A total reward system comprises of all the efforts that an employer can use in recruiting, motivating and keeping employees. Employee turnover signals poor management within an organization, and therefore, they should be driven to work in a safe environment and also offered a competitive salary package. A total reward system ensures that staffs' welfare is taken care of. Motivated employees are committed to their duties thus increasing the productivity of the firm. The staffs should not only be given monetary rewards but also non-monetary rewards. For example, staffs should be provided with a favorable working environment where they are free from workplace injuries, sexual harassment, etc. the total reward program comprises of the following components; compensations, professional development, recognition, work-life balance and benefits (Kumar et al. 2010).
A Description of Apple Inc.
In the electronics industry the level of competition is high, and therefore the firms need to invest more in research and development to produce highly competitive devices. Apple Inc., Nokia, and Samsung are among the largest multinational corporations in the electronic devices. Technological changes are inevitable, and consumers demand devices with new features which will meet their demands. Employees also play a significant role in improving the quality of the products. Teamwork and consultation help to improves workers morale thus enlightening their productivity. Most successful companies in various sectors have developed strategies to reward their employees. This is aimed at increasing productive capacity, increasing employee loyalty as well as generating more revenue to the company. The firms use different strategies such as acquisitions and mergers, joint ventures, among other plans. Joint ventures help the firms to penetrate more markets thus reaching to more consumers. Acquisition and mergers are meant to improve the company's asset position and also the reduction of potential competition. This paper will review the current reward system for Apple Inc. and develop a suitable rewarding program (Kwon & Heinn 2013).
Apple Inc. is a multinational corporation which deals with consumer electronics. The firm has dominated the electronic industry for last one decade. The company offers a competitive salary to its staffs thus reducing employee turnover rate. The firm generates a lot of revenue thus remaining dominant in the sector. The firm, however, has faced a lot of criticism in the last few years due to subjecting its workers to harsh working conditions, low payments, and extended working conditions. Some researchers have also found that the suicidal rate cases, particularly in their china branch, have significantly increased. One of the terms of employment within the firm is that you have to sign an anti-suicidal contract.
Most companies' goals are to make money. However, according to Jonathan Ive Apple's main goal is to make high-quality products and not making money. While talking in the British Embassy's Summit, it is worth to note that noted that the company appreciates its high revenues but has to remain focused on improving the quality of their commodities. The firm is also committed to identifying new business opportunities within the international market. The demand for consumer electronics has dramatically improved, and as a result, the firm has to penetrate the market to meet consumer expectations (Scott et al. 2010).
The company aims to acquire and merge new entities to raise its competitive capacity. The company also aims at ensuring environmental management through recycling technique. The administration has encouraged its consumers to return old products to their shopping stores for them to be reused. Notably, this helps to reduce the emission of harmful chemicals into the surroundings. The firm also aims double the size of the service business. The firm's finance Chief Luca Maestri indicated that the firm has a lot of opportunities and momentum to accelerate growth in the service sector.
Apple Inc. The company has several goals which help the firm to compete with the rivals, increase production and also increase the revenue collected. The first objective is to expand their sales to new customers who have never bought Apple's products. Some customers have never purchased any product from Apple Inc. Company. The management team, therefore, aims at escalating the firm's supply network to reach more clients. The company has set in place a strong advertisement plan which will create awareness to the potential consumers. To achieve this objective, the firm aims to use the following tactics; use of flagship stores which will attract more customers. The firm has already established flagship stores in Hong Kong. The entity will also rely on internet providers and the use of third-party retail shops(Hiles 2009).
The second objective is to offer hassle-free commodities that deliver services and pleasure to
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