Submit a draft of a performance management system and total rewards

Milestone #2 – Critical Element: Total Rewards

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Develops a total reward system that encourages proper behavior and rewards appropriate employees

 

As noted in the PowerPoint presentation video for Milestone #2, the WorldatWork website has an informative graphic that clearly represents “total rewards.”  Here is the url: https://www.worldatwork.org/aboutus/html/aboutus-whatis.jsp

 

Located on that website is the following information. I have noted my guiding questions in blue font. The six elements of total rewards that collectively define an organization’s strategy to attract, motivate, retain and engage employees are:

 

Compensation: Pay provided by an employer to its employees for services rendered (i.e., time, effort, skill). This includes both fixed and variable pay tied to performance levels.

  • What does the case state about base pay? Should base pay be adjusted? Why or why not?
  • If you recommend variable pay, what is based upon the correct set of metrics?
  • When is the most appropriate time to reward the employees who have earned the incentives? Please always validate your analysis.

 

Benefits: Programs an employer uses to supplement the cash compensation employees receive. These health, income protection, savings and retirement programs provide security for employees and their families.

  • Here is an opportunity to be creative. There are no right or wrong answers. Be sure to validate your recommendation.

 

Work-Life Effectiveness: A specific set of organizational practices, policies and programs, plus a philosophy that actively supports efforts to help employees achieve success at both work and home.

  • Here is an opportunity to be creative. There are no right or wrong answers. Be sure to validate your recommendation.

 

Recognition: Either formal or informal programs that acknowledge or give special attention to employee actions, efforts, behavior or performance and support business strategy by reinforcing behaviors (e.g., extraordinary accomplishments) that contribute to organizational success.

  • Is this something to consider? What do you recommend and why?

 

Performance Management: The alignment of organizational, team and individual efforts toward the achievement of business goals and organizational success. Performance management includes establishing expectations, skill demonstration, assessment, feedback and continuous improvement.

  • Here is an opportunity to discuss a properly designed performance management system and process.
  • What are the performance management metrics? What are the metrics aligned to and why? What is a solid performance review cycle?

 

Talent Development: Provides the opportunity and tools for employees to advance their skills and competencies in both their short- and long-term careers.

  • What is the process for developing employees to ensure retention and a high level of employee engagement?

Milestone #2 – Critical Element: Communication (Benefit Self Service Tecnology)

 

 

Explains how to communicate to appropriate stakeholders issues regarding self-service technologies related to benefit programs

 

Below are my thoughts and experience. These comments should be a springboard for your ideas and research.

 

 

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