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Successful Implementation of Total Rewards Management Strategies Lead to Successful Businesses

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Submitted By ilengrl757
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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 that point? People in the field of Human Resources recognize the many challenges associated with creating and implementing successful total rewards management strategies. In Implementing Total Rewards Strategies by total rewards management expert, Robert Heneman, Heneman says that “implementing total rewards programs raises daunting challenges. Practioners who ignore these challenges do so at

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