Why do total rewards impact employee retention

Assignment Help HR Management

Reference no: EM133543439

Discussion Post

The role of human resources in creating total rewards that meet employees' wants and needs is important for attracting talent, retaining top performers, promoting employee satisfaction, and much more. Communicating total rewards offerings to top talent assists with understanding the value of all the monetary and non-monetary rewards an organization provides. From benefits to compensation, what total rewards do you value most? Is there anything from the readings in Module Five and Six that stood out to you as something you would love in an organization?

Before you begin, review the examples of total rewards packages from various companies in the Resources section of this module.

Then, for your initial post, address the following:

1. Identify three different examples of compensation or benefits that would matter most to you when considering a job offer. Be sure to explain why each would be important to you.

2. Identify three examples of compensation or benefits that would not matter to you when considering a job offer. Explain why.

Finally, respond to at least two of your peers by assuming the role of an HR professional at a company trying to create a total rewards program. Specifically, be sure to address the following:

1. How could you use the information your peers shared about how they rank various benefits to inform the decisions you make in designing, implementing, and managing a total rewards program?

2. What other factors will influence how you perform your HR functions related to total rewards?

Textbook: Fundamentals of Human Resource Management, Chapter 14 opens in new window, sections LO 14.6, LO 14.7, LO 14.8, and LO 14.9

In these sections, you will learn how organizations can use benefits to match employees' wants and needs, how to choose the contents of an employ benefits package, how to design and administer benefit programs, and how to effectively communicate the nature and value of benefits to employees. As you read, consider the following:

1. Why is it beneficial to match benefits to an employee's wants and needs?

2. What do HR professionals need to consider when choosing benefits for a total rewards program? Why?

3. Why do legal regulations affect the design and administration of total rewards?

4. Why is the way that HR professionals communicate the nature and value of benefits important?

Reading: Rethinking Total Reward Strategies opens in new window

In this article, you will explore how employees' diverse and changing preferences directly impact the administration of total rewards. As you read, consider the following:

1. Why do total rewards impact employee retention?

2. What are current trends in employees' preferences for total rewards offerings?

3. How and why are total rewards mixed and matched to meet workforce needs?

Reading: How an Employee Assistance Program Benefits Your Company opens in new window

An Employee Assistance Program is an employee benefit program that assists employees with personal and professional needs to improve their wellness, job performance, emotional well-being, and mental health. This article dives deeper into the value of these programs and explores relevant trends. As you read, consider the following:

1. What is the role of HR professionals in managing employee assistance programs?

2. Why is it important to engage employees in implementing an employee assistance program?

3. Why is it beneficial to design an employee assistance program that encompasses wellness, job performance, emotional well-being, and mental health options?

Examples of Total Rewards Packages

The following list is a collection of total rewards packages from three different organizations. These resources will help you complete the discussion in this module.

1. IBM Benefits and HR Programs opens in new window

2. VMware Benefits opens in new window

3. The University of Texas at Austin My Total Rewards opens in new window

Reference no: EM133543439

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