Answer 2 discussion question (175 words each at least) and two responses (75 words each at least) No plagiarism
Discussion question 1.
A total rewards plan must meet the specific needs of an organization’s strategy while incorporating current trends and issues that exist in the current workforce.
Respond to the following in a minimum of 175 words:Discuss methods to coordinate total rewards plans to an organization’s strategic operations. How would you incorporate current trends or issues into the methods you identified
Discussions question 2
Respond to the following in a minimum of 175 words:
Discuss which of the three approaches to internal reward alignment your organization, or an organization you’re familiar with, uses to determine job valuation. Do you think that method is the most effective? How might the job valuation in this company differ if a different method was used?
Response 1
Lacee Jones
Total rewards are a way that you can keep employees with exchange for working for the company. It is something tha employees like and it shows that they are appreciated for the work that they are doing. Total rewards does have to be in line with the business and the way the business is wanting to go. Compensation is a fixed pay that the employee will receive while working for the company. You also have benefits that are included and optional for the employee to pay a percentage to be insured and maintain their health.
Recognitions are supported and shown the employee that they are appreciated and the hard work that they are showing isn’t going unnoticed. I have worked for a company that didn’t do any type of recogniton for their employees and that company lost alot of employees. Talent delvopment is being able to train different employess for different roles that benefits the company. Having a program where people can be promoted within the company always save. It shows potential employees that you have a chance to be prmoted and were able to get you there with this program.
Response 2
Andrea Hout
Total rewards plans may include total compensation plans that must include a fixed as well as a variable component. This is along with the current industry trends where it makes sense to reward better performers. Variable pay can be given as 2 components. It can be given as a monthly or a quarterly incentive. This is a very accurate way of rewarding performance as only sales figures are considered.
The second method is a year-end bonus. This method is when you want to reward other traits such as leadership and teamwork, working towards organizational goals rather than only looking at figures. Variable pay is nothing but a method of distributing profits among its employees for the company.
Common trends have implied that total compensation should result in higher disposable income in the hands of younger employees. However older employees look at more statutory savings.
Companies may want to develop pay ranges to make sure worker pay is competitive with other organizations. To be competitive, it is important to create a pay structure and to benchmark similar jobs throughout the industry.