The Success Of Total Rewards Program Essay - 1577 Words

Question 1: Assume an organization wants to gauge the success of its total rewards program. Discuss at least two possible metrics or outcomes it might use. Be sure to explain why you chose the metrics you discuss and how they are indicative of a successful total rewards program. A total rewards system is utilized to motivate, attract, and retain employees whom offer talents to an organization. Total rewards can be either intrinsic and extrinsic rewards, which can include compensation, benefits, and personal growth. It can be somewhat difficult to retain a steady and reliable staff due to the numerous opportunities that are available in today’s workforce and organizations must do all they can to keep their employees engaged and motivated. After companies assess, design, and execute their total rewards programs, the final and most overlooked phase is to evaluate its success, or failure. The evaluation phase shows management the benefits of their total reward system and if the investment has paid off or not. Employee productivity and job satisfaction are two methods which can be used for this purpose. Employee productivity can be measured by a company’s operational reports. Operational reports can be gathered by a system that keeps track of each employees daily, weekly, and monthly production. This process would be more beneficial is there was already a system in place to track employee productivity. If so, managers could run those reports prior to, during, and afterShow MoreRelatedA Company s Total Rewards Program1227 Words   |  5 PagesA company’s total rewards package should be strategically focused to align with company culture and values. HR professionals should work with organizations to create a holistic and integrated total rewards program. As business objectives and priorities evolve HR professionals should work to make sure the company rewards program stays relevant and attractive. Creating and successfully executing the co mpany total rewards package requires HR staff who are knowledgeable of market rates and trends. ThereRead MoreNew And Improved Rewards At Work. Creating And Implementing1534 Words   |  7 PagesNew and Improved Rewards at Work Creating and implementing new and improved rewards systems at work has been a tool of success for many organizations. Corporations use these rewards to boost employee morale and to allow their employees â€Å"me time†. Throughout the course of this paper, I will determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. Next, I will explain how innovative benefits could be tied to specific jobs. ThirdlyRead MoreTotal Rewards1191 Words   |  5 PagesRunning 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 approachRead MoreEssay On Total Rewards1380 Words   |  6 Pagesdiminishing when employees feel that traditional benefits will do justice. Employees who offer success, want more than the typical health insurance and retirement savings plan. Different workers want and different things out of their benefits, which is why companies need their benefit package a bit more tailed-made, to meet the need of all employees within the company. According to Rose Stanley, a total rewards practice leader, WorldatWork, the non-profit human resources association, says companies mustRead MoreThe Role Of Total Reward And Motivation1573 Words   |  7 Pages 3.1 Role of Total Reward and Motivation in the Third Sector Organisation Providing and working for a specific cause for people and environment is always seen as a positive attribute. However, employers in the third sector are in race to attract and retain their most important and valuable asset their employees, who are drifting from working with charitable organisations towards the private organisations. Based on a research by the Best Companies in 2009 for HR magazine, it was stated that majorityRead MoreAn Effective Total Rewards Program For Increase Profitability1723 Words   |  7 Pages000 agents that serve almost 82 million policies and accounts all over the United States (Statefarm.com, 2015). State farm offers several employee incentive programs that allow small business owners to give back to its employees (Statefarm.com, 2015). In this paper, the author will describe the six features of an effective total rewards program that can contribute to motivating a sale force to produce a high number of clients. The author will describe the behaviors of the sales force that are targetedRead MoreHrm 533 Total Rewards1633 Words   |  7 PagesAssignment 5 – New and Improved Rewards at Work Casandra Reynolds HRM 533 Total Rewards December 15, 2013 Dr. Lila Jordan Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. A competitive organization understands the need for a skilled and loyal workforce. In order to attract and retain top talent, many organizations offer innovative and creative employee benefit packages. It enhances an attractive salary andRead MoreEssay Geico Case Study1498 Words   |  6 PagesStudy : Geico 1 1. Determine which facets of the Geico total rewards program align with the five (5) top advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss your reasoning. Geico offers a variety of benefits programs just to name a few would be: medical, dental and vision coverage. This program also includes work/life balance programs and physical fitness program (http://careers.geico.com). Geico believes in benefitingRead MoreThe Link Between Performance and Reward Management1061 Words   |  4 Pagesï » ¿Performance and Reward Management: Performance management is an important organizational aspect that is geared towards developing people with necessary competencies and commitment for working towards the achievement of common organizational goals. As a result, the frameworks of this component are developed in order to enhance both individual and organizational performance. This is done through identifying performance needs, providing regular feedback, and helping individuals in their career developmentRead MoreSales Force Compensations Essay1306 Words   |  6 Pages HRM 533: Total Rewards January 30, 2013 Abstract Keeping the moral of sales force in high level is critical in recent economy. One of the factors that enhance the attitudes and the productivity of sales force is a rewards program that recognize and addresses their needs. To assists in understanding the influence and role played by rewards program, Starbucks’s compensation plan will be used as a guide in creating an effective workforce compensation program. Sales Force Compensation