Total Rewards

Better Essays
Running head: TOTAL REWARDS

Total Rewards: Strategically Achieving Business Results
Strayer University

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
…show more content…
The organization must look at the current rewards, and assess the rewards mix and its effectiveness (WorldatWork, 2007, p. 28). Next step is establishing a total reward strategy that links to the organizational goals, culture, and change efforts (WorldatWork, 2007, p. 32). Once the strategy has been identified, developing an effective rewards strategy requires determining the purpose and scope of the program, eligibility of individuals in specifics aspects of the program, a baseline for measurement and goals, funding for the program, selection and structure of the plan and the timeline for implementation (WorldatWork, 2007, p. 35). After plan development, the action begins-- implementation. This involves obtaining management approval, forming an implementation team and conducting pilot test of the plan, before communicating to the entire organization (WorldatWork, 2007, p. 39-40). Once the plan is implemented, communication begins by educating employees on the plan and showing how it links to the overall business strategy. This step helps set the plan expectations and aids in the employee understanding of a total rewards package. The information allows employees to make better career choices and confirms the organization’s commitment, which builds trust and loyalty (WorldatWork, 2007, p. 40). Evaluation and revision is the final step of the process.
Get Access