Metric is the parameter of measurement
Total Rewards Metrics
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Introduction
This paper consist of the importance of matrices to evaluate the total reward programs. There are many different ways that can be used for evaluation but the most essential and effective ones will discussed here.
Purpose:
The purpose is to “identify the role of matrices and its effectiveness in the evaluation of total rewards programs within the organization” Australian Benefits Review ,(2004).,
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Definition of Metric
Metric is the parameter of measurement specifically for quantitative assessment that are used for the measurement perspectives. At the same time it has the capacity to compare the track of performance and production. On the other side the metric can analyze and compare the performance of different companies with different variations (Gross & Friedman, 2004).
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Role of Metric in evaluation of Success
Human attitude towards the total reward programs has been changed in this modern times.
Currently organizations acknowledge the importance and the role of total rewards program as the key to business success and accept its contribution progressively. It is necessary to put simple and influential total rewards strategy that activities the organization to deliver the right need and amount of rewards to the right employee, right time with right reason (Gross & Friedman, 2004).
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1: Marketing Metrics
Marketing metrics needs to measure the performance of product line, sales team performance and consumer demands.
It boosts customer engagement with the organization annual operating income. Marketing metrics revealed through an analysis of a actual social performance.
Marketing metrics impact on the productivity of organization and consumers demand (Moreen & Gross, 2015).
Three Metrics (Identify, Describe and Provide Examples)
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2: Process metrics
Process metrics has been identified as to measure and all operational process of the organization. it is very effective and necessary to maintain the quality of process. there are some key examples are effort required, time needs, defect removal etc (Moreen & Gross, 2015).
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3: Product Metrics
Product metrics needs to identify the needs of products and its all related factors those involve in production.
It describes the key characteristics of the product such as size, design features and various performance and quality elements of products (Moreen & Gross, 2015).
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justification
Those metrics are necessary for the organizational success, capabilities, competences and challenges. It help the management to deal with the organization, employees and consumer efficiently rather than any other way. In fact metrics of reward programs within the organization provides the clear image of the organization to management (Australian Benefits Review ,2004).
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conclusion
This paper can be conclude as that the metrics of total rewards program is quite effective. It is an essential element of the organization in this modern world. It effects on the selection of all aspects with accuracy and timely to use as the reward for the organization and employees.
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References
Australian Benefits Review ,(2004)., Mercer Human Resource Consulting.
Steven E. Gross and Helen M. Friedman, (2004)., Creating an Effective Total Reward Strategy: Holistic Approach Better Supports Business Successby,Vol 20.
Bob Moreen and Steven Gross, (2015)., Striking the Right Balance: Total Rewards that Work.
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