Total Rewards System Proposal

2087 WordsJan 29, 20139 Pages
Total Rewards System Proposal Organization Overview This paper will discuss the total rewards program for Apple Inc. This company is a technology company that produces cutting edge computers, smart phones, tablets and portable music players. Apple Retail has been in existence since 2001 and now has 365 stores world wide with over ninety thousand employees in thirty nine countries. Apple Retail enables customers to touch and feel the products and work with knowledgeable sales associates to ensure they have all their questions answered and purchase a product that will change their life. In order to attract and retain the best talent, Apple has a total rewards package that meets a variety of needs depending on what you are looking…show more content…
The final element is ensuring the organization has competitive market reference points. The total rewards strategy should be benchmarked against other companies, industries that contain comparative reference points to determine competitiveness. With Apple, they are constantly benchmarking themselves against not just other technology companies, but companies that are the most desired to work for and they could be in retail, hospitality, technology and so on. System Advantages There are several advantages to this total rewards system as described above, and they are discussed in the succeeding paragraphs. The first advantage is to enhance recruitment, retention, and performance levels within the company. The company wants to be the first choice of potential employees to work which also affects its reputation positively. The company makes an emphasis on its wide benefits packages to show the value that it gives its employees as well as its compensation strategy. It drives organizational success through greater talent attraction, engagement and retention. The second advantage is increased flexibility. Apple takes the “rewards your way” approach by creating niche products and services to cater to many different audiences. According to the Human Capital Review, this is particularly true in a global labour market where workforce diversity is the rule, not the exception, and when specific skills are in short supply. As the importance
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