HRM533-scenario-reflection

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HRM 533

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Management

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Feb 20, 2024

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Total Rewards: A Strategy for Hiring, Engaging, and Retaining Objective: Answer the following questions in well-developed sentences or short paragraphs. Scenario 1: Based on what you have learned, identify a minimum of five elements of a Total Rewards package that may help convince Maria to stay with your organization long term. Once you have listed each element, briefly explain why your selections were chosen for Maria. 1. Base salary: An attractive base salary will ensure that Maria can comfortably cover her living expenses and feel adequately rewarded for her efforts.. 2. Annual bonus: Maria will be motivated to remain with the organization and consistently deliver exceptional work due to the annual bonus tied to her performance. 3. Stock options: Maria has the opportunity to participate in the organization's success and potentially increase her financial return through stock options, which are tied to the company's stock price. 4. Retirement benefits: Maria's retirement benefits will provide her with the necessary support to sustain her current lifestyle once she retires from her professional career. 5. Health insurance: Health insurance provides coverage for Maria's medical expenses, offering her reassurance and protection in the event of unforeseen health issues. Question 2: Based on what you have learned, identify a minimum of five elements of a Total Rewards package that may help convince Todd to accept the position at the offered pay and stay with your organization long term. Once you have listed each element, briefly explain why your selections were chosen for Todd. Todd is looking for a profession that will captivate his interest and allow him the flexibility to take time off as needed. Given his dedication to furthering his education, it would be greatly beneficial for him to receive financial assistance to cover his tuition expenses. It would also be beneficial for him to have access to a retirement savings plan with employer matching, as this would aid him in saving money for the future.-A complete health insurance plan that includes coverage for services related to mental health as well as therapy for substance misuse. Tod is now working on his sobriety and needs to be able to take advantage of these programs without having to worry about the financial implications of doing so.  A retirement savings strategy that incorporates employer contributions Todd is actively working towards saving money for the future, and having his employer contribute to his savings would help him reach his goal more quickly.

Total Rewards: A Strategy for Hiring, Engaging, and Retaining  Generous time off policies that allow employees to take vacations, sick days, and personal days as needed. Todd finds it crucial to have the freedom to take time off whenever he desires, without worrying about depleting his vacation days.  Investing in personal growth. Todd would find this to be of great importance as he has shown a strong desire to further his education and stands to gain financially from the implementation of a tuition reimbursement program.  A flexible work schedule. Todd considers this to be of utmost importance as he desires the chance to have a schedule that aligns with his specific needs and preferences. Question 3: Based on what you have learned, identify a minimum of five elements of a Total Rewards package that may help convince Grace to stay with your organization long term. Once you have listed each element, briefly explain why your selections were chosen for Grace. A comprehensive incentives package usually consists of various important elements, such as a competitive salary, opportunities for performance-based bonuses and stock options, a retirement plan, health insurance coverage, generous vacation time, and a program to support employees. They are designed to provide employees with a secure financial future, encourage their loyalty to the company, and assist them with any personal or work-related challenges they may be experiencing. Given Grace's exceptional contributions to the organization, it is crucial to retain her as an employee for the foreseeable future. She will experience a strong sense of financial security due to the stable salary, allowing her to confidently make long-term plans. 1. Base salary: Grace will want to ensure that she is receiving a salary that reflects her qualifications and the market standards for her role. 2. Annual bonus: Grace will find it gratifying to receive financial recognition for her diligent efforts and achievements. 3. Employee stock options: Grace will be driven by the chance to have a stake in the company she is contributing to its expansion. 4. Health insurance: Grace will be reassured to know that she and her family have comprehensive coverage in case of any unforeseen health issues. 5. Retirement savings plan: Grace will be pleased to learn that she is making prudent financial decisions for her future, with the support of her employer. 6. Vacation and paid time off: Grace will value the opportunity to have some well-deserved time off for relaxation and rejuvenation. 7. Employee assistance program: Grace will find it valuable to have access to counseling and other resources that can support her during challenging periods.

Total Rewards: A Strategy for Hiring, Engaging, and Retaining

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