Organizations’ total rewards strategies are essential for advancing the organizational mission, vision, values, and goals. Total rewards serve as effective levers for the recruitment, retention, and engagement of a high-performing workforce. This course explores a wide range of monetary and non-monetary rewards, with a special focus on strategic compensation and salary structure design and the development and administration of health benefit plans and retirement plans. All of these programs are designed to support the organizations mission.
Your final project will be a proposal for your organization which would either enhance an existing benefits or compensation program OR add a new benefits or compensation program to the organization’s offerings.
Example: Exit interviews note that talented employees are leaving because base salaries are lower than the competition. You recommend conducting a benchmark study to determine if salary rages are competitive and a plan to make market adjustments if the salaries are low.
The final project must answer the following key HR strategic questions:
- Will this Program contribute to the success of the business/organization and how is it aligned with the organization’s mission?
- How will this Program contribute to the success of Human Resources Management areas including:
- Staffing Management (recruiting/selection/retention)
- Performance Management
- Is the Program competitive? What steps did you take to ensure it is competitive and if it’s not – what is your reasoning?
- How do you know that the Program will meet the needs of your workforce? Does is reflect a diverse workforce?
- Your new program represents a change for employees -what is your employee communication – change management plan to inform employees of the value of the Program?
- If you were required to reduce the cost of your Program – which elements would you remove and why?
Instructions for Assignment:
- Your assignment should be approximately 1,250 to 1,750 words in length (typically, five-seven double-spaced pages), not counting cover page, reference list page, appendices, figures, or tables.
- Your assignment should include a title page and a reference list page (if using references), and be completed in Times New Roman 12-point font, double-spaced, with appropriate header, page numbers, one-inch margins, and meet all other requirements of APA Stylebook.
- A minimum of 8- references must be used. Please format them in the most current APA format.
You have a good start to your final project and offer a contrast of the strengths and weakness of the benefits offered. A phrase that needs further clarifications is, "…designed to give employees the impression that their employer values them". Not sure if you mean the impression is false or true. Also, expand on the overview of the business to include number of employees and the impact of the reward program on recruitment and retention.
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