...I. Company requirements for a total rewards system A total rewards system development is part art and part science that begins with a purpose and objective that encompasses the business' values and strategies. This service-based company is spread out over different geographical regions and different employee levels and structure. Therefore, it is even more important that the company aligns the purpose of this total rewards system to what the company is aiming at accomplishing. The most basic elements of a total rewards system are the compensation, benefits, work-life balance, performance and recognition, and personal and career development (World at Work, 2007). The total rewards system/program needs to offer all of these components in order to be considered “total”. For a total rewards system in such a company environment, the system has to be flexible and take into account the diversity of the company. With so many employees in so many different countries, it is important to consider the needs of these diverse peoples and how they can change from region to region and ethnicity to ethnicity. The company will also have to analyze its strategy competiveness in many different markets, so it will be required to perform many types of job analyses and surveys in order to properly determine this. For a service-based company, it is important to create clearly defined benchmarks and goals, while tied to company goals, are easily understood so that all of the multinational...
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...White Paper: An Analysis of Harrah’s Total Rewards Players Rewards Program © 2006 Gaming Market Advisors December 2006 Prepared by Gaming Market Advisors 330 E. Warm Springs Rd Las Vegas, NV 89119 4340 E. Kentucky Ave. Suite 311 Denver, CO 8024 Table of Contents I. SUMMARY OF FINDINGS............................................................................................................................................1 II. PROJECT OVERVIEW..................................................................................................................................................4 Methodology ........................................................................................................................................................4 III. TOTAL REWARD PROGRAM OVERVIEW ..................................................................................................................5 Tiers and Tier Credits ............................................................................................................................................5 Reward Credits .....................................................................................................................................................7 IV. TOTAL REWARDS MARKETING STRATEGY .............................................................................................................11 V. TOTAL REWARDS TIER BENEFITS...................................................
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...Hrm 533 Total Rewards Strategy Proposal Abstract This paper is provided to create, organize, and manage a total rewards program for an insurance company. First, it indicates the requirement of a total rewards system for the company. Then, it formulates a competitive strategy and explains it. Since the communication of a strategy is as important as the strategy itself, the paper includes a communication plan of the strategy. And last but not least it studies devising a competitive pay structure. 1. Create a brief overview of the company requirements for a total rewards system. Company A is a holding company that provides financial protection, insurance and asset management services that employs 20,000 employees in 17 different countries in Europe, North America and Asia Pacific (The Datamonitor Group, 2011). There are 2,000 management-level individuals who speak a variety of languages. The company employs diverse individuals who are governed by multiple regulatory environments. Company A’s business finds its primary source of strength in human competencies. The company believes in the power of talented and dedicated employees to make difference on the quality of the service delivered at the market. The company aims at gaining the preference of its customers and shareholders as well as its employees. Because the employees are at the core of purpose, the company intends to build its collective success around a relationship in which the needs of itself and...
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...Total Rewards System Proposal Shawn Tillman Strayer University HRM533 Total Rewards Dr. Carla Henryhand February 19, 2012 Total Rewards System Proposal 2 Total Rewards System Proposal More and more companies are realizing they get better performance from engaged and connected employees. Many are rethinking their employee strategies. They are developing new ways to identify, engage and retain the right workforce to deliver the corporate growth agenda. The total rewards strategies these organizations are adopting reflect changes to the nature of work and employee expectations. Employers have recognized that employee engagement affects the bottom line. Where rewards programs needs to be changed, and employers are taking advantage of new technology to access better information to support HR decision making. Total rewards strategy is a plan for allocating reward resources in a manner that directs the business to the successful execution of the company objectives. There are three main factors involved in developing and managing a total rewards plan: 1. A thorough understanding of the total value of all of an organizations rewards elements. 2. Its stated market competitive objectives. 3. The strategic allocation and distribution of money, and the delivery of specific and deliberate expressions to employees about what a company values and their...
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...Total Rewards System Proposal: Managing a total rewards program Create a brief overview of the company requirements for a total rewards system. Herizon is the largest telecommunications and broadband companies in the United States. We employ 20,000 employees in 17 different countries. We have a very diverse workforce with 2,000 management-level individuals who speak a variety of languages. We at Herizon believe having the right talent, at the right cost is what keeps our company striving. Our total rewards program delivers values that attract, retain and engage a mixture of talent across the globe while maintain a solid value for cost. As a leading telecommunications company we take pride in not only serving our customers but, our employees too. This is why we take great pride in our total rewards program. We want to make sure that we attract the best to work for our company, by offering the best. Our total rewards system is geared towards all of our employees. We have structured a program that will meet the needs of everyone, our total rewards program offers diversity. We have developed a plan that will offer great compensation, along with career development, retirement planning, profit sharing, and work life balance. We want our employees to know that we are a one stop shop. Our total rewards program is geared to keep our employees and to grow them within our organization. We care about your future and we take pride in knowing that our people are taken care...
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...1. Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. The current competitive conditions in the business world make it difficult to acquire and retain the top talents. Once the organization is able to identify, it can be unable to offer the right pay and to manage the pay increases to retain top talents. The compensation strategy is the extremely important piece of the overall HR Strategy to keep the company competitive and successful. On the other hand, the compensation strategy is important to keep the personnel budget under the control and to manage the jobs in the right salary (pay) brackets. The compensation strategy differentiates the organization on the job market and builds the attractiveness of the company for the top talents. They love to be hired by the attractive organization; they do not like to be hired by the average company offering the same conditions as any other average organization in the industry. They have the problem to distinguish the employers and they are not able to recognize the excellent organization, when it is not different from the rest. The competitive advantage is the essential part of the mix for the success. The organization has to present itself differently, not just by the presentation, but it should differentiate itself by the different approach toward its employees. The compensation strategy is one of the most successful differentiators. The excellent compensation...
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...Total Rewards Systems Proposal Your Name here Name of the University Instructor Name here HRM 533- Total Rewards Date Abstract This paper is provided to create, organize, and manage a total rewards program for an insurance company. First, it indicates the requirement of a total rewards system for the company. Then, it formulates a competitive strategy and explains it. Since the communication of a strategy is as important as the strategy itself, the paper includes a communication plan of the strategy. And last but not least it studies devising a competitive pay structure. 1. Create a brief overview of the company requirements for a total rewards system. Company A is a holding company that provides financial protection, insurance and asset management services that employs 20,000 employees in 17 different countries in Europe, North America and Asia Pacific (The Datamonitor Group, 2011). There are 2,000 management-level individuals who speak a variety of languages. The company employs diverse individuals who are governed by multiple regulatory environments. Company A’s business finds its primary source of strength in human competencies. The company believes in the power of talented and dedicated employees to make difference on the quality of the service delivered at the market. The company aims at gaining the preference of its customers and shareholders as well as its employees. Because the employees are at the core of purpose, the company...
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...Total Rewards System Paper University of Phoenix Online HRM570/Employee Motivation and Compensation November 27, 2006 Total Reward System Developing ways to increase job satisfaction and employee motivation include a total reward system. A total reward system includes more than just an individual’s pay and benefits. An organization needs to design a reward system needs that is aligned with their mission, goals, and strategic plan. Throughout this paper, the role of rewards and motivation practices within the education industry will be discussed. The discussion will demonstrate how elements of a total reward system are used throughout a school district in North Carolina, New Jersey, and California. Five Elements of Total Reward System Organizations need reward systems that motivate performance, reward change, and encourage the development of individual and organizational capabilities and competencies (Lawler & Worley, 2006, p. 5). Therefore, understanding the five elements of the total reward system is essential to the implementation of a successful organization pay system. The five elements include direct compensation, indirect compensation, meaningful work, long-term career opportunities, and identity affiliation. These five elements help to provide job satisfaction and motivation. In the education industry creating a balance of these five elements helps to recruit and retain teachers. Cumberland County Schools System in Fayetteville, North Carolina...
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...According to the Society for Human Resource Management, “The right total rewards system—a blend of monetary and nonmonetary rewards offered to employees—can generate valuable business results” (Heneman 1). This paper will explore how successful total rewards management systems and the correct implementation of it allowed two top companies achieve success. Total rewards management as we know it “encompasses not only compensation and benefits but also personal and professional growth opportunities and a motivating work environment” (Heneman 3). Hoovers.com states that internet search engine giant, Google, historically reports year-after-year revenue and net income growth. The total rewards management system is world renowned and the successful implementation of it is reflected in Google’s financial reports and consistent awards and recognition. The second company under the scope is US based retailer Costco which sells a variety of products from household appliances to bedding and groceries (Datamonitor.com). Costco Wholesale Corporation is often held up as a retailer that does it right, paying well and offering generous benefits according to Ann Zimmerman in her article Costco’s Dilemma: Is Treating Employees Well Unacceptable for a Public-Traded Corporation (Wall Street Journal). The conclusion will be drawn that both Google and Costco’s are leaders in both of their total reward management strategies and the implementation of it. But how? How did Google and Costco get to...
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...Total Rewards System Proposal Lakeya Lyle HRM 533 Dr. Lorna Thomas August 9, 2015 Create a brief overview of the company requirements for a total rewards system. The Allstate Corporation is the largest publicly held personal lines property and casualty insurer in America. Allstate was founded in 1931 and became a publicly traded company in 1993. They are listed on the New York Stock Exchange under the trading symbol ALL. Allstate is widely known through the "You're In Good Hands With Allstate" slogan. As of year-end 2014, Allstate had $108.5 billion in total assets. In 2014, Allstate was number 92 on the Fortune 500 list of largest companies in America. The Allstate Corporation encompasses more than 75,000 professionals made up of employees, agency owners and staff. Among Allstate's employees, 56 percent are women, and 33 percent are minorities. More than 42 percent of officers and managers are women and 22 percent are minorities. As a company with a diverse population of employees, agents and customers, Allstate embraces diversity in everything they do, not only the customers they serve and the communities in which they invest, but also the people they hire and the businesses they use as suppliers. It's a testament to the company's corporate citizenship and a sound business strategy. Allstate is reinventing protection and retirement to help approximately 16 million households insure what they have today and better prepare for tomorrow. There high performance work environment...
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...Running head: TOTAL REWARDS Total Rewards: Strategically Achieving Business Results Strayer University Abstract Total Rewards reflects what employees’ value from its employer. It focuses on five elements that attract, motivate, and retain the talent to achieve business goals. These elements are: Compensation, Benefits, Work- Life, Performance and Recognition and Development and Career Opportunities (WorldatWork, 2007, p. 4). This paper describes the five advantages of a total rewards approach, five ways a total rewards strategy can go astray, six steps involved in the design of a total rewards program and eight steps involved in the communication process of a total reward program (WorldatWork, 2007, p. 15-64). Finally, the paper will summarize the components and the results of an effective design, implementation and communication strategy and result of a successful total rewards program. Total Rewards: Integrative Elements to Achieve Business Results Five Advantages One advantage of a total reward package is increased flexibility. Flexibility allows business’ to develop programs that cater to the needs of its employee by combining transactional and relational awards, allowing the reward package to meet the different emotional and motivational rewards of employees (WorldatWork, 2007, p. 15). Improved recruitment and retention is another advantage. Highly skills employees are in demand and, companies must find ways to attract and retain high performers. A comprehensive...
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...Total rewards are not just about pay, it is everything that is valuable to an employee in relation to employment. Employees want to be rewarded for their time and energy, therefore, organizations have developed total rewards strategies to attract and retain the best employees. Describe each of the top five (5) advantages of a total rewards approach The top five advantages of a total rewards approach are increased flexibility, improved recruitment and retention, reduced labor cost/cost of turnover, heightened visibility in a tight labor market, and enhanced profitability. According to Wiley (2011), each employee enjoys a sense of flexibility; it is viewed as a pathway for employees to determine their availability for work. Employees who make choices about his or her own setting are more connected to the workplace, because they have a feeling of ownership (Storey, Wright, Ulrich, 2009). Recruitment and retention plays an important role in a total rewards approach however, organizations are plagued with shortages of top performing workers, and therefore employers are using the right approach to staffing, the best candidates, and retaining those candidates. Today’s workers are not just interested in their salary but also, other aspects of their company. According to Wiley (2011), job candidates weigh their options with numerous companies, and those companies with total rewards have a competitive advantage, because job candidates are able to view the “total value” of the company’s...
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...Assignment #1 – Total Rewards HRM533 Total Rewards Describe each of the top five (5) advantages of a total rewards approach. 1. Self fulfillment that people are recognized for what they do and encouraged to reach their potential through effective learning and development processes and given feedback on their performance 2. Organization culture roles are clear and organizational and personal values are in alignment so that employees engage and enjoy work (as much as is possible) 3. Another way to consider the necessary components of rewarding people is to view them as individuals, within their team, in the organization and generally in the workplace:- 4. Recognition being appreciated, not taken for granted, having a voice 5. Organizational culture being able to engage and fit with the organization in terms of its values and how things are done Describe five (5) common ways a total rewards strategy can go astray. 1. Simply copying another organization’s reward practices can lead to disaster, 2. It would be harmful for either firm to adopt the reward practices of the other. 3. Not implanting an effective award strategy 4. No considering the employees communication strategy 5. Not following the strategy the way is was implemented Describe the six (6) steps in designing a total rewards program. 1. Set the total reward strategy. With the business context in mind, an organization can develop guiding principles...
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...Total Rewards Shaleena Brown Larry Byrd HRM533 October 23, 2011 Total Rewards can be defined in a few different ways, and depending on who is explaining it, can change each and every time. Total rewards refer to everything that employees value in the employment relationship. It is the monetary and nonmonetary return provided to employees in exchange for their time, talents, efforts and results (WorldatWork, pg. 4). This paper will focus on the advantages of a total rewards program and its’ approach. It will go over some of things that will push this program in the wrong direction, some steps of design, and lastly see the communication process that is needed to make sure it is successful. Advantages to a Total Rewards Approach There are several advantages to using a total rewards approach to compensating the workforce. The top five are described in the succeeding paragraphs. The first of the top five advantages is the increased flexibility within the organization. Allowing employees the opportunity to choose, when they work and how they work offers a competitive advantage in the workforce today. The second of the top five advantages is improved recruitment and retention. Showing employees what the company will offer once hired, and how it will work for them as well, gives the people a sense of belonging The third of the top five advantages is reduced labor costs and the cost of turnover. This step can help maintain the turnover rate by designing...
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...Performance Management System and Total Rewards Plan for WeaverTech Southern New Hampshire University OL 600 Strategic Human Resource Management INTRODUCTION Due to the acquisition of WeaverTech formally known as Johnson-Ware an apparel company by CVX Partners, a private equity firm, there arose a need for the company to change its line of business to high-end segment of the apparel industry (Beer & Swier, 2015). Before the acquisition of the company by the new owners, WeaverTech was a closely owned family entity that had been formed in 1905. Before the proposal to change the company customer base, the company exclusively relied on the military (70%) and security (30%) as the only customers for the company products. The need to change the company customer base from military and security to high-end performance clothing market apparently arose from the allure of the later market segment and the dwindling growth of the military and security market (Beer & Swier, 2015). In fact, at the end of the 2012 WeaverTech fiscal year, the company had dropped 12 places among the top 30 privately owned American entities. In addition, the departure of Jack Davidson a retired US Navy rear admiral, WeaverTech CEO from 1983 to 2012 as well as the end of the Afghanistan and Iraq wars meant that the traditional, market was no longer going to be reliable. Consequently, there was need to redesign the company customer base and take advantage of the high-end market...
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