Description
Total Rewards Knowledge 1: Examining Total Rewards
Please view the following video in its entirety:
https://www.youtube.com/watch?v=WrDpMmHlobA
In the video you learned about the 6 components of the total reward program. Now, except for compensation and benefits, of the 4 remaining components select 2 that you consider most important to you and explain why. Make sure you are specific and not just defining your selections Note: Your response to the discussion must be informative, be supported with research, and follow the requirements set by this course.***Please note the two components I’d like the response to be on is: Performance management and work-life balance
NO MORE THAN 1 PAGE
Additional Note:
Please see an EXAMPLE response from The professor. The professor has played the role of student for the week 1 discussion and posted a response to the discussion. The idea is to allow students to see an example of a thorough and effective post covering the topic and the proper use of SWS since research is required. Note that students may also choose to use APA 6 or 7 instead of SWS.
Outside of compensation and benefits, two components of a total rewards program that are important to me are performance management and work-life effectiveness. Both elements often have a tremendous impact on an organizations bottom line. With employee payroll being one of the biggest expenses that an organization encounters, ensuring that workers are productive and performing at a high-level and are happy and satisfied with their jobs will yield the best return on investment for an organization and result in improved compensation and benefits for the workers as well.
However, in a 2017 study as reported by Sammer (1), 95 percent of managers were not satisfied with their organizations performance management system. This dissatisfaction indicates that traditionally embraced performance management is not assisting organizations to achieve their goals and expectations. Employees need to have direction and focus to achieve the best outcomes. Effective performance management will allow an employee to set measurable and manageable goals and provide a description of what success looks like in that role. This transparency will drive innovation and engagement in the worker.
Effective practices that are initiated to measure performance more regularly than a yearly review will assist in creating a regular and constant dialogue with employees, provide necessary feedback as to goal attainment, communicate learning and development opportunities, and reinforce organizational goals, strategies, and expectations (1). By providing context to how the employees contributions affect the business objectives will also allow the employee to understand their connection to success and failure (Hastings 2). Implementing a successful program will take time, but the rewards will be measurable and beneficial to an organization and can be tied to those measurements in profitability and productivity.
Another important element of a total rewards program would be work-life effectiveness. Because we have become a society of connected individuals, it is sometimes hard to establish a healthy work-life balance. Smartphones, tablets, laptops, and other devices have created an environment where employees are always available even away from the office. Shapiro (3) has noted that the increase in technology has made accessibility common and often the boundaries between personal time and ones professional life are not clearly defined and established. Employers should work towards creating policies and guidelines that maintain a healthy work/life balance. One suggestion for HR professionals is to not put too much emphasis on personal versus business in the use of technology. In addition, employers who email late at night or on weekends may create a sense of urgency on the part of the employee (3). With a goal of maintaining a healthy, energetic, productive, and happy workforce – creating an environment that provides the necessary balance should provide the best results. By promoting and encouraging workers to find the best balance, employers can significantly decrease most health-related problems and absences while improving accuracy and performance (Wedgwood 4). An effective work-life balance will also help to retain top performers and reduce costs associated with turnover.
