Total Rewards Strategy Analysis

Human Resource (HR) strategic plan’s outline short term goals that have been aligned with their organization’s strategic plans. With the HR’s goals being aligned it also helps the representative know how much man power is needed from the budgeting process done through HR. The HR function of an organization is responsible for ensuring top talent is recruited and retained, which means ensuring success of an organization’s strategic plan.

In order to develop a human resource strategy; there must be a linkage of the entire human resource function with the firm’s business strategy in order to improve business strategy execution. The first recommendation

The internal factors to be considered when planning the human resource requirements for an organisation are the internal planning force, demands for products/services, technological change, skill requirements, workforce profiles (age, gender, ethnicity, ability) and new markets. Internal planning factors are within the business to help the organisation change to cope with new methods of work or new demands; it may be the business is being introduced to new technology or new product lines. Also it maybe developing new skill so that the workforce can work more efficiently.

3. Total Rewards Strategy – This structure is very complex, yet comes with a lot of flexibility to allow for growth and internal satisfaction. The pitfalls with this structure come with the implementation, which could be treacherous and difficult to convey to our employees.

The strategies adopted by our organisation can be influenced by both internal and external factors. HR are involved in the initial planning process and assisted with the formation of a business plan detailing objectives for departments to achieve.

2. Formulate a total rewards strategy to encompass the fundamentals of compensation and the regulatory environments.

The key components to developing effective Reward Strategy is to ensure that there are clearly defined goals to meet business objectives, that the reward programme meets the needs of both the organisation and its employees, and to ensure that this is then supported by effective HR policies. In order to ensure these criteria are met there are a number of factors which influence how reward strategy is developed which include both internal factors within the organisation itself, as well as external factors outside the organisation.

‘HR strategy, a ‘people plan’, that will help you ensure you have the right people in your business, at the right time with the right skills to ensure you achieve your business goals’.

Describe at least 3 components of a total reward system, 1 of which should be non financial.

The six features of an effective total rewards program include: focusing on alignment, taking the employees views into account, measuring / managing costs, the greater use of incentive based pay, having effective communication / education and managing the reward program. The combination of these factors is helping firms to more efficiently monitor the sales force.

advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss

Good human resource strategies are difficult to achieve, hard to sustain, and expensive. The objective of a human resource strategy is to manage labor and design jobs so people are effectively and efficiently utilized.

The rewards offered can be extrinsic such as wages, incentives and bonuses, or intrinsic such as job satisfaction, an internal feeling of worth and a sense of well being on the job.

Intrinsic/Internal Rewards are obtained from within the individual. This could be an employee feelings good about a job they performed and taking pride in it.

Key Finding 1: Approximately 90% of companies maintain some type of reward and recognition program. The majority of companies use these programs to create a positive work environment, improve employee morale, and motivate high performance. Research suggests that when designed and implemented properly, reward and recognition positively affects an organization’s bottom line. The Majority of Companies Maintain a Reward and Recognition Program According to a 2003 survey conducted by WorldatWork and the National Association for Employee Recognition (NAER), the majority of companies maintain