Connecting The Dots: Benefits And Compensation Q&A

Connecting the Dots SOURCE: Benefits Compens Dig 44 no9 S 2007 is reproduced with permission. Further reproduction of this article in How to Create a Project Plan Timeline Gantt Chart Template for Excel Excel simple task list Critical Path and PERT chart Assignment 4: Timeline for Implementation (MS PowerPoint Presentation) Max 6 slides Demonstrate the knowledge, skills and abilities gained in the course. As a reminder, the course learning outcomes are as follows: · Determine core requisite competencies for the organization and differentiate a total rewards program to attract, retain, and motivate employees possessing the organization's required competencies. · Design a total rewards program that incorporates monetary, non-monetary, and environmental elements in order to ensure organizational success. · Select metrics that are aligned with the organization's objectives in order to ensure organizational success. · Formulate a plan for implementing a total rewards program in order to ensure success of the program. This assignment allows you to demonstrate mastery of course outcome: 4. formulate a plan for implementing a total rewards program in order to ensure success of the program To supplement the final paper, you will develop an action plan for implementing the recommendations for the total rewards program. You are encouraged to use a Gantt chart or Pert or similar graphic to display a timeline and the interdependence or sequence of the activities. Be sure to include how you will collect the data for each metric and how you will set the targeted goal for each metric. A good action plan contains · specific and quantifiable steps · the order in which those steps are to be taken · the individuals responsible for each step · the individuals responsible for overall segments as applicable · the required resources for each step; and · the funding sources as applicable The timeline adds to the presentation/paper and aids in the identification of success measures and issues/problems encountered and overcome.

Paper For Above instruction

Implementing a comprehensive total rewards program is a strategic endeavor that requires meticulous planning, clear steps, and effective execution mechanisms. An action plan, supplemented by visual tools such as Gantt charts or PERT diagrams, serves as a blueprint for operationalizing the initiative. This paper delineates an action plan for the implementation of a total rewards program, emphasizing the sequence of activities, responsible parties, required resources, data collection methods, and performance metrics aligned with organizational objectives.

Firstly, the initiation phase involves conducting a needs assessment and defining core competencies essential for organizational success. This step is performed by HR leadership and senior management, who gather data through employee surveys, interviews, and performance evaluations. The goal here is to identify skill gaps and desired competencies that will guide the rewards structure. Resources required include survey tools, assessment frameworks, and time allocation for data analysis. Funding sources are typically internal budgets allocated for HR development activities.

Following assessment, designing the rewards structure is critical. This involves differentiating monetary and non-monetary incentives while integrating environmental elements. Human resource specialists and compensation managers collaborate to develop a package that motivates desired behaviors, attracts talent, and retains high performers. The process includes benchmarking against industry standards and consulting with external experts if necessary. The resources required encompass compensation data, market reports, and consulting fees. The responsible parties ensure the alignment of the rewards system with organizational goals.

Next, establishing metrics and goals involves selecting performance indicators that are measurable, relevant, and aligned with strategic objectives. These might include turnover rates, employee engagement scores, productivity metrics, and customer satisfaction levels. HR analytics tools facilitate data collection at this stage. Target goals are set based on historical data, industry benchmarks, and strategic ambitions. The responsibility for this step lies with HR analysts, in partnership with senior leadership, to ensure metrics reflect organizational priorities.

Once metrics and targets are defined, the implementation phase commences. This includes communicating the rewards program to employees, training managers on its administration, and deploying the necessary technological platforms. The communication plan, developed by HR communications teams, must ensure transparency and clarity to foster buy-in. Resources include communication tools, training modules, and technology systems. Responsible parties include HR managers, IT support, and organizational leaders.

Monitoring and evaluation constitute the ongoing phase of the action plan. Data is collected periodically to assess progress against targets. This involves employee surveys, performance review data, and other relevant sources. Responsible personnel analyze data, report findings, and make necessary adjustments. Funding for monitoring activities is often integrated into operational budgets. The continuous improvement process ensures the program remains relevant, effective, and aligned with changing organizational needs.

Visual tools like Gantt charts or PERT diagrams are instrumental in illustrating the timeline, sequencing, milestones, and interdependencies of these activities. They aid in tracking progress, identifying potential delays, and reallocating resources efficiently. The interconnectivity of steps—from assessment through evaluation—ensures a cohesive implementation process. Collecting data and setting targeted goals associated with each step allow for quantifiable assessments of success, facilitating a data-driven approach to managing the rewards program.

In conclusion, a structured action plan with clear responsibilities, resources, and timelines is essential for the successful implementation of a total rewards program. Visual project management tools enhance clarity and accountability, helping organizational leaders stay on track toward achieving strategic HR objectives that support overall organizational efficacy and employee satisfaction.

References

• Armstrong, M. (2020). Armstrong's Handbook of Human Resource Management Practice. Kogan Page.
• Berger, L. A., & Berger, D. R. (2019). The talent management handbook. McGraw-Hill Education.
• Fletcher, L. (2018). Reward Management. CIPD Publishing.
• Milkovich, G. T., Newman, J. M., & Gerhart, B. (2019). Compensation. McGraw-Hill Education.
• Snape, E., Redman, T., & Bamber, G. J. (2020). Managing Human Resources. Pearson Education.
• Cascio, W. F., & Boudreau, J. W. (2016). The Search for Global Competence: Are There Any? Academy of Management Perspectives, 30(1), 68-87.
• Kucherov, D., & Zavyalova, A. (2017). The influence of reward systems on organizational performance. Journal of Business and Psychology, 32(5), 533-550.
• WorldatWork. (2019). The Total Rewards Model: Linking Business Strategy and Employee Engagement. WorldatWork Research.
• Shields, R., & Wiersema, M. (2017). Strategic Rewards for Competitive Advantage. Harvard Business Review.
• Bloom, N., & Van Reenen, J. (2019). Human resource management and productivity. The National Bureau of Economic Research.