Reference no: EM133522583

Assignment:

You are a human resources professional who works for a start-up company. As is typical for a start-up, the company needs to offset the costs of starting a new business with lower compensation. They intend to do this by designing a new total rewards package. Total rewards packages can be used to attract and retain talent by offering them desirable benefits in addition to their salary. Your manager has asked for your input on what to include in the new package. Senior management is concerned that the current total rewards package is not attractive enough to a distributed workforce. Your manager has tasked you with creating a proposal summary that will contain your recommendations for a new total rewards program. You will include a brief overview of a total rewards package and its purpose, as well as why it adds value to the company. Your manager will use these recommendations in their presentation to senior management.

1. Total Rewards: Define the concept of total rewards and its purpose.

• Explain why a company would use a total rewards package.
• Discuss how total rewards is important for employee retention.
• Discuss why total rewards packages are valuable to an employer.

2. Total Rewards Package: Explain the components of a total rewards package.

• Describe the different parts of a total rewards package and what value they bring to the company.
• Differentiate between monetary and non-monetary rewards.

3. Talent Retention: Explain how total rewards components are used to attract and retain talent.

• Give four examples of suggested total rewards components and why they might be attractive to an employee.
• Consider how additional incentives might affect talent retention.

4. Employee Value Proposition: Explain the concept of EVP and its relation to total rewards.