Total Rewards

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Describe each of the top five (5) advantages of a total rewards approach.

The first advantage of a total rewards approach is self fulfillment so that people are recognized for what they do and encouraged to reach their potential through effective learning and development processes and given feedback on their performance. The second advantage is an organization culture where roles are clear and organizational and personal values are in alignment so that employees engage and enjoy work. Another way to consider the necessary components of rewarding people is to view them as individuals, within their team, in the organization and generally in the workplace. The fourth advantage is recognition, you must make sure that the employees are being appreciated, and not taken for granted. The last one is Organizational culture which is being able to engage and fit with the organization in terms of its values and how things are done. Describe five (5) common ways a total rewards strategy can go astray.

The five common ways a total rewards strategy can go astray is simply copying another organization’s reward practices can lead to disaster, It would be harmful for either firm to adopt the reward practices of the other, Not implanting an effective award strategy, No considering the employees communication strategy, and Not following the strategy the way is was implemented. Describe the six (6) steps in designing a total rewards program.

Developing a total rewards strategy specific to your institution’s needs requires some initial homework to establish a baseline of what you already offer and to develop a more strategic approach to rewards. The first step is Inventory rewards, it will conduct a full, detailed, and accurate inventory of the rewards currently offered by your institution. This inventory should include both formal programs and informal practices. Some of this information is readily available but some of it will require investigation,...
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