Comprehensive Reward Plan: Strategies for Employee Engagement

Comprehensive Reward Plan Brianna D. Skipwith HRM-FPX 5055 Section 1 Assessment 4 December 13, 2024

Comprehensive Reward System Analyzing and Classifying Jobs Salary Range Rewards

Goals & Objectives 02/16/202 4 Sample Footer Text 3  Quality  Retention  Engagement

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Work Analysis & Organizational Structure • The organizational chart illustrates the KSA levels in relation to the levels of responsibility and structure. • In departmental leadership interviews, the requirements and standards from each job description are clarified. • Pay ranges, competitor analyses, and geographic norms are examples of external factors that should be taken into account in this field.

Market Pay Line

The Tactical Measures

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Benefits Mandat ed By The Federal Govern ment Social Security Programs Workers Compensation Family & Medical Leave Social Security Act of 1935 OASDI Medicare Disability Medical Coverage Compensation Birth or adoption of a child Care for a family member Short-term medical leave

Benefits Mandat ed By The Federal Govern ment Health Insurance  Patient Protection and Affordable Care Act of 2010  More Reasonable Price Medical Treatment  Businesses and people may be subject to fines

Benefits At Your Disposal (Discretionary) Work Life Balance/Experi ences Paid Time Off – Holidays, sick leave, and paid time off Educational Benefits – Education reimbursement for qualifying programs

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Suggestions for Human Resources  Divided Method  Advancement in Career  Median Salary  Discretionary Benefits

Conclusion • Recruiting and retaining talent is essential • It’s important to select the appropriate compensation package • Assessment of needs and wants by population • Replicate a higher starting salary by using total rewards

References Burke, L. A. (2008).Designing Pay Structure.Alexandria: Society for Human Resource Management. Capella University. (n.d.). https://media.capella.edu/CourseMedia/nhs4000element1 8655/wrapper.asp Merker, M. (2019). 5 factors to consider before plunging into a total rewards program. Benefitspro. ARU. (2021). 5 reasons career progression is crucial: Retrieved from https://distancelearning.anglia.ac.uk/blog/5-reasons- career-progression-is-crucial-for-personal-development/

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References Payne, E. (2019). Why culture matters in creating a total rewards strategy. Benefitspro. Nair, R. (2019). Is your total rewards strategy still effective? Recognition and Engagement Excellence Essentials. Society of Human Resource Management (2018). Building a Market-Based Pay Structure from Scratch.

References U.S. Bureau of Labor Statistics (n.d.) Economic safety net: Social security and other legally required benefits Available at: https://www.bls.gov/ecec/factsheets/ecec- legally-required-benefits-factsheet.htm (Accessed: 12 December 2023).

5055- Assessment 4

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