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Total Rewards Strategy

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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 of its employees are mutually satisfied.
The company needs a comprehensive total rewards strategy because it wants to: * inspire and empower employees who continuously seek and adopt better ways to do his or her job to achieve their best. * be competitive on the market with recruiting the best workforce. The expectation from employees is performing at high standards and aiming to...

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