19 Dec What components make up a total rewards strategy?
The labor market is very competitive, so organizations must be creative and even think outside of the box to attract top talent. One way many organizations do this is by offering comprehensive total rewards packages. These packages go beyond just a paycheck and often combine financial with nonfinancial benefits to recruit, attract, and retain top talent. The packages may include bonuses, health insurance, retirement plans, professional development opportunities, and work–life flexibility. Employees are looking for well-rounded packages that afford them more opportunities than other employers do.
Organizations use the packages to maintain competitive advantage. Well-designed packages help reinforce the company culture, promote equity, align compensation with business objectives, and make employees feel valued. Any packages offered must comply with all legal and regulatory requirements.
Watch this short video on total rewards packages: Total Rewards Strategy for HR Leaders: Employee Recognition and Rewards, Benefits, and More.
3-5pgs paper that addresses the following:
What components make up a total rewards strategy?
How do these components support an organization’s overall goals?
What are the key laws and regulations that affect how organizations design and administer employee benefits?
What are the potential consequences of non-compliance for both employers and employees?
What are 2 best practices that organizations use to maintain compliance while also remaining competitive and attractive to talent? (You may use real organizations or hypothetical examples).
Download this template to help complete the assignment: Unit 4 IP Template.
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