Assignment 1 1

Assignment #1 – Total Rewards DeAnna Walker Strayer University HRM 533 Professor Jama Rand January, 2010

Describe each of the top five (5) advantages of a total rewards approach.
Total Rewards are all of the tools available to the employer that may be used to attract, motivate and retain employees. As many organizations shift away from offering employees a “lifetime career” to a newer, less paternalistic deal, employers need to understand the rewards that employees value most in order to determine the best pay-benefits mix. Total rewards include everything the employee perceives to be of value resulting from the employment relationship. Firms that do not offer the right portfolio of rewards face the risk of reduced productivity and loss of their top talent. Despite this, most organizations’ reward programs have evolved without consideration of how the various parts fit together, or how they reinforce each other to create value for the organization. The top five advantages of a total rewards approach are as followed: 1. Increased Flexibility: The tendency to juggle many things in life: personal happiness and well being, family needs and our jobs, is a constant struggle for many workers. Flexibility is a way to define how and when work gets done and how careers are organized. It is a critical ingredient to overall workplace effectiveness. Companies use it as a tool for improving recruitment and retention, for managing workload, and for responding to employee diversity. The mix of total rewards can be tailored to specific challenges, and unique considerations can be given to various job types, geographic locations, and demographic issues, as well as industries. Research shows that flexibility can also improve employee engagement and