Total Reward Strategies

Published: 2023-02-08
Total Reward Strategies
Type of paper:  Essay
Categories: Psychology Government Food Disorder
Pages: 4
Wordcount: 1055 words
9 min read
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The total reward is a term that is replacing compensation as well as benefits at the place of work. Total rewards go beyond compensation and benefits. It involves the creation of a conducive environment that supports professional and personal growth as well as a working environment that bring about motivation and job satisfaction (Chang, 2016). Some of the entities associated with job satisfaction include: being valued, having life/work balance and appropriate job design. Due to stiffer competition in business, many organizations are finding it difficult to award employers in terms of wages. Therefore, to be economical, employers are working to find out cost-effective to motivate the workers while managing the human resource. Strategies, such as staff training are used as rewards. The objective of this article is to describe the process of successful implementation of reward strategies.

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There are four processes involved in the successful implementation of reward strategies. The steps include assessment phase, designing, execution and evaluation. The steps are vividly described below.

Assessment Phase

This is the first process of implementing total reward program. Here the project team is involved in the activity of collecting data, which indicates the effectiveness and efficiency of the present organization's reward system (Petrick, 2017). The data collected is essential in the design phase, during which the team assesses the potential reward strategies. It is at this phase that the need for improvement is realized and the ideas for improvement developed. Apart from evaluating the organization's rewarding system, other various surveying tasks are carried out. Other activities include: benchmarking other organizations, conduction of focus groups, and determination of employee attitudes towards existing rewards programs. The team can also review the existing literature and research activities on the possible, improved and efficient rewarding strategies. At the end of this stage, the team is required to come up with a report documenting their findings, and suggestions as well.

Design

This is the second stage of the project. The team determines the criteria to reward the employees. The employees to be rewarded and organizational achievements to be rewarded and the types of rewards to be offered. Various aspects are put into consideration in this phase including benefits, compensation, professional and personal developments as well as the condition of the working environment.

Execution

This is the operation stage of implementing total reward program. All the chosen potential reward strategies are put into operation. In this phase, various factors have to be put into consideration before rewarding employees accordingly. Among the factors include eligibility, top management approval, measurement and project management (Petrick, 2017). An execution checklist is essential in ensuring that all significant issues are taken into consideration before the implementation of the new system of rewards. Through proper planning issues such as funding pf the policy, duration of the system, the involvement of the union and use of technology will be effectively incorporated into the system.

Evaluation

After the potential reward strategies are given a chance to operate for a while, the team analyses the effectiveness of these strategies that have been in operation. This is referred to as an evaluation stage, the final stage of implantation of the rewards strategy. The team members are involved in the activity of comparing the actual achievements attained from the implementation of the program against the desired goals. The evaluation report gives a clear picture of the management that the investment of the company towards the total rewards system has yielded results. In this phase, the team is involved in measuring the outcomes of the program and analyzing the findings. Various data resources such as workforce surveys, income statements, human resource information system as well as operational reports are used to give vital information such as job satisfaction, profits, costs, revenue and productivity about rewards program put in place.

Compensation Philosophy That Guides New Total Reward Survey

Development of Compensation philosophy is one of the evolved tools that is being applied in the overall reward strategy. The philosophy is also referred to as rewards philosophy. The tool is useful in helping organizations find focus and align all elements in the total rewards with the focus or goals of the organization (Petrick, 2017). The traditional compensation philosophy would majorly focus on the aspects of befits and compensation strategies. Some of the questions that could commonly be featured in the traditional compensation philosophy included: administration, structure, reward focus, pay mix, market position.

In the total rewards, compensation philosophy includes the learning opportunities and the amendment of the work environment as a way to motivate the employees. Entities such as career development, performance feedback and training are among the learning opportunities present in the philosophy. In terms of the work environment, work relations, work/life balance, organization culture and climate, as well as values, are considered.

In the questions presented at the end of that involves performance measures such as financial, productivity, quality, safety, cost reduction and work attendance. The questions about these questions focus on the environment and staff development as part of total rewards strategies.

Appendix

Employee attitude survey

Answer all the question in the survey below. The survey is voluntary hence no compensation nor rewards will be offered for participating in the study. An individual can withdraw his/her participation from the study any time without having to provide an explanation. The information of the survey will be kept private and confidential. Hence any detail that can lead to identification of the research participant is avoided in this survey tool.

Participant signature................................date.....................

Research coordinator signature...................date.....................

Answer all the questions

What your occupation in the organization?

What is your job description?

Are you aware of the current total rewards program in the organization? Yes----, no-----

What are some of the incentive plans are you aware of...?

According to your position, what is the promotion pay criteria that is applied?

What do you think concerning the promotion criteria that is used? Are you satisfied? N0.... Yes....

Whether no or yes explain.

What specific areas of the total rewards plan do you approve/ support? Support your answer.

What specific don't you approve? Support your answer

What improvements do you suggest should be done to the total rewards strategy? Elaborate.

References

Chang, J. F. (2016). Business Process Management Systems: Strategy and Implementation. Auerbach Publications. Retrieved from: https://www.taylorfrancis.com/books/9780429119880

Petrick, J. (2017). Total Quality in Managing Human Resources. Routledge. Retrieved from: https://www.taylorfrancis.com/books/9780203735534

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