Business is not a science; it is not susceptible to experiments that can be controlled and replicated. Everything in business is too unpredictable for that—every business, employee, product, market, is different and keeps changing.”
—Margaret Heffernan, U.S. Businesswoman
It’s time for your weekly meeting with Megan, who asks how the organization has to change to support a total rewards plan.
You reply, “Total rewards programs need the support of organizational structures, and it’s essential to align the compensation system with organizational strategy and culture. This highlights both the importance of HRM as professionals and as key players in the success of the organization. We must understand the structures and culture of the organization.”
In discussing a plan for a current or former employer, consider how any insights may inform your own project involving CapraTek, in terms of reworking what you have already produced or determining where you are headed.
Reference
BrainyQuote. (n.d.). Margaret Heffernan quotes. Retrieved from http://www.brainyquote.com/
After reading the articles assigned in this week’s readings and the readings from previous weeks, imagine yourself in the role of an HRM executive. You have been asked to write an executive summary for a current or former employer. (You can change the name if you feel the need). Respond to the following:
Recommend key components for an organization-wide total rewards program and immediate steps to be taken.
Include specific organizational benefits for each of the rewards programs you identify in the executive summary. Be certain to consider key job classifications.
Your initial post should be succinct, of at least 150 words, and demonstrate critical analysis and precision in writing. Evaluate the week’s materials and reference relevant trade publications and scholarly literature.
Requirements: 150
Answer preview
which positively impacts job morale (Mabaso & Dlamini, 2018). The second component I would recommend is career development, which provides employees opportunities to grow to higher levels of leadership or job groups in the company. Promotions break down the common feeling of stagnation that is prevalent among employees in many organizations (Rai, Ghosh & Dutta, 2019). Lastly, I would recommend the compensations and benefits as the final components to the proposed total rewards system. To keep employees motivated, the company can offer competitively priced salaries and additional benefits like medical insurance packages, bonuses, and more. The first step during implementation is to examine the current system, followed by an assessment of the employee needs. Afterward, leaders should contribute their inputs and begin a prioritization exercise. The company should then assess the costs and benefits of the rewards system to prove its viability and sustainability.
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