A study on total rewards management in Philippine Healthcare Companies: An occupational issue
https://doi.org/10.47895/amp.v56i1.4099
- Author:
Virgel C. Binghay
1
;
Sophia Francesca Lu
1
;
Jinky Leilanie Lu
2
Author Information
1. University of the Philippines School of Labor and Industrial Relations
2. National Institutes of Health, University of the Philippines Manila
- Publication Type:Journal Article
- Keywords:
Total rewards management;
Healthcare companies;
Career development;
Recognition;
Performance
- MeSH:
Work-Life Balance
- From:
Acta Medica Philippina
2022;56(1):42-52
- CountryPhilippines
- Language:English
-
Abstract:
Introduction:Companies and hospitals in the healthcare industry, like other businesses, are not exempted from the rising labor costs and growing dissatisfaction among employees. The assessment and optimization of total rewards management (TRM) are important since TRM consists of monetary and non-monetary rewards given to employees in exchange for their time, talents, and efforts.
Objective:This study assessed the TRM in Philippine healthcare companies. This study also looked into the organizational structure of various health-service companies and their TRM, and the difference between companies with TRM and without TRM in terms of pay, benefits, work-life balance, career development, and performance recognition.
Method:A total of 74 human resource personnel were randomly sampled from healthcare companies in the Philippines. A survey questionnaire was administered with items on TRM philosophy divided into five parts – pay, benefits, work-life balance, career development, and performance recognition. High mean scores per TRM component correspond to higher levels of agreement to positive statements to the corresponding TRM component. Chi-square test was used to determine the association between various demographic variables and the existence of a TRM philosophy in a company. T-test was used to determine whether the differences in the mean scores per TRM component were statistically significant or not.
Results:Less than half (44%) of the included companies have TRM and companies in Metro Manila were more likely to have an existing TRM philosophy. Companies in the healthcare sector usually disseminate information on TRM during town hall meetings, and not during onboarding. Employees in the healthcare companies had strict work schedules as most employers did not allow flexi-time arrangements. This may have contributed to burnout and stress that are common in most companies. Lastly, employees working in companies with a TRM philosophy do not experience significantly better pay, benefits, work-life balance, career development, and performance recognition than those working in companies without TRM.
Conclusion:These findings suggest that even companies with an established TRM philosophy need significant improvement in their TRM processes for TRM to translate to better pay, benefits, work-life balance, career development, and performance recognition.
- Full text:4099-Article Text-54193-1-10-20220131.pdf
