Total Rewards Strategy

Review the rubric listed after the questions posed for this assignment for specific grading requirements. Make sure to communicate effectively and demonstrate proper writing skills when completing this assignment. Do not forget to proofread carefully for spelling, grammar, and punctuation. Write a 3-4 page report that answers the following questions: 1. 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. Increased Flexibility 2. Improved Recruitment and Retention 3. Reduced Labor Costs/Cost of Turnover 4. Heightened Visibility in a Tight Labor Market 5. Enhanced Profitability
This is includes pulling together information about the current rewards program and past rewards programs. During this phase you need to take various things into consideration for why the various programs did or didn’t work during the time they were offered. Something in the past that didn’t work for employees may be extremely beneficial now because of various changes that may have occurred. The second step in this process is designing the new reward program. The WorldatWork Handbook (2007) says to start “with the corporate mission, vision, and business strategy” (p. 31). This is important because rewards typically align with the values of the company and its employees. The next step in creating a total rewards program is development. In developing the program you will need to know four important