Total Rewards System Proposal

3. Total Rewards Strategy – This structure is very complex, yet comes with a lot of flexibility to allow for growth and internal satisfaction. The pitfalls with this structure come with the implementation, which could be treacherous and difficult to convey to our employees.

Apple’s employees have a huge influence on the company they want to be provided with livelihood and want security and rewards, because of this Apple may put a reward system in place based on the sales. They will set a team a particular sales target or goal if they meet this they will be given a bonus, this helps the company by increasing profit through more sales.

Apple was established as an IT company dealing in exclusively in computers. However, competition in the technology sector forced the firm to focus on other consumer products. The diversification strategy has seen Apple’s sales grow tremendously in the last decade, earning the firm the No. 1 brand position at Forbes. The Apple brand is recognized on an international scale and enjoys a strong recognition thanks to its aggressiveness when it comes to creativity and innovation (Tar, 2013). It has a large number of loyal customers who would purchase the new products regardless of the market price, which guarantees profits from the new division.

2. Formulate a total rewards strategy to encompass the fundamentals of compensation and the regulatory environments.

Apple wants to expand sales to clients who do not own products. Produce hassles free products for the enjoyment for customers. Become the leader in the mobile market. Strategy: Expanding the company’s distribution network to hit more consumers. Continue to invest prudently in Research and Development. Become the mobile leader.

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.

Describe at least 3 components of a total reward system, 1 of which should be non financial.

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.

Apple Inc. has been dedicated to innovation ever since the company was first formed. Apple's recent breakthroughs were a result of a new technologies convergence upon the "digital hub" strategy (Mortensen, 2010). This strategy has served Apple well; especially during the last few years. The iPad, iPod, and iPhone were all born from this strategy. Furthermore, producing these innovative, user friendly, and design oriented products has earned them a considerable amount of customer loyalty.

advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss

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.

By achieving to provide these reward programs for its company employees it stay in line with two of its guiding principles which is to supply quality service for their agents and provide an enriching and rewarding workplace for their employees. These rewards are also used to attract better qualified employees and to push employees to have a greater impact on their community. The needs of the company’s employees are a driving factor behind Aflac’s total rewards programs. Aflac’s total rewards statements which was originally a one page document is now an in-depth review of the value of the employment compensation and benefits. These are examples of non-traditional rewards that are used by Aflac. Traditional rewards that Aflac uses is that the company has an “Volunteer of the Month” where one of their employees goes and volunteers for a charity of their choice and they get rewarded by the company they also offer bonus, wages, internal promotion, voluntary benefits and paid leave.

Reward and recognition programs must connect the needs and expectations of the workforce with the company’s overall goals and strategies. A program that reinforces important company values and goals will encourage employees to act in line with such goals and emphasize the importance of achieving these goals. Alternatively, rewards which do not connect with organizational goals may convey a misleading message and encourage employees to act in a manner that does not facilitate the

Rewards programs and benefit packages are always a large decision that ways on a person’s mind when applying for a job. It also helps them decide to accept or stay at a position. These benefit packages must appeal to the person applying. They must be appropriate

Nowadays, Apple has positioned itself to be an innovator in the personal computer industry and Apple has developed by offering modern products compared to its competitors. According to Apple’s mission statement last year, “Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App store, and is defining the future of mobile media and computing devices with iPad.” (Business Management,