Watkins,Tomika_1.3 Implementing Total HRMT538

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Implementing Implementing Total Rewards Strategies 1.3 Assignment Tomika T Watkins Indiana Wesleyan University Dr. Terri Schiuszi-Schultz Total Rewards Management (HRMT-538-01B) I have read and understand the plagiarism policy as outlined in the IWU Catalog relating to the IWU Honesty/Cheating Policy. By affixing this statement to the title page of my paper, I certify that I have not cheated or plagiarized in the process of completing this assignment. I also certify that the work submitted is original work specific for this course and to my program. If it is found that cheating and/or plagiarism did take place in the writing of this paper, I understand the possible consequences of the act/s, which could include expulsion from Indiana Wesleyan University.

Implementing Introduction Human resources professionals play a critical role in assisting organizations in designing strategic overall rewards packages in order to preserve a competitive edge and recruit and retain competent staff. Extrinsic and intrinsic compensation make up a competitive overall rewards package; extrinsic compensation includes "monetary and nonmonetary rewards," while intrinsic compensation "reflects feelings of meaningful work" (Martocchio, 2017, p.3). A human resources professional must consider organizational goals, available resources, the present and desired workforce, and employment regulations regarding pay methods while designing and implementing total incentives, to mention a few issues. "The right total rewards system—a blend of monetary and nonmonetary rewards offered to employees— can generate valuable business results” (Henemen, pg11, 2007). Employees perform better at work when they believe they are respected and appreciated. Typically, incentive systems aid in the recognition of personnel. The happier the employees are, the higher the quality of their jobs will be. Total rewards schemes should comprise system assessment, design, implementation, and evaluation to ensure that it is operating correctly. This paper aims to outline total rewards implementation strategies, present an overview of the four phases of implementation, discuss the phase of assessment, review current policies, and provide constructive feedback. Summary of Implementing Total Rewards Strategies

Implementing The report Implementing Total Rewards Strategies by the Society for Human Resource Management (SHRM) addresses the benefits of strategic total rewards programs and describes a four-step process for implementing an effective program for a business. The report recommends using total rewards strategies, and total rewards methods have been shown to offer a more significant advantage for organizations who choose to use them. It then asks probing questions about who will design the plan, how it will be funded, and under what business circumstances the plan is designed to operate. The article also includes a few case studies from various businesses on how they implemented their overall rewards strategy. Furthermore, their efforts were ineffective, but lessons were gained, and a reminder was given of the need to have a strategy in place, with everything being taken into consideration, before implementing the plan. General Overview of the Four Phases According to SHRM, the four steps of effectively implementing a complete rewards program are assessment, design, execution, and evaluation. During the assessment phase, a project team evaluates the organization’s present rewards program and uses the information gathered to produce new program concepts. The second step, the design phase, establishes what performance will be rewarded and how such performance will be rewarded. The execution phase is responsible for integrating the new system into the organization. Finally, the evaluation phase examines the project’s implementation results to see if they meet organizational objectives. Assessment Phase Summary The assessment phase begins with a focus group that investigates the existing total rewards systems. From there, the business can generate ideas for ways to enhance the system. Other than

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Implementing focus groups, the project team might acquire data via benchmarking surveys from other businesses. Current policies retrieve data from an employer's perspective. This form of data can contain policy documents, strategy and operational plans, manuals, past associate surveys, and HR databases. Next, assessing employee attitudes can give valuable information regarding how workers feel about present rewards. After examining the article, it is finally time to compose the assessment. It is vital to examine the trustworthiness of data, receive input from top management, and develop a compensation draft, which will be detailed later in this paper. Examining Current Policies There are several sources of information available to my company, Ascension Health, about total incentive strategies. First, an annual evaluation of the previous year is conducted by a focus group. Employees expressed a desire for greater recognition, better pay, and performance-based bonuses during the focus group. Employees are then asked to participate in surveys covering a broad range of subjects, one of which is the overall rewards program. Changes are made based on these surveys each year. Ascension Health seeks to obtain data on the effectiveness and perception of its current incentives system. The organization's employees are crucial to its expansion, and compensating current employees makes achieving corporate goals simpler than onboarding new hires. Compensation Philosophy The following suggested compensation philosophy will direct the design of new overall rewards strategies. “Employees need to know that their input was carefully considered, otherwise you may lose valuable support for the project"(Heneman, 2007, pg.8). Potential profit-sharing

Implementing opportunities will be awarded to both new and current employees who demonstrate exceptional performance. The entire rewards program will be financed by gross earnings beyond a certain threshold that the owners have set. A survey will be conducted among employees, management, and stakeholders to find out what they consider to be an appropriate percentage of profits for outstanding performance, as well as what exceptional performance means to them. In six months or at year's end, the focus group will wrap up the process of gathering input, looking into other company standards on profit-sharing for performance, designing the reward system, putting it into pilot form, and assessing its effectiveness. If stakeholders approve, the focus group plans to fully implement the system by the end of the accounting year. Employee Attitudes Survey The appendix contains an example employee attitudes survey. The survey was created based on the compensation philosophy noted above. It concerns how staff members feel about the awards that are offered now and potential future initiatives. Although each question is rated on a scale of one to five, users are still able to provide comments. Total rewards strategies can build or collapse a business. Good strategies inspire employees, while bad ones lead top workers to look for better opportunities elsewhere. An organization can adopt a fair total rewards plan that develops the person as well as the organization if the phases are appropriately followed. Conclusion

Implementing The SHRM's report on total rewards implementation emphasizes how crucial a program like this is for recruiting and retaining talent. More significantly, though, the report effectively communicated the necessity for focus groups to adhere to a systematic approach. If the attempt to introduce a new incentive system failed, it would be harder to win back the faith of the whole staff than it would be to guarantee completeness. To achieve success in this instance, thoroughness entails adhering to the detailed procedure described in SHRM's report. References

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Implementing Martocchio, J. J. (n.d.). Strategic Compensation A Human Resource Management Approach. Redshelf reader 9 Edition. https://platform.virdocs.com/read/244448/1/#/4 Heneman, R. L. (2007). Implementing Total Rewards Strategies: SHRM Foundation's Effective Practice Guidelines Series. SHRM. Retrieved from https://www.shrm.org Idowu, P. (2022, May 20). Creating a total rewards strategy for employees: A 4-step process - global market entry: PEO: Business expansion into Africa: Workforce africa. Global Market Entry | PEO | Business Expansion into Africa | Workforce Africa. https://workforceafrica.com/creating-a-total-rewards-strategy/ Appendix

Implementing Please fill out this survey and submit it to Human Resources so that we can assist you in providing benefits that meet the needs of our organization. Employee Attitudes Survey Questions Strongly Disagree (1) Disagree (2) Neutral (3) Agree (4) Strongly Agree (5) Benefits I am satisfied with health plan options. Overall, I am satisfied with my health benefits. I am satisfied with my current pay rate or salary. I am satisfied with my opportunities for merit increases and/or bonuses. I am satisfied with the amount of vacation, sick and personal days I receive. I am satisfied with my opportunities for professional development.

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