Essay on Assignment 1

1572 Words Nov 1st, 2011 7 Pages
ASSIGNMENT #1 TOTAL REWARDS

Describe each of the top five (5) advantages of a total rewards approach. According to the book, WorldatWork, (2007) total rewards are the monetary and nonmonetary return provided to employees in exchange for their time, talents, efforts, and results. It has five key elements; compensation, benefits, work-life, performance and recognition, and development and career opportunities that attract, motivate, and retain the talent required to achieve results. The need for a total rewards approach is getting stronger everyday and has many advantages for the employee and company. The top five advantages of a total rewards approach are increased flexibility, improved recruitment and retention, reduced
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And the labor market is only going to get tighter. As a result, organizations are realizing that every employee matters even more when there are not enough to fill available jobs. Especially with demographic shifts and new economic forces, if the employee can find an environment that’s more in sync with their needs, they will make changes for that. Enhanced profitability focuses on the allocation of funds in a total rewards approach. Most organizations look at a comprehensive total rewards approach as an increased cost instead of an investment that may yield a significant return in the end. A total reward approach is more than healthcare costs and set pay scales especially when looking at the workforce overall. There is a high level of diversity in organizations that should be considered when implementing a total rewards approach. There are age, culture and gender differences that require a diverse approach when being rewarding or when defining work life balance. It is important for an organization to capitalize on the diversity in the workforce and its return on investment. Describe five (5) common ways a total rewards strategy can go astray. The development of a total rewards program can be very difficult and time consuming. Organizations must look at past and current practices while taking inventory of every program, looking at the rank, to determine the effectiveness of each program, and determine

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