for rui: strategy staffing
6
Total Reward Strategy
Total Rewards Strategy
Team D
HRM/600
July 27, 2014
Professor Carlos Jon
Total Rewards Strategy
Success at Motors and More Inc. is largely attributed to our dedicated employees, which is attributed to the Total Rewards Strategy currently used to entice our workers. According to World at Work Organization, total rewards refers to, “all of the tools available to the employer that may be used to attract, motivate and retain employees.” These rewards entail all the factors that an employee would perceive to be generating value from the work that they offer to the firm.
We have adopted a Total Rewards Strategy that ensures he best workers are attracted. The Total Rewards Strategy is comprised of five elements, including; compensation, benefits, performance and recognition, work life and career, and development opportunities. These elements provide organizational tools to generate value from our employees. Our Human Resources Department understands the importance of implementation of The Total Rewards Strategy and desires to ensure our employees are productive, which in turn benefits our organization. Additionally, this also complements our strategic mission and business plan.
Compensation Strategy
· Base pay
· Variable pay
· Short term pay
· Long term pay
Base Pay
Base pay is also referred to as “fixed pay”. This compensation offered does not differ depending on the performance of our employees. Just as the name suggests, this is a fixed amount, and is determined depending on where our employees fall in the hierarchy.
Variable Pay
Variable pay is used to reward our employee’s performance. This is an excellent motivational tool which has been implemented to strengthen our worker’s performance. Variable pay is normally offered to our workers after a certain evaluation period? We need to state how long?
Short Term Pay
Short term pay also falls under variable pay and employees are rewarded annually according to
their performance. The period may be reduced which is contingent on our organization’s evaluation period.
Long Term Pay
This type of compensation rewards our employees for their productivity efforts for more than one year. For example, after ten years of working with our company, our employee’s salary is increased according to performance and seniority.
Benefits Strategy
World at Work Organization defines benefits as “programs an employer uses to supplement the cash compensation that employees receive.” This type of rewards strategy is simply meant to provide workers with security in several areas that are sensitive in nature. For example, we offer benefits in welfare, health and retirement. In terms of welfare and health, the following are the key benefits that are accrued by our employees:
· Dental plan
· Medical plan
· Insurance on disability
· Life insurance
Other types of benefits that are normally received by our employees include:
· Retirement benefits
· Payment for absent days
· Sick leave
· Holiday
· Vacation
Our benefit package is designed to retain and motivate our workers, and to provide them with a competitive benefit package. This strategy will ensure our workers are not only productive, but properly compensated for their performance.
Work Life
Work life is structured to ensure a healthy balance between our employees’s working hours and their home activities. This balance is driven by our support, communication of programs offered, and time-off when their performance warrants it. Accordingly, our work-life programs is successful, because of the key strategies we have adopted;
· Flexibility in the workplace. This provides workers with flexibility in managing their work schedule and also setting time aside for outside activities.
· Offering time off
· Motivating employees to live healthier lifestyles. This helps to increase productivity in our organization and reduces absenteeism.
· Community participation
Performance and Recognition
We have a diverse group of talented employees with varying levels of ability and skills. Performance and recognition is focused on assessing workers based on their individual efforts and team efforts, as well. Our company recognizes individual efforts by offering employees with; trophies for work performance; tickets to sporting events, and award certificates. This recognition and reward strategy ensures that our workers are praised for performance in front of their peers and this helps to drive performance and productivity in the future.
Career and Development Opportunities
Without doubt, employees have their own career goals they desire to achieve. We help our workers to advance in their career fields and later to apply for positions of increased responsibility. These in-house promotions brings more value to the table, encourages our workers career focus, which in turn benefits our workforce. Our company strives to support and implement career and development opportunities, in order for our employees to gain new skills, stay abreast of current technology, and to continuously developing their professional skills. The fact that our workers are spending their time to make the company successful means increased productivity, morale, and retention.
References
“Benefits." Benefits. N.p., n.d. Web. 22 July 2014. <http://www.worldatwork.org/waw/home/
“Compensation." Compensation. N.p., n.d. Web. 22 July 2014.
<http://www.worldatwork.org/waw/home/
"What Is Total Rewards?." What is Total Rewards. N.p., n.d. Web. 22 July 2014.
<http://www.worldatwork.org/aboutus/html/aboutus-whatis.jsp>.