Hrm 533 Total Rewards Strategy Proposal

3. Total Rewards Strategy – This structure is very complex, yet comes with a lot of flexibility to allow for growth and internal satisfaction. The pitfalls with this structure come with the implementation, which could be treacherous and difficult to convey to our employees.

A Performance-Based Pay system is an increasingly popular compensation method used by organizations to increase productivity. A goal for all companies is to try and remain competitive and control costs, this is a reason for performance-based pay systems becoming more popular. This type of system attempts to link compensation to performance. (Gena Richter, 2002) These systems are directly tied to organization or individual performance and are most effective when based on objective measures of quantity or quality of performance. If we wish to have a direct impact on work motivation, it must be linked directly to the performance of desired behaviors. In order for to put this type of system into place, performance evaluations must be conducted regularly , as well as training and development for those with performance that isn't quite up to par. These additional resources will be necessary for our organization if we implement a performance based pay system. (William B. Bernathy, Ph. D., 2004)

With the constant change in today’s business world, to have a competitive advantage makes it difficult for employers to attract and retain the most talented employees. Identifying the company’s compensation strategy ensures the organization offers the right pay and manages the pay increases to retain top talents. When we hear the word compensation we think about compensating an employee for their work performed, but there

The employee total compensation program in Aflac is competitive with the industry market for the employees (Reed, 2009, p. 3). First, the company has a program referred to as a “Total rewards program” for the employees of this organization (p. 3). Next, the focus of the Aflac organization derives from the importance on employees through communication (p. 3). To illustrate, the company’s benefits include compensation such as life insurance paid for by Aflac, policy for cancer paid for by Aflac, insurance for protecting accidents at a low premium for employees, and programs that provides bonuses based on profit-sharing (pp. 4,6). In addition, the organization provides a leadership program to develop employees at all levels within the

Phoenix, T. (2006). Rewards Transformation: Understanding the Internal Total Rewards Marketplace. Benefits & Compensation Digest, 43(9), 1-14.

The six features of an effective total rewards program include: focusing on alignment, taking the employees views into account, measuring / managing costs, the greater use of incentive based pay, having effective communication / education and managing the reward program. The combination of these factors is helping firms to more efficiently monitor the sales force.

This paper will examine setting the stage for strategic compensation and bases for pay. There are three main goals of compensation departments: internal consistency, market competitiveness, and recognition of individual contributions. Internally consistent compensation systems define the relative value of each job among all jobs within a company. (Martocchio, pg. 22, 2011) With this system companies want employees to be paid more based on their qualifications and responsibilities. They believe someone with less experience should be paid differently. To determine such evaluation companies use job analysis in order to provide job descriptions. The job evaluation is to determine pay according to a particular position. Market-competitive

It most likely goes without saying that people who work for a living do so in order to get paid. Everyone has bills and living expenses that need to be paid; therefore, individuals exchange our time for a paycheck so these expenses can be addressed. However, since most people spend more time at work than they do with their families, there should to be a larger reason than pay that drives each of us to get up every morning to go to a job. It is the responsibility of the organization to provide its employees with that reason, and it comes in the form of a compensation philosophy. It is the intention of this paper to explain the need and rationale for an organization to have a compensation philosophy, propose a compensation

6. Make Communication and Education a Priority: total rewards work effectively when the employees support and understand them. Poor communication may result in affecting employee’s choices from selecting the right rewards.

To reward the employees, they would calculate who has most success in the organization, such as, who was acquired the highest customer service rating, and there will also be recognition for employee of the

Al can give rewards to their employee if meet the desired of his company. The example of reward including salary increases, bonuses, promotions, and any incentive for appreciate their employees. By this way, rewards can encouraging a employee to influenced to achieve company’s objective. Moreover, al also can change the behavior and culture in their management.

They are thinking of implement a strategic compensation plan as well as various other options that will allow its organization to focus on its strategic objectives and develop a comprehensive plan, considering base pay, short- and long-term incentives, benefits and growth opportunities. This kind of planning helps ensure that the compensation system will support the organization's long-and short-term objectives without overlap, which would have more than one pay plan driving the same objectives. The ultimate objective of this process is to ensure that the compensation system and other important facets attract and retain the desired employees and that it motivates them to do those things that support the business plan.

Like every other strategy, to come up with the best strategic compensation plan requires putting together a number of factors. The plan must be in line with the company’s overall organizations business strategy and it should aim at helping accomplish it. Secondly, it should put the company in its best position while it comes to competing with other organizations for the best persons in the labour market. Thirdly, it should help retain and preserve the company’s best employees as well as motivate them to continue desiring to steer the company to greater heights. As the compensation plan accomplishes this, it should also promote equality among the employees andtheir efficiency in performance.

and values that have existed in an organization for a long time… that will influence … attitudes

The compensation practices that a business firm partakes are independently sufficient to determine the level of success that is attainable. It is the best means to use in an attempt to get the workforce fired up for the various duties that they may be delegated. This is because it is the direct pointer of the returns the entities can generate from the full commitment they may be willing to show in the attainment of the primary objectives of the undertaking. Therefore, it is critical that any business that may harbor the intent of a forward progression towards the achievement of greater heights may be obliged to review its remuneration practices.