Reference no: EM133535824

Homework: Total Rewards Package Strategy

Length: 6 pages.

Competencies Measured

By successfully completing this homework, you will demonstrate your proficiency in the course competencies through the following homework criteria:

I. Competency I: Apply legal standards in human resource management decision making and practice.

1. Explain what legal compliance requirements FFH should consider when creating a total rewards package.

II. Competency II: Use data to support human resource management decision making.

1. Analyze components to include in FFH's total rewards package.

2. Compare the salary and benefits components with adding an incentive compensation package.

III. Competency III: Develop human resource management strategy recommendations to support organizational goals in a dynamic environment.

1. Recommend a strategy for compensating FFH's management.

IV. Competency IV: Communicate human resource management needs, opportunities, and strategies with multiple stakeholders.

1. Communicate in a manner that is professional and consistent with expectations for human resource professionals and master's-level programs.

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.

Introduction

Search websites with pertinent data sources, including the following, for general salary information. Research other career-focused websites for benefits information.

I. U.S. Department of Labor, Employment and Training Administration. (n.d.). O*Net online.
II. Bureau of Labor Statistics. (n.d.). Databases, tables and calculators by subject.

Instructions

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 have been very satisfied with their compensation. However, while interviewing prospective candidates, the company is getting indications that their total rewards package is not equal to their competitors. You are being tasked with recommending a strategy for improving FFH's or a selected organization's total rewards package in order to increase competitiveness with other businesses and to positively support recruitment and retention initiatives.

Include the following in your total rewards package strategy for HR management and organizational leaders:

Question I. Analyze components to include in the total rewards package. This analysis should include salary and benefits as well as areas beyond compensation. Should FFH lead the market, pay at market rates, or lag behind the market? To move toward the broader definition of total rewards, what two other components should be considered?

Question II. Compare the salary and benefits components with adding an incentive compensation package. Is there a benefit to including a bonus, commission, or profit sharing as part of FFH's total rewards package?

Question III. Explain what legal compliance requirements FFH should consider when creating a total rewards package.

Question IV. Recommend a total rewards package strategy for FFH's management. Do cultural and inclusive practices that support a diverse workforce impact your recommendations? Justify the components you are including.

Question V. Your total rewards package strategy should demonstrate graduate-level writing skills through the accurate communication of thoughts that support a central idea and use of correct grammar and mechanics as expected of a human resources professional.