Explain the components of a total rewards system

Reference no: EM132794880

Assignment: Questionnaire and Summary for Revised Total Rewards System

Competency: Assemble a total rewards package that supports the organization's mission, vision, and overall strategy.

Scenario: You are the Director of Organizational Development for a company that recently was evaluated by a consulting firm. This firm was hired to examine the overall health of the organization and its likelihood of achieving its strategic goals in the next five years. The consultants reported to the CEO that while the organization is in good shape overall, they believed that the desired values and behavior for employees were not reflected in the organization fully. The consultants concluded that one area to improve is the total rewards system because evidence demonstrated that it was not reflective of the organization's mission, values, or strategy. As a result, the CEO has directed you to create a plan to revise the current total rewards system to ensure it better aligns with the company's strategic objectives. You are aware that gaining employee involvement and buy-in is a critical component of any successful change initiative. Therefore, as part of the assessment stage of this initiative, you create a questionnaire to gain employee perspectives about the current total rewards system. Additionally, you also realize the importance of gathering leadership perspectives about the current total rewards system and whether it appropriately supports the organization's mission, vision, and overall strategy. Therefore, you also create a questionnaire to gain leadership's insight. At a future date, once you have gathered all of the responses, you plan to analyze both data sets for any differences in perspectives between employees and leadership.

Instructions: Part One - Employee QuestionnaireCreate a questionnaire designed to give to employees to determine what components of a total rewards system they would most value that includes the following:

1. At least three statements in each of the following areas:

• Compensation: base pay, incentives, rewards

• Benefits: retirement, medical

• Work-Life: flexible work arrangements, health and wellness, vacation

• Likert-type response scales for each component. For example, a Scale of 1-7, with 1 = Strongly Disagree to 7 = Strongly Agree

2. Three open-ended questions.

Part Two - Leadership Questionnaire

Create a questionnaire designed to give to leadership to determine what components of a total rewards system they would most value and how they feel it support the organization's mission, vision, and overall strategy that includes the following:

1. At least three statements in each of the following areas:

• Compensation: base pay, incentives, rewards

• Benefits: retirement, medical

• Work-Life: flexible work arrangements, health and wellness, vacation

• Likert-type response scales for each component. For example, A Scale of 1-7, with 1 = Strongly Disagree to 7 = Strongly Agree

2. Three open-ended questions (specifically asking how the total rewards system supports the organization's mission, vision, and overall strategy).

Part Three - Narrative Summary

Prepare a narrative summary and reflection that:

• Provides your rationale behind the choice and design of the questionnaire items.

• Describes how the results gathered from the questionnaires could be used to revise a total rewards system that is aligned with the organization's mission, vision, and overall strategy.

• Provides attribution for credible sources used in the questionnaire and summary.

Reference no: EM132794880

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