and employee empowerment are strategies to develop a healthy workplace culture. According to Murray and Holmes (2019), firms that focus on employee appreciation and empowerment have better employee engagement and satisfaction. Employee Appreciation Programs. Employee appreciation programs are an excellent way to show employees that their efforts are acknowledged and appreciated. These programs may include incentives, gift vouchers, or public acknowledgment for a well-done job. O'NeillO'Neill et al. (2019) state that employee appreciation programs can boost employee performance and work satisfaction. Recognizing workers for their hard work and achievements may enhance morale and motivate them to keep doing well. Employees who feel acknowledged and valued at work are more engaged and driven, increasing job satisfaction and retention (Chen et al., 2019; Ongori, 2020). Positive Work Place Environment Fostering a pleasant workplace culture is key to luring and keeping talented employees. According to a study by Sturges et al. (2018), staff members are more likely to be content with their jobs and stick with the company if they believe their employers recognize their

6 contributions and foster a healthy work environment. Open lines of communication, chances for personal and professional development, and a strong feeling of teamwork among workers can all be indicators of a great workplace culture. In conclusion, creating a favorable work environment, fostering employee well-being, giving competitive remuneration packages, and acknowledging employee achievements are efficient strategies for businesses to recruit and keep high-performing workers. Implementing these incentives promotes a healthy company culture in addition to improving employee motivation as well as productivity. Spending money on employee retention and happiness impacts the business, enhancing performance, lower turnover, and more profitability. Businesses must thus give incentives to workers a top priority and continually assess how well they are working to produce the intended results.

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7 References Berry, L., Mirabito, A. M., & Baun, W. B. (2020). What's the hard return on employee wellness programs? (pp. 2012-2068). SSRN. https://mays.tamu.edu/wp- content/uploads/2019/08/Whats-the-Hard-Return-on-Employee-Wellness- ProgramsHBR2010.pdf Colquitt, J. A., Scott, B. A., Rodell, J. B., Long, D. M., Zapata, C. P., Conlon, D. E., & Wesson, M. J. (2013). Justice at the millennium, a decade later: a meta-analytic test of social exchange and affect-based perspectives. Journal of applied psychology , 98 (2), 199. https://psycnet.apa.org/doiLanding?doi=10.1037/a0031757 Deloitte. (2019). The rise of the social enterprise. Deloitte Insights. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/about-deloitte/us- corporate-citizenship-social-enterprise-2019-global-human-capital-trends.pdf Iqbal, I., Zia-ud-Din, M., Arif, A., Raza, M., & Ishtiaq, Z. (2017). Impact of employee engagement on work life balance with the moderating role of employee cynicism. International Journal of Academic Research in Business and Social Sciences , 7 (6), 1088-1101. Murray, W. C., & Holmes, M. R. (2021). Impacts of employee empowerment and organizational commitment on workforce sustainability. Sustainability , 13 (6), 3163. https://www.mdpi.com/2071-1050/13/6/3163 Kelliher, C., Richardson, J., & Boiarintseva, G. (2019). All of work? All of life? Reconceptualising work‐life balance for the 21st century. Human resource management journal , 29 (2), 97-112. https://onlinelibrary.wiley.com/doi/abs/10.1111/1748-8583.12215

8 Khoury, M. M. (2021). Work-life balance constructs and job satisfaction: Evidence from the Palestinian investment sector. International Business Research , 14 (2), 13. National Business Group on Health. (2019). Best practices for designing and implementing effective wellness programs. NBGH. https://www.businessgrouphealth.org/resources/best-practices-for-designing-and- implementing-effective-wellness-programs O'Neill, T. A., Hambley, L. A., & Greidanus, N. S. (2019). Employee recognition: A review, critique, and research agenda. Journal of Occupational and Organizational Psychology, 92(3), 534–555. https://doi.org/10.1111/j RAWAT, A. (2020). Impact of Work Life Balance on Employee Turnover using Machine Learning Techniques (Doctoral dissertation). Ott-Holland, C. J., Shepherd, W. J., & Ryan, A. M. (2019). Examining wellness programs over time: Predicting participation and workplace outcomes. Journal of occupational health psychology , 24 (1), 163. https://psycnet.apa.org/record/2017-38609-001 Riyanto, S., Endri, E., & Herlisha, N. (2021). Effect of work motivation and job satisfaction on employee performance: Mediating role of employee engagement. Problems and Perspectives in Management , 19 (3), 162. https://www.academia.edu/download/69819906/PPM_2021_03_Riyanto.pdf World at Work. (2019). Employee Rewards. World at Work. https://worldatwork.org/content- topics/employee-rewards

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