...Hrm 533 Total Rewards Strategy Proposal Abstract This paper is provided to create, organize, and manage a total rewards program for an insurance company. First, it indicates the requirement of a total rewards system for the company. Then, it formulates a competitive strategy and explains it. Since the communication of a strategy is as important as the strategy itself, the paper includes a communication plan of the strategy. And last but not least it studies devising a competitive pay structure. 1. Create a brief overview of the company requirements for a total rewards system. Company A is a holding company that provides financial protection, insurance and asset management services that employs 20,000 employees in 17 different countries in Europe, North America and Asia Pacific (The Datamonitor Group, 2011). There are 2,000 management-level individuals who speak a variety of languages. The company employs diverse individuals who are governed by multiple regulatory environments. Company A’s business finds its primary source of strength in human competencies. The company believes in the power of talented and dedicated employees to make difference on the quality of the service delivered at the market. The company aims at gaining the preference of its customers and shareholders as well as its employees. Because the employees are at the core of purpose, the company intends to build its collective success around a relationship in which the needs of itself and...
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...DEVELOPING A GLOBAL REWARD STRATEGY AT TIBETT AND BRITTEN GROUP Prepared for: PROF. DR. KHULIDA KIRANA YAHYA 13 APRIL 2014 Prepared by: Kartini Binti Dato’ Tajul Urus (814244) Hazlyena Annur binti Che Hamid (815158) Nurul Farahiah Binti Mohd Jazlil (815614) CASE STUDY 3 - DEVELOPING A GLOBAL REWARD STRATEGY AT TIBBETT AND BRITTEN GROUP SWOT ANALYSIS STRENGTH Company directly employs 35,000 people in 35 countries, biggest markets in Europe and North America. Majority of their employees are transferred from their customer, therefore they understand the nature of business of TBG 65% - 70% of the operational costs relate directly to people, so staff reward management is the key to business competitiveness OPPORTUNITIES Employs people on a variety of contracts. One step at a time approach An overhaul of the grading system used in UK WEAKNESS 65% - 70% cost operational relate directly to people. Wide variety of pay and grading arrangement in operation. Most non-management employees were not on TBG terms and conditions. UK grading structure is an issue THREAT Majority of employee were transferred from major customers, and these employees retained their existing t&c of employment. Different local relationship with trade unions Contracts are operated on an „open book‟ basis 1. Why do you think that the creation of internal consistency was such an important objective of the new reward strategy? Reward strategy is a suitable and effective...
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...MANAGING A REWARD STRATEGY Top of Form 1 History of Reward The aims of a reward strategy are to try and be systematic about which HR mechanisms attract, retain and motivate staff. Historically the view was that salaries were what attracted a person to an organisation, benefits kept them there, while bonus and incentive schemes motivated them. Reward was regarded as consisting of three distinctive parts: Remuneration - covering such aspects as job evaluation, salary structures and incentive schemes. Benefits - which tend to be offered to all employees irrespective of their grade, such as paid leave, employee assistance programmes or Christmas parties. Perquisites - which are benefits that tend to provided to discrete categories of employees, such as a company car/car allowance, private healthcare or concierge service. 2 Reward Today More recently, this divide between which parts of reward are best suited for attraction and recruitment, retention and motivation has broken down. Modern research shows that individuals are attracted, retained and engaged by a whole range of financial and non-financial rewards and that these can change over time depending on their personal circumstances. The financial elements of a package are not considered particularly important by individuals in some situations. For instance, people at the beginning of their career may be more interested in getting access to training and career development. People at the end of their career are...
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...According to the Society for Human Resource Management, “The right total rewards system—a blend of monetary and nonmonetary rewards offered to employees—can generate valuable business results” (Heneman 1). This paper will explore how successful total rewards management systems and the correct implementation of it allowed two top companies achieve success. Total rewards management as we know it “encompasses not only compensation and benefits but also personal and professional growth opportunities and a motivating work environment” (Heneman 3). Hoovers.com states that internet search engine giant, Google, historically reports year-after-year revenue and net income growth. The total rewards management system is world renowned and the successful implementation of it is reflected in Google’s financial reports and consistent awards and recognition. The second company under the scope is US based retailer Costco which sells a variety of products from household appliances to bedding and groceries (Datamonitor.com). Costco Wholesale Corporation is often held up as a retailer that does it right, paying well and offering generous benefits according to Ann Zimmerman in her article Costco’s Dilemma: Is Treating Employees Well Unacceptable for a Public-Traded Corporation (Wall Street Journal). The conclusion will be drawn that both Google and Costco’s are leaders in both of their total reward management strategies and the implementation of it. But how? How did Google and Costco get to...
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...implemented a reward program that paid employees who submitted useful suggestions. Unfortunately, no one thought to evaluate and measure the benefits these useful ideas had to the overall mission and vision of the company. Xcel decided that merit pay can support the company’s strategy better than paying for suggestions. Have they arrived at the best conclusion? What can Xcel do to incite favorable submissions that are parallel with the company’s strategy and have a positive response from employees? It may be in Xcel’s best interest to hire a consultant to make suggestions that would ensure merit pay is an effective incentive program. Merit Pay vs. Payment for Suggestions A merit pay system would be a better option for Xcel as oppose to paying employees for ideas. The merit pay system gives the highest pay to the best performer which is still in line with the company’s goal to link rewards to performance. Additionally, it doesn’t limit employees to developing favorable concepts for the company. Employees that excel above their job description are rewarded and their excellent performance serves an example to other employees that the company rewards their top performers. Paying for suggestions was not a bad idea it’s the lack of evaluating the idea and how compatible it is to the company’s strategy is where is went wrong. Fostering Ideas Supporting Company Strategy In order for employees to develop ideas that complement the company’s strategies the company...
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...P3- There is many different strategies that can be used to minimise the effect(s) of challenging behaviour in health and social care. Some of these strategies have a bigger impact on children, depending on the children(s) behaviour. Such strategies include; Naughty chair, speaking (feeling and emotion), 2 warnings, these are all sanctions, which are implemented in home and schools, such as the 3 warnings. When the children/child has done the sanction appropriate for the behaviour a reward should be put in place, such as a reward chart, meaning to stars and you get a bag of sweets, or a day out etc. Having these sanctions in place along with the reward chart, means that the child will be told off, and have time to reflect on their actions, however because they’ll know they’ve been had they will get a treat for being good. These strategies teach the child/children discipline which every child needs, when in a family home, discipline key, so that everyday work/ life with children should be rewarding not hard work. When the reward charts are used alongside the sanctions, it gains trust and understanding for both the parent(s) and child(ren). M2- In a health and social care environment such as a family home, the naughty chair will be a good one to use, as it will be a time out seat, and a place for the child to reflect on what they have done wrong. For this to be carried out, you will need a chair that is only used as the naughty chair, otherwise if you use the chair for...
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..._____________________________________________ 2 2.2 Recruitment ___________________________________________ 3 3. Training and Development _________________________________ 3 3.1 Training ______________________________________________ 3 3.2 Development __________________________________________ 4 4. Reward and Incentives ____________________________________ 4 4.1 Reward ______________________________________________ 4 4.2 Incentives_____________________________________________ 5 5. HR professionals support line managers and their staff _________ 5 5.1 Department Staffing_____________________________________ 5 5.2 Workforce Strategy _____________________________________ 6 5.2 Performance Management ______________________________ 6 6. Conclusion _____________________________________________ 6 7. Appendices _____________________________________________ 7 1. Introduction 1.1 Context Every business is driven by its workforces. Accordingly, operative HR strategies are critical to guarantee productivity and maximum success. Human resources experts play a significant role with respect to coming up with the right approaches to support organizational track but they must have the skills to think beyond the strategies to identify the high level areas of effort that will drive success. BTI is one of the Biggest Institutes in the kingdom of Bahrain (if not in the whole Middle East) and for that it is really required to have an HR department to simplify lots of responsibilities to the management...
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...In the case, “Trouble at City Zoo”, we will study about a couple of problems at the environmental work. The Zoo is run by different departments, and each has a task and responsibility that makes the zoo work properly. These departments are: The board of directors: Make final decision about the zoo’s working staff, and the zoo in general. From job characteristic they need to have high significance and high autonomy because the decisions for the whole zoo are in their hands. The citizens task force: Review the zoo’s finances, operation and animal care. They need to have high Autonomy and feedback skills. The executive directors: is the CEO of the zoo, carrying out the strategy of the board. They need high feedback skill so they can know and be able to manage and solve the problems that are coming and see the results of the activities at the zoo. The chief operating officer: they have to report about all the operations, functions of the zoo (finance, human resources, maintenance and horticulture, education…). Need high level of feedback. The veterinarians: are the directors of animal health and nutrition at the zoo. Need high autonomy, low variety and high identity skills. The curators: they make recommendation such as what animals to acquire, if animals should be bred, design and plan animal exhibits. They need high level of feedback skills. The zookeepers: are the ones that work closer to the animals, normally they work with the same animals to know them better and report...
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...be the subject for my thought paper. In the following, I will focus on the Legitimacy of reciprocity and discuss it from my personal experience. The law of reciprocity is defined as- the norm that we should repay those who help us. In other words, it implies that- I did that for you, so you should feel obligated to do this for me(Gouldner,1960). In Taiwan, one of our most successful entrepreneurs, Samuel Yin, is indeed a master of the reciprocity law. Being the chairman of Ruentex Financial Group, Samuel is ranked #500 in Forbes 2014. I always remember his motto:“The more goodwill we carry, the more karmic reward we will have”. At this time, most Taiwanese businessman in china invests plenty amount of money to circulate the governors for their business. However, Samuel’s attitude toward cultivating network in china led him to a much higher altitude and even more rewards. Back in 1989, realizing China’s insufficiency in higher education, Samuel donated 10 million USD to establish the best business school in China, Guanghua School of Management of Peking University. Moreover, there are more than 100,000 outstanding students in China’s top universities have received his scholarship before. Nowadays, most of them play an important role in the government or local business in China, and they still remember the sponsor from Samuel when they were poor and in need. According to the common wealth magazine: “RT-Mart in China, which is under Ruentex’s control, has squeezed past Carrefour...
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...create a top-level workplace are out of touch for a majority but the biggest businesses. An organization has to take that extra step by providing more employers affordable consulting, information, and better training. When organizations provide employers the tools to evaluate needs in the developmental stages in strategy, workplace practices improve immensely. For the past 15 years, a substantial amount of study has stated the workplace appearance of top-level businesses. This study displays that these workplace beliefs disclose a variety of building blocks or characteristics. Involvement and Teamwork This is a sense of collaboration and teamwork within the business, with workers belief that they have the chance to influence directly to the businesses accomplishment, and to the greater public. Life Balance and Work The businesses guidelines, culture and practices favorably help workers even out opposing demands of family and work. Development and Learning The chances for workers to acquire new skills, and to develop in the business as their desire and performance dictates. Recognition and Reward Workers are appropriately given recognition and rewards, in non-monetary and monetary ways, for their achievements, and contributions. Open Communications A successful business displays honest and open interaction within the business, from employees to management, from management to employees, and throughout diverse elements of the business. Fairness, Respect and Trust ...
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...Geico total rewards program align with the five (5) top advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss your reasoning. The Facets of the Geico total rewards program that aligns with the five top advantages of a total rewards program that is outlined in chapter 2 of the textbook is time off and leave, Geico’s total rewards program’s package, associate assistance program (AAP), family and life benefits, and health and wellbeing program. Chapter 2 in the WorldatWork Handbook of Compensation, Benefits & Total Rewards has increased flexibility listed as one of the top five advantages of a total rewards approach. Geico’s time off and leave, and family and life programs are aligned with the increased flexibility approach in that they allow their employees paid vacation and holidays, sick and leave time, dependent care FSA, adoption assistance, long-term care insurance plan, and associate assistance program (AAP), which includes three phone and/or in-person counseling sessions at no cost. The family and life benefits include: work-life balance programs, "baby welcome" program; day care and elder care referrals, counseling for stress, anxiety and depression, and financial counseling, aid during crisis situations and legal consultation. Geico realizes that their employees need time off and programs to help make their work-life experience a little easier as in having a balance between the two (WorldatWork, 2007). Geico’s total rewards program...
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...entities known as SIA and Malaysian Airline system emerged from the split of MSA, and ever since then, SIA experienced growth as the company focuses on its operations. According to World Airline Awards (2014), Singapore Airlines is ranked third in the global airline ranking. The airline has earned an outstanding reputation with its high quality service provided to their customers, thus further strengthen the airline’s premier position in the tight competitive market. 2.0 Review of the Organisation’s Reward Strategy and Performance Management System 2.1 Performance Appraisal System In the effort to evaluate the quality of employees’ performance relative to the standards of the company, Towards Optimal Productivity (TOP) is a scheme launched by SIA together with Singapore Airlines Staff Union (SIASU) to recognize and rewards good performance through its performance-based culture framework for Singapore based employees (Singapore Air, 2013). Rewards such as promotions, merit awards and career growth are part of a further improved and extensive appraisal system carried out by TOP. Workplace Improvement and Innovation Scheme (WINS) is...
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...Reward and Recognition Blue Group Liz Crane Mark Glover Annice Lappin Tim Rowler Adele Vesty The Strategic Human Resource Management strategy that we will be focussing on for this presentation is ‘Reward and Recognition’. The award winning organisation that we have researched is Schweppes Australia, winner of the 2014 Australian HR award for the Best Reward and Recognition strategy, sponsored by Solterbeck. The format of our presentation will be to: 1. define the key terms, 2. present the research and literature focussing on both corporate and not for profit organisations 3. outline the award, 4. compare and contrast the award with the research of best practice of reward and recognition. 5. conclude with the benefits and limitations and alternatives of this Strategic Human Resource Management practice. Definition For the purposes of this presentation we have used the MIT Human Resources Division definition being, “The purpose of an employee recognition program is to recognize and reward work and behaviors that support/further the mission, goals, values and initiatives (of the organisation).” While Liz Prudden of San Diego State University separates this into two main categories, “The two types of reward and recognition are easily distinguishable: Monetary, receiving dollar incentives for performance and Non Monetary (NMR), various forms of "soft" recognition. Formal and Spontaneous are additional distinctions of Reward and Recognition” ...
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...profit. Namely: employees, suppliers, customers, competitors, government agencies, clams, public entities and others. In my ideal company, all decisions made by owners are reasonable business decision. This decisions work for the good of everyone in the company and respond positively to those following: they are the only ones alternatively, are fair to all concerned, will create goodwill in the organization. Ideal company is one which gives its employees the opportunity to develop creative approaches in order to increase the profitability of the business while working towards the prosperity of society. Not only does an employee expect monetary rewards from an organization but also recognition for their hard work. Also, I dream to work in such an organization where the organization takes into consideration their work and reward them for it. My ideal company has to have a very comprehensive compensation package. I believe that those individuals that produce extra – ordinary results and are terrific ambassadors of company culture should be rewarded accordingly. These individuals are the most valuable assets of the...
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...First off, we are creatures. We are animals. We're very sophisticated and good-looking and all that, but let's never forget that we're made of flesh and blood. In particular, our brains are incredibly complex evolved machines. Our brains govern basic processes such as breathing and food intake, and also enable us to appreciate the finer points of John Cleese's performances in Fawlty Towers. As creatures, we have needs. We need to eat, and so we eat. As rather intelligent and social creatures, we like to chat with one another, and so we do. We take turns and finish our conversations gracefully. And there are dozens and dozens more behaviors that are just as complicated, if not more so. How on Earth do we get all of this done? That's where habits come in. Habits help us through our day. When we are doing something that is habitual, we are not engaged in the task in the same way as when we are doing something that is not habitual. Just as an example, consider making breakfast in your own kitchen on any given weekday. Next time you do it, watch how effortlessly it happens. It's not exactly like an out-of-body experience, but it's close. Your movements through the kitchen are stereotyped. You grab the milk out of the fridge, turn toward the counter and give the door that little nudge you with your foot that you know it needs. If something is on your mind, you might not notice that you're sitting at the table and munching on your second piece of toast until you're halfway through it...
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