Total Rewards Program HRM 533

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Strayer University *

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HRM 533

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Management

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Feb 20, 2024

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docx

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Total Rewards Program Moneak Johnson Total Rewards, HRM 533 Dr. Jama Rand January 21, 2024 Introduction

The primary focus of the LMZ Organization is to attract, retain, and inspire highly skilled individuals. We have implemented a comprehensive Total Rewards Strategy that encompasses development opportunities, benefit plans, compensation, and recognition. This strategy has been carefully designed to address all aspects of employee satisfaction and engagement. Total Reward Strategy Developing a comprehensive Total Rewards Strategy necessitates a practical bonus system that is tailored to both the company's needs and the performance of each employee. It should also encompass provisions for personal days, vacation time, paid leave policies, wellness initiatives, discounted healthcare services, and a competitive salary, a benefits package that includes vision and dental coverage, as well as health insurance. Additionally, fostering diversity and inclusion should be an integral component of the Total Rewards program. One way to demonstrate your dedication is by implementing inclusive and equitable procedures and processes that promote a more diverse and inclusive workplace. Additionally, providing training and development programs that prioritize inclusion and diversity can further emphasize your commitment. Employee retention, motivation, and recruitment are the objectives of a comprehensive rewards program. Considering the needs of both the company and the employees is crucial when developing a program. A rewards program should also be flexible to meet the evolving needs of organizations and their workforce. The program's core elements should align with the company's business plan. Regular review and modification are necessary to ensure adaptability to employees' needs and Individuals may find a company appealing if it adopts a comprehensive rewards strategy, fostering a sense of motivation and engagement among its employees. Identify the first steps that the consultant needs to take to develop a total rewards program for the LMZ Company An assessment of LMZ Company's current situation, including workforce needs, business objectives, and budget, is required by the consultant. It's crucial for the consultant to assess the current reward program. By conducting a thorough analysis, the consultant can gain insights into the organization's strengths and areas for growth. Our next step involves creating a rewards program that aligns seamlessly with the organization's personnel needs and business preferences. Factors such as benefits, developments, recognition, and compensation contribute to total rewards. It's crucial to consider the structure and administration of the rewards program. Next, we'll proceed with implementing the complete rewards program. Effective communication and coordination with the Company's leadership is crucial for spreading the message and ensuring a successful rollout. Once the implementation is complete, the consultant will provide comprehensive training to all employees of the organization, ensuring they are proficient in using the program. Ultimately, the consultant will evaluate the rewards program as a whole. This requires assessing the effectiveness of the rewards program. It is important to consistently evaluate the rewards program and provide suggestions for improvement. Outline how compensation, well-being, benefits, development, and recognition will be Implemented.

1. Compensation: LMZ employees will receive wage incentives as a form of recognition. By utilizing a scorecard, the organization will assess the level of motivation among employees. By providing competitive compensation packages, the company can foster a sense of dedication and strong work ethic among its employees. LMZ's reward program ensures that your employees will be dedicated, driven, and efficient. Both short-term and long-term performance rewards will also be distributed. Employees will receive compensation based on their performance in both the short-term and long-term, rewarding their achievements in both time frames. Compensation will be provided in accordance with the mutually agreed terms and conditions. Their compensation will be based on their base salary and any additional rewards they receive upon assessment of their achievements. 2. Well-Being: During these challenging economic times, we are going to make a strong emphasis on ensuring that the workplace is both clean and safe, embracing psychological safety for our workers and employees who work remotely, and putting an emphasis on emotional, physical, and financial security. Leadership need to be advantageous to workers in every facet of their life, both at work and in their personal lives (Meister, 3). 3. Benefits: In addition to providing a 401(k) plan, the LMZ Company provides its employees with a comprehensive benefits package that include medical, mental, dental, and vision care. The organization will provide workers with a large amount of paid time off in addition to flexible working schedules that will enable them to better manage their obligations throughout the year. For some roles, there will be the opportunity to work from home. Not only is parental leave accessible for expectant parents, but it is also available for assistance during the period of quarantine and those times when children are absent from school due to the pandemic (Indeed, 4). This is done in order to provide support for family members. 4. Development: LMZ Company fosters a culture of personal and professional growth, encouraging employees to continuously develop their skills and advance their careers. A wide range of development opportunities are available at the firm, including mentorship programs, on-the-job training, tuition reimbursements, and paid license and certification training and tests. As part of the firm's career development program, every employee receives comprehensive support and resources to ensure their success. This includes access to the corporate library and assistance with money management. 5. Recognition: LMZ Organization recognizes and celebrates employees who have made outstanding contributions to the company's success. Employees are acknowledged for their contributions through a range of recognition programs, such as awards, bonus programs, and employee of the month and year. There is an impressive wall of fame adorned with enticing rewards such as gift cards, personalized swag, complimentary meals, cash, and tickets to exciting entertainment events. In order to enhance team spirit and foster stronger relationships among employees, LMZ has decided to organize semiannual company outings. Our outings are instrumental in facilitating the integration

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of new employees, fostering collaboration, and cultivating a positive work atmosphere (Prossack, 5). Identify at least three concerns or problems that could impact the Total Rewards Strategy. Chingos (2004) makes the observation that the pay structure need to be in accordance with the compensation philosophy, policies, and plans of the organization (Chingos, 4). In light of this, the following is the approach that should be taken in order to develop a competitive wage structure: 1. Employee Engagement - It is a significant consideration that can impact the overall Total Rewards Strategy. When employees lack engagement, their motivation and productivity tend to decline. The level of motivation within a company has a direct impact on its financial performance and its ability to attract and retain high-quality employees. Engaging employees requires careful consideration of multiple factors. The factors encompass a sense of appreciation, recognition of one's worth, collaboration within a team, and a clear understanding of one's purpose (Feffer, 1). In order to create a comprehensive Total Rewards Strategy that effectively engages and motivates employees, it is crucial for a company to take into account all of these factors. 2. Compensation Inequality- the Total Rewards Strategy is also susceptible to being impacted by another problem. When workers believe they are being paid unjustly, they will leave their jobs. It is possible that this might be an issue and lead to liability, particularly if they are seen to be discrepancies in terms of gender or ethnicity. In order to prevent these issues from occurring, the Total Rewards Strategy need to take into consideration justice and fairness in the remuneration system (Uflex, 2). 3. Cost of Benefit Packages - The financial performance and budget of a company can be influenced by the expenses associated with providing benefits to its employees. Especially if your company provides extensive perks. In a Total Rewards Strategy, an organization must carefully consider the costs associated with benefits in order to ensure they can provide the desired benefits and maintain a competitive edge. Rising incentives lead to increased costs. Companies continuously enhance their rewards to ensure they remain highly competitive. It's important to consider the potential imbalance between a company's reward system costs and the benefits it receives from its employees. Failing to address this challenge can have negative consequences (Indeed, 6). Identify at least three advantages of a total rewards approach and provide an example of how the identified advantage can be beneficial for both the organization and the employee. 1. Flexibility to meet individual needs -Relational rewards are believed to foster strong connections between individuals and the organization by addressing their unique needs and providing effective solutions. According to Armstrong, modern companies are faced with the challenge of managing increasingly diverse workforces. In such

diverse workplaces, no single factor can hold significant value, as employees must make choices and adapt to the need for greater flexibility. 2. Employee Retention- A well-designed total reward system that caters to the diverse needs of employees can appeal to a broad range of individuals. It can contribute to shaping a favorable public image of the company and provide a competitive advantage in attracting top talent. Thanks to the wide range of applications, it can also enhance the efficiency of the recruitment process. 3. Employee Engagement - Implementing a reward system has been shown to enhance employee engagement. The system fosters collaboration among members and creates an environment where sharing ideas, addressing complaints, and discussing concerns are valued for the betterment of the company. Employees can enhance their interpersonal relationships and foster teamwork by linking rewards to their performance, such as annual bonuses and team dinners. 4. Business Performance Improvements - An effective comprehensive compensation scheme may attract highly skilled individuals and foster a stimulating work atmosphere. Non-monetary perks such as education and training may assist workers in cultivating efficient work methodologies, enhancing their abilities, and surpassing their own expectations. Employee retention is another method to ensure workplace continuity (Indeed, 6). Discuss how the new Total Rewards Plan will be monitored and reviewed for potential changes and identify the personnel involved in this process. To evaluate significant modifications to the Total Rewards Plan, the Human Resource staff must examine its functionality. To ensure the program's efficacy, it is essential to include both the personnel and management in its execution and necessary modifications. Aside from providing upper-level personnel and management with a detailed explanation of the program's operations, the Human Resources department is also responsible for conducting training sessions. Regular assessments of the program are necessary to evaluate its efficacy in benefiting both the workers and the organization. Both managers and workers should actively participate in the evaluation process. The objective of the evaluation is to identify the areas in which the program did not meet expectations in order to rectify them. To ensure constant oversight of the strategy, it is important to conduct frequent evaluations.

Sources 1. Mark Feffer. March 26, 2018. Fixing Poor Engagement Starts with Understanding Its Cause. https://www.shrm.org/resourcesandtools/hr-topics/employee-relations/pages/how- tofix-poor-employee-engagement.aspx . 2. Team, U. (2022, October 24). How Total Rewards Analysis Can Help Close the Wage Gap . uFlexReward | the Digital Total Reward Platform. https://www.uflexreward.com/wage-gap/ . 3. Chingos, P. T. (2004). Responsible Executive Compensation for a New Era of Accountability. New Jersey: John Wiley & sons, Inc. 4. Rewards (2nd ed.). Wiley Professional Development (P&T). https://strayer.vitalsource.com/books/9781119682493 5. Ashira Prossack. August 30, 2021. Why Recognition Matters In The Workplace. https://www.forbes.com/sites/ashiraprossack1/2021/08/30/why-recognitionmatters-in- the-workplace/ . 6. Indeed. November 22, 2022. What is total reward? (Definition, elements, pros and cons). https://uk.indeed.com/career-advice/career-development/what-is-totalreward

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