Assignment #1 – Total Rewards
Dr. David Fontaine, SPHR
Total Rewards HRM 533
July 17, 2011
1. Describe each of the top (5) advantages of a total rewards approach.
Years ago, society adapted a one size fits all approach when it came to total rewards. Total rewards had been designed to accommodate a wide range of people; it was generic and did not consist of any personalization or flexibility. As the twenty first century emerged, so did the change of the total reward program. This era, known as the “rewards your way” era was filled with a variety of rewards packages to fit the need of different workforces. This type of reward was much needed due to the increase in globalization, which marked an increase in diversity within the labor market. One of the top five advantages of a total rewards approach is Increased Flexibility. A total rewards approach offers tremendous flexibility because it allows awards to be customized to meet the different emotional and motivational needs of employees. Flexibility is a great tool because it allows employees to balance their lifestyle within their work environment. In today’s world, more and more employers are offering more flexible work environments, which allow employees to have a voice in determining when they work, where they work, and how they work.
Improved Recruitment and Retention is another advantage of a total rewards approach. All companies seek success, and the key to success is having the best people on board that will fulfill the company’s vision and strategy. Currently, organizations are facing challenges with recruiting best in class workers. No more are the days where companies used an abundance of money to lure top performers. That method has been proven to not only raise company costs but it is also so overused. A total rewards approach addresses the issues affiliated with recruitment and retention. It helps create a work experience that...
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