Discuss how total reward is important for employee retention

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Reference no: EM133543432

Project Assignment

Competency

In this project, you will demonstrate your mastery of the following competency:

Explain the purpose and use of total rewards

Scenario

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.

Directions

Create a proposal summary that will contain your recommendations for a total rewards program. Use the Project Two Template, provided in the What to Submit section, for your proposal summary. You will include four suggested total rewards components for the new program in the Talent Retention section of your document. Each component should contain the title of the item, describe what it is, and explain why this component would be attractive to current and prospective employees. You should summarize your proposal with an explanation of the employee value proposition (EVA) and how it relates to total rewards.

Specifically, you must address the following criteria:

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

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

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

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

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

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

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

Textbook: Fundamentals of Human Resource Management, Chapter 9 opens in new window, sections LO 9.1, LO 9.2, LO 9.3, and LO 9.4

In these sections, you will learn about the elements of high-performance work systems and their desired outcomes. You will discover how ideal conditions work together in organizations with high performance and how HR professionals can contribute to those work systems. As you read, consider the following:

Question 1. How do all the elements of high-performance work systems work together to achieve a company's goals?
Question 2. What are the desired outcomes of a high-performance work system?
Question 3. Why do HR professionals need to contribute to high performance?

Reading: Employee Value Proposition: The Complete Guide to Building a Great EVP opens in new window

The employee value proposition is an employee-centered approach to evaluating total rewards provided to an organization's workforce in return for their performance outcomes. As you read, consider the following:

Question 1. What is an EVP?
Question 2. Why is EVP important to both the organization and employee?
Question 3. How does EVP impact high-performance work systems?

Video: Components of an Outstanding Employer Value Proposition opens in new window (3:27)

This video presents what goes into a successful EVP and includes a real-world industry example. As you watch, consider the following:

Question 1. What should HR include when designing an EVP?
Question 2. Why would marketing and HR join forces to communicate EVP?
Question 3. How can HR use employee perspectives about the organization to craft an EVP?

Reference no: EM133543432

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