Recommend A 6-Page Strategy For Improving Total Rewards ✓ Solved

Recommend A Strategy 6 Pages For Improving A Total Rewards Package F

Recommend a strategy (6 pages) for improving a total rewards package for FFH in order to be competitive with other employers and to positively support recruitment and retention initiatives.

Search websites with pertinent data sources, including the U.S. Department of Labor, Employment and Training Administration, and career-focused websites such as O*Net online and the Bureau of Labor Statistics, for salary and benefits information.

FFH is concerned about the competitiveness of its total rewards package. Most store managers and supervisors have been with FFH for over 20 years and are satisfied with their compensation. However, prospective candidates indicate that FFH's total rewards package is not competitive. You are tasked with recommending a strategy for improving FFH's total rewards package to enhance competitiveness and support recruitment and retention.

Include the following components in your total rewards package strategy:

  • Analyze components to include, such as salary, benefits, and broader elements beyond compensation.
  • Decide whether FFH should lead the market, pay at market rates, or lag behind.
  • Identify two other broader components of total rewards beyond salary and benefits.
  • Compare salary and benefits with adding incentive compensation, such as bonuses, commissions, or profit sharing, and discuss their benefits.
  • Address legal compliance requirements FFH should consider when creating the package.
  • Recommend a total rewards strategy aligned with organizational goals.
  • Consider cultural and inclusive practices that support a diverse workforce and justify included components.

Your total rewards package strategy should demonstrate graduate-level writing skills, including accurate communication, proper grammar, and mechanics aligned with HR professional standards.

Sample Paper For Above instruction

Developing a comprehensive and competitive total rewards package is crucial for FFH to attract and retain top talent, especially in a competitive retail environment. As a human resources strategist, my objective is to recommend an integrated approach that aligns with organizational goals, supports diversity and inclusion, and complies with legal standards, thereby positioning FFH as an employer of choice.

Analysis of Components in the Total Rewards Package

The total rewards package encompasses a broad spectrum of elements beyond mere salary. Core components include base compensation, benefits, and incentive programs. Salary competitiveness is essential; FFH should benchmark its pay against industry standards using data from credible sources like the Bureau of Labor Statistics and O*Net. Depending on organizational strategy, FFH could choose to lead the market, match the market, or lag slightly, aligning pay with strategic goals and financial capacity.

Benefits constitute a significant attractiveness factor, including health insurance, retirement plans, paid time off, and employee wellness programs. These benefits are fundamental in building employee loyalty and job satisfaction. Additionally, non-monetary rewards such as flexible work arrangements and professional development opportunities further enhance the total rewards package.

To advance beyond traditional compensation, two broader components should be included: recognition programs and work-life balance initiatives. Recognition programs acknowledge employee achievements, fostering engagement, while flexible work policies support diverse needs, accommodating employees’ personal commitments and promoting inclusivity.

Comparison of Compensation Components

While salary and benefits form the foundation of the total rewards package, including incentive compensation—such as bonuses, commissions, or profit sharing—can significantly boost motivation and performance. Incentive programs align employees' efforts with organizational objectives by rewarding exceptional contributions. For example, a profit-sharing scheme could directly connect employee rewards with company performance, fostering a sense of shared success.

Implementing reward mechanisms like bonuses and commissions can also help attract highly skilled candidates eager for performance-based incentives, enhancing FFH’s competitive edge. However, the design must be transparent, equitable, and compliant with legal standards to prevent unintended repercussions.

Legal Compliance and Ethical Considerations

Creating a total rewards package requires adherence to various legal standards such as the Fair Labor Standards Act (FLSA), Equal Employment Opportunity (EEO) laws, and regulations regarding COBRA, ERISA, and the Affordable Care Act (ACA). FFH must ensure that incentive programs do not lead to wage violations or discriminatory practices. Additionally, legal considerations include proper documentation, nondiscrimination policies, and compliance with tax laws related to fringe benefits and incentive compensation.

Addressing these legal requirements not only shields FFH from litigation but also promotes an ethical workplace culture centered on fairness and transparency.

Strategies for Enhancing the Total Rewards Package

To position FFH competitively, I recommend a multi-faceted strategy. First, conducting a competitive analysis using data from industry surveys and government sources to set market-aligned pay rates. Second, integrating flexible benefits and wellness programs tailored to diverse employee needs enhances inclusivity. Third, establishing performance-based incentives linked to clear metrics encourages productivity and ownership.

Moreover, FFH should embed cultural competence into its rewards strategy by promoting diversity initiatives, inclusive leadership development, and equitable recognition programs. This approach demonstrates a commitment to fostering a respectful, diverse work environment, which is increasingly valued by employees and prospective candidates.

Implementing tailored reward programs supported by transparent communication can increase employee engagement, reduce turnover, and attract high-caliber talent. Additionally, periodic review and adjustment of the rewards structure ensure ongoing relevance and competitiveness.

Conclusion

In summary, FFH’s total rewards package should balance competitive pay, comprehensive benefits, incentive programs, and inclusive practices. Legal compliance and alignment with organizational goals are critical. By integrating broad reward components and fostering an inclusive culture, FFH can position itself as a preferred employer in the retail industry, improving recruitment, retention, and overall organizational performance.

References

  • Bureau of Labor Statistics. (2023). Occupational Employment and Wage Statistics. https://www.bls.gov/oes/
  • U.S. Department of Labor, Employment and Training Administration. (n.d.). Retrieved from https://www.dol.gov/agencies/eta
  • WorldatWork. (2020). The Truth About Incentive Compensation. https://worldatwork.org/research-and-resources
  • Milkovich, G. T., Newman, J. M., & Gerhart, B. (2019). Compensation (11th ed.). McGraw-Hill Education.
  • Cascio, W. F., & Boudreau, J. W. (2016). The Search for Global Competence: From International HR to Talent Management. Journal of World Business, 51(1), 103-114.
  • Robinson, S. P. (2021). Legal Considerations in Compensation and Benefits. HR Magazine, 66(2), 36-41.
  • Spence, M., & Shields, J. (2016). Diversity and Inclusion in Compensation Strategies. Journal of Organizational Culture, Communications & Conflict, 20(2), 23-35.
  • WorldatWork. (2018). Principles of Incentive Compensation Design. https://worldatwork.org
  • Miller, G. (2020). Strategic Human Resource Management. Cengage Learning.
  • Edmonds, W., & Kennedy, T. (2017). Analyzing Data for HR Decision-Making. SAGE Publications.

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