Total Rewards

Powerful Essays
Running head: TOTAL REWARDS

Total Rewards: Strategically Achieving Business Results
Strayer University

Abstract
Total Rewards reflects what employees’ value from its employer. It focuses on five elements that attract, motivate, and retain the talent to achieve business goals. These elements are: Compensation, Benefits, Work- Life, Performance and Recognition and Development and Career Opportunities (WorldatWork, 2007, p. 4). This paper describes the five advantages of a total rewards approach, five ways a total rewards strategy can go astray, six steps involved in the design of a total rewards program and eight steps involved in the communication process of a total reward program (WorldatWork, 2007, p. 15-64). Finally, the paper will summarize the components and the results of an effective design, implementation and communication strategy and result of a successful total rewards program.
Total Rewards: Integrative Elements to Achieve Business Results

Five Advantages
One advantage of a total reward package is increased flexibility. Flexibility allows business’ to develop programs that cater to the needs of its employee by combining transactional and relational awards, allowing the reward package to meet the different emotional and motivational rewards of employees (WorldatWork, 2007, p. 15). Improved recruitment and retention is another advantage. Highly skills employees are in demand and, companies must find ways to attract and retain high performers. A comprehensive rewards package highlights the organization’s commitment by showing the total value of the reward package. This commitment provides a competitive advantage to prospective employees as well as those employees contemplating leaving the organization (WorldatWork, 2007, p. 16).
Total rewards help reduce labor costs and the cost of turnover by promoting employee engagement and reaffirming trust within the organization. Employees, who feel valued and engaged develop a sense of loyalty



References: WorldatWork. (2007). The WorldatWork Handbook of Compensation, Benefits, & Total Rewards. Hoboken, New Jersey: John Wiley & Sons, Inc.

You May Also Find These Documents Helpful

  • Better Essays

    Total Rewards

    • 1506 Words
    • 5 Pages

    Assignment 1 Geico Total Rewards Program Case Study Advantages to a Total Rewards Approach There are several advantages to using a total rewards approach to compensating the workforce. The top five are described in the text (pp. 15—17). The following paragraphs discuss the facets of the Geico total rewards program that align with these advantages: The first facet is “Health and Well-Being”. Geico offers a variety of medical plans to their employees such as PPO’s, HMO’s, dental…

    • 1506 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Total Rewards

    • 1138 Words
    • 5 Pages

    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…

    • 1138 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    Total Rewards

    • 3174 Words
    • 14 Pages

    Total Rewards: To Infinity & Beyond Motors and More, Inc. – A Path to Success Jerry Moton, Cassandra Reeves, Faye Singh & Mike Wasilchin 5/31/2014 Table of Contents Total Rewards Strategy Total Rewards Strategy Benefits Provided at Motors and More Inc. Currently Motors and More employees receive only statutory employment benefits. Statutory benefits are Social Security, workers’ compensation, unemployment compensation and FMLA leave. Social Security provides retirement…

    • 3174 Words
    • 14 Pages
    Powerful Essays
  • Powerful Essays

    Total Rewards

    • 1507 Words
    • 7 Pages

    NEW AND IMPROVED REWARDS AT WORK 1 Running head: New and Improved Rewards at Work New and Improved Rewards at Works HRM 533 Total Rewards Dr. Mary Ann Wangemann Strayer University…

    • 1507 Words
    • 7 Pages
    Powerful Essays
  • Better Essays

    Total Rewards

    • 840 Words
    • 4 Pages

    Total rewards are the monetary and non-monetary return provided to employees in exchange for their time, talents, efforts and results. The phrase “compensation and benefits” has given way to “total rewards”—which encompasses not only compensation and benefits but also personal and professional growth opportunities and a motivating work environment (for example, recognition, valued job design, and work/life balance). Stiffer competition in business has made it difficult for cost-conscious organizations…

    • 840 Words
    • 4 Pages
    Better Essays
  • Good Essays

    Total Rewards

    • 1041 Words
    • 5 Pages

    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…

    • 1041 Words
    • 5 Pages
    Good Essays
  • Good Essays

    total rewards

    • 523 Words
    • 3 Pages

    The article I chose is titled “How BMW successfully practices sustainable leadership principles”, and is nested in many of the concepts covered during the period of this course. The main premise focuses on how the BMW Corporation was able to build and incorporate a resilient leadership model that helped shape how the company most recently survived the economic downturn that started in 2008. The authors have developed a model called “honeybee” leadership that spreads 23 key principles built into…

    • 523 Words
    • 3 Pages
    Good Essays
  • Best Essays

    Employment and Total Rewards

    • 3882 Words
    • 16 Pages

    Introduction The aim of this paper seeks to examine the concept of total rewards in the process of increasing prominence in organisations. Total Rewards is best described as a business strategy that “includes financial and non-financial complementary elements designed to recruit, develop, retain and motivate employees”(OSP 2003). “Employees working for a total rewards employer tend to be more motivated, productive, and happy”. (eHow 1999) As a result is “the business thrives”(eHow 1999) and prominence…

    • 3882 Words
    • 16 Pages
    Best Essays
  • Powerful Essays

    Total Rewards Strategy

    • 1783 Words
    • 8 Pages

    Describe each of the top five (5) advantages of a total rewards approach. 2. Describe five (5) common ways a total rewards strategy can go astray. 3. Describe the six (6) steps in designing a total rewards program. 4. Describe the eight (8) steps in the communication process. According to WorldatWork in the text The WorldatWork Handbook of Compensation, Benefits & Total Rewards (2007) the top five advantages of a total rewards approach are as follows (p.15-17): 1.…

    • 1783 Words
    • 8 Pages
    Powerful Essays
  • Powerful Essays

    Total Rewards Systems

    • 1776 Words
    • 8 Pages

    Total Rewards System Walter Clay University of Phoenix MGM 570 Employee Motivation and Compensation Mr. Foy Wallace 13 November 2006 Introduction Motivating the individuals that work for you is one of the most important functions that you will have as a manager. (People Skills, 2006) Simply stated getting employees to do the things they were hired to do is probably the biggest challenge a manager will face. You will always have individuals who will work their hardest for…

    • 1776 Words
    • 8 Pages
    Powerful Essays