HR project 2

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Southern New Hampshire University *

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Feb 20, 2024

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Total Rewards Proposal Davina Lucas Southern New Hampshire University Course Code: HRM 200: Human Resources Functions Daniela Camacho December 10, 2023

Total Rewards Proposal Total Rewards Overview In today’s competitive business landscape, attracting and retaining top talent is crucial for the success of any organization. To achieve this, companies need to offer more than just a competitive salary. Total rewards packages have emerged as an effective tool for attracting and retaining employees by providing a comprehensive set of benefits and rewards. This proposal will outline the concept and purpose of total rewards, explain their importance in employee retention, discuss their value to employers, and suggest four total rewards components for our new program. Total Rewards: Concept and Purpose Total rewards refer to the combination of monetary and non-monetary benefits, rewards, and recognition that an organization offers to its employees in exchange for their time, skills, and dedication. The purpose of total rewards is to create a positive work environment, enhance job satisfaction, and motivate employees to perform at their best. By providing a comprehensive package of rewards, organizations can differentiate themselves from their competitors and attract high-quality talent. Why use a total rewards package? A company would use a total rewards package for several reasons. For one, it would help with attracting and retaining talented individuals. With a competitive job market, employees are seeking more than just a paycheck. By offering a well-designed total rewards package,

organizations can stand out and attract the right talent for their needs. A total rewards package can help improve employee engagement and morale. When employees feel valued and appreciated through rewards and recognition, they are more likely to be loyal for aligning employees’ interests with the organization’s goals, resulting in increased productivity and performance. Importance of Total Rewards for Employee Retention Employee retention is a significant concern for organizations, especially in a distributed workforce where physical proximity and face-to-face interactions may be limited. Total rewards play a crucial role in retaining employees by providing them with a sense of security, stability, and satisfaction. When employees feel that their efforts are recognized and rewarded, they are more likely to stay with the organization, reducing turnover rates and associated costs. A well- designed total rewards program can create a positive work culture and foster a sense of belonging among employees, leading to higher job satisfaction and retention. Value of Total Rewards Package to Employers Total rewards packages offer multiple benefits to employers. They provide a competitive edge in the talent market, enabling organizations to attract and hire top talent. By offering a comprehensive package of rewards and benefits, employers can demonstrate their commitment to the well-being and satisfaction of their employees. This can positively impact the organization’s employer brand and reputation. Total rewards packages contribute to employee motivation and productivity. When employees are satisfied with their rewards and benefits, they are more likely to be engaged and motivated to perform at their best. This in turn, can lead to increased productivity, innovation, and overall organizational success.

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Total Rewards Package Health and Wellness Benefits: Offering comprehensive health insurance coverage, gym memberships, wellness programs, and mental health support can be attractive to employees. These benefits promote employee well-being, reduce healthcare costs, and improve work-life balance. Flexible Work Arrangements: Providing flexibility in working hours, remote work options, and compressed work weeks would be highly desirable for employees. This flexibility allows employees to maintain a better work-life balance, reduce commute time and costs, and enhances overall job satisfaction. Professional Development Opportunities: Investing in training and development programs, mentorship initiatives, and educational reimbursements can be highly valued by employees. These opportunities enhance their skills, career prospects, and job satisfaction, leading to higher retention rates. Recognition and Rewards Programs: Implementing a structured recognition and rewards program that acknowledges and appreciates employees’ achievements can significantly impact retention. Personalized rewards, such as git cards, bonus incentives, and public recognition, create a culture of appreciation and motivation. Talent Retention Additional incentives, such as performance-based bonuses and profit-sharing programs, can further enhance talent retention. These incentives provide employees with a direct link between their performance and financial rewards, motivating them to excel and stay committed to the organization.

Employee Value Proposition The Employee Value Proposition (EVP) refers to the unique set of benefits and rewards that an organization offers to differentiate itself as an employer of choice. EVP encompasses the total rewards package, along with other factors such as company culture, opportunities for growth, and work-life balance. Total rewards form a crucial part of EVP, as they contribute to an attractive and compelling value proposition for employees. By aligning the total rewards package with the organization's mission, values, and employee needs, companies can create a compelling EVP that attracts and retains top talent.

References Milkovich, G. T., & Newman, J. M. (2017). Compensation. MCGraw-Hill Education. Society for Human Resource Management. (2020). Total rewards. https://www.shrm.org/ Worldatwork. (n.d.). What is total rewards? https://www.worldatwork.org/explore/topics/total-rewards

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