Hrm 533 Total Rewards Strategy Proposal

Introduction Total reward packages are designed to attract the potential employee to all the benefits the organization has to offer. The packages focus on health, financial options so the employee and their families can full their dreams and live life to the fullest. This paper will discuss a case study called Geico. It will include information about the Geico total reward program and how it lines up with the five top advantages of a total reward package.

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

This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards it's employees for the work they do for us each and every day.

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.

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

The key components to developing effective Reward Strategy is to ensure that there are clearly defined goals to meet business objectives, that the reward programme meets the needs of both the organisation and its employees, and to ensure that this is then supported by effective HR policies. In order to ensure these criteria are met there are a number of factors which influence how reward strategy is developed which include both internal factors within the organisation itself, as well as external factors outside the organisation.

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

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.

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.

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.

It is the key compensation goal of this organization to offer compensation in such a manner as to encourage innovation, creativity, camaraderie, and shareholder value in order to attract and retain the highest quality employees available in the industry. Our compensation program is to be based upon the following five components:

Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.

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

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

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.