...Total Rewards Systems Proposal Your Name here Name of the University Instructor Name here HRM 533- Total Rewards Date 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...
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...Total Rewards System Proposal Shawn Tillman Strayer University HRM533 Total Rewards Dr. Carla Henryhand February 19, 2012 Total Rewards System Proposal 2 Total Rewards System Proposal More and more companies are realizing they get better performance from engaged and connected employees. Many are rethinking their employee strategies. They are developing new ways to identify, engage and retain the right workforce to deliver the corporate growth agenda. The total rewards strategies these organizations are adopting reflect changes to the nature of work and employee expectations. Employers have recognized that employee engagement affects the bottom line. Where rewards programs needs to be changed, and employers are taking advantage of new technology to access better information to support HR decision making. Total rewards strategy is a plan for allocating reward resources in a manner that directs the business to the successful execution of the company objectives. There are three main factors involved in developing and managing a total rewards plan: 1. A thorough understanding of the total value of all of an organizations rewards elements. 2. Its stated market competitive objectives. 3. The strategic allocation and distribution of money, and the delivery of specific and deliberate expressions to employees about what a company values and their...
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...Performance Management System and Total Rewards Plan for WeaverTech Southern New Hampshire University OL 600 Strategic Human Resource Management INTRODUCTION Due to the acquisition of WeaverTech formally known as Johnson-Ware an apparel company by CVX Partners, a private equity firm, there arose a need for the company to change its line of business to high-end segment of the apparel industry (Beer & Swier, 2015). Before the acquisition of the company by the new owners, WeaverTech was a closely owned family entity that had been formed in 1905. Before the proposal to change the company customer base, the company exclusively relied on the military (70%) and security (30%) as the only customers for the company products. The need to change the company customer base from military and security to high-end performance clothing market apparently arose from the allure of the later market segment and the dwindling growth of the military and security market (Beer & Swier, 2015). In fact, at the end of the 2012 WeaverTech fiscal year, the company had dropped 12 places among the top 30 privately owned American entities. In addition, the departure of Jack Davidson a retired US Navy rear admiral, WeaverTech CEO from 1983 to 2012 as well as the end of the Afghanistan and Iraq wars meant that the traditional, market was no longer going to be reliable. Consequently, there was need to redesign the company customer base and take advantage of the high-end market...
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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...
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...Enager Industries, Inc. | Case on Management Control System | | | | | | | Case Context: Enager Industries, Inc. was a relatively young company, which had grown rapidly to its 1993 sales level of over $222 million. (See Exhibits 1 and 2 for financial data for 1992 & 1993). The company has three divisions which were treated as independent companies because of their differing nature of activities. The corporate office of Enager consists only of few managers and staff. The function of the corporate unit is to coordinate the activities of the three divisions. One aspect of this coordination was to that all new project proposals requiring investment in excess of $1.5M had to be reviewed by CFO. One of these proposals was submitted by Ms. Sarah McNeil, which was rejected by the CFO, Mr. Henry Hubbard. (See Exhibit 3 for the details of Ms. McNeil’s proposal). Enager had three divisions: * Consumer Products The oldest of the three divisions, designs & manufactures a line of house ware items, primarily for use in the kitchen. * Industrial Products Builds customized machine tools, a typical job takes months to complete. * Professional Services The newest of the three divisions, had been added to Enager by acquiring a large firm that provided land planning, landscape architecture, structural architecture, and consulting engineering services. Statement of the Problem: The problem occurred when the president was unsatisfied with the ROA (Return...
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...A. Table of Content Contents Table of Contents.............................................................................. Proposal Summary............................................................................ Purpose of Proposal.......................................................................... Problem or Need............................................................................... Background....................................................................................... Benefits of The Proposal.................................................................. Description of Solution..................................................................... Human Resources Audit........................................................ Compensation/ Benefits Study.............................................. Job Description..................................................................... Recruiting, Selection, and Orientation Design and Delivery..................................................................................... Managers training............................................................................. Evaluation Plan................................................................................. Qualifications of Personals............................................................... Time Schedule.................................................................................. Cost.............................................
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...Chapter 28 MANAGEMENT ACCOUNTING SYSTEM DESIGN Changes from the Twelfth Edition All changes to chapter 28 were minor. Approach A brief summary chapter seems to help students consolidate their previous topic-by-topic learning, and they appreciate such a chapter for final exam study preparation. The summary of the many different adjectives placed before the word “cost” and the concepts behind these adjectives is useful. However, because there is no conceptually new material here, one need not spend much time on the text. Rather, instructors can jump right into a discussion of one of the chapter’s cases, which is intended to raise issues that cut across multiple chapters. Cases Puente Hills Toyota raises many financial responsibility center, performance measurement, and incentive systems issues in a car dealership setting. Axeon N.V. illustrates the real world application of many management accounting and control concepts, including incremental cost analysis, capital budgeting, sensitivity analysis, transfer pricing, organization design, and control system administration. Case 27-1: Puente Hills Toyota Note: This case is unchanged from the Twelfth Edition. Purpose of Case This case can be used to motivate discussions of a number of topics, including financial responsibility centers, performance measurement, transfer pricing, and incentives. The setting is an automobile dealership, a business about which all students have some interest...
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...Business Proposal - Liliha Bakery ECO/561 November 26, 2014 Business Proposal - Liliha Bakery To be competitive in the bakery industry, the focus must meet the demand of local residents, as well as a significant level of tourism traffic from nearby highways. After researching several bakery comments on Yelp, there seems to be a demand for online service orders. An added feature to Liliha Bakery's homepage website will include an online ordering service along with a loyalty rewards program. This service is common in many food chain industries. The business proposal will provide a new service, the market structure, price elasticity, possible non-pricing strategies to increase barriers to entry, and determine how a mix of fixed and variable costs can change business operations. Liliha Bakery Liliha Bakery was a family owned business that opened in 1950 and later sold to a local entrepreneur. The bakery is a coffee shop and a diner with a full line of bakery items. The bakery has been in business since 1950. Liliha Bakery is a popular place to go when only "oven-fresh" baked goods will do. The competitive advantage for the bakery is its signature coco puffs that cannot be matched by any other bakery. There are currently two locations in the Honolulu area. One location provides the 24-hour customer convenience (Liliha Bakery, 2009). The current owner plans to open additional shops in Honolulu, as well as neighboring islands. With the recent opening of the second...
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...Issues 1- What was wrong with Mr. Wallingford’s original AR-42 proposal? Should the proposal have been accepted by the Hollandsworth and Axeon boards od firectors? What should Mr. van Leuven do now regarding Mr. Wallingfor’s AR-42 proposal? 2- What, if anything, should be done to prevent issues like this from occurring again? 3- Is construction of the new factory in the U.K. in the best interest of Axeon N.V.? 4- What transfer price would be appropriate supposing the plant were not built and AR-42 was shipped from the Netherlands to the U.K.? 5- What should Mr. van Leuven do? Facts Executive Summary This report presents a case involving problems at a chemical manufacturing firm, Axeon N.V. having grown into a multinational Company, problems have emerged; do to ineffective performance measurement systems and lack of strategic control. The following management report describes and analyses those problems and presents solutions and recommendations. With headquarters in the Netherlands, Axeon N.V. operates three subsidiaries; in the U.K. Scandinavia and Southern Europe. The subsidiaries have considerable autonomy to determine their product mix and the setup of new manufacturing facilities. Case analysis revealed serious defects in the Company's operation resulting from poorly designed performance measurement systems and inefficient strategic control. These defects have led the Company to reward subsidiary managers for focusing solely on their subsidiaries short-term revenue...
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...Total Rewards Systems Proposal Ivy Cuttino Strayer University Dr. Judie Bucholz Hrm533- Total Rewards February 10, 2012 Create a brief overview of the company requirements for a total rewards system. Build-A-House (Bah) is a home improvement company that provides products and services for all your home improvement needs. BAH provides a service that employs over 150,000 employees in four different countries including the United States, Australia, Canada and Mexico. The company is great at hiring diverse individual and also has a foreign language hotline for those who are shopping and do not speak the native language. This hotline will assist and interpret for the customers and associates in order to expedite their shopping and make it easy and less hassle. BAH believes in dedicated and loyal employees to make a difference in the service we provide to our customers. BAH believes that the employees are the heart of the company and to come up with a total rewards package that will not only help employees but will make money for the company. BAH will come up with a profitable total rewards strategy to ensure that the employees are being rewarded for all of their dedication and hard work. BAH will come up with a good recruitment strategy by obtaining the best of the best by being competitive and making sure there are standard practices. BAH will also make sure that there is a great coaching and mentoring program is in place to ensure personal growth and development for the...
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...Rewards System Proposal Name: Felecia Simmons Professor John Muehl Total Rewards Date: February 12, 2012 Introduction Motivating the individuals that work for you is one of the most important functions that you will have as a manager. (People Skills, 2006) Simply stated getting employees to do the things they were hired to do is probably the biggest challenge a manager will face. You will always have individuals who will work their hardest for the rewards the company provides them. On the other end there are some employees that you can never keep happy not matter what rewards you give them. In this paper, I will discuss the concept of total rewards using the five elements total reward system. I will also discuss the impact of rewards systems on the organizational performance of companies in the Information Technology (IT) industry. Then I will look at the importance of direct financial rewards in comparison to other elements of the total rewards system for the IT industry. Lastly, I will look at the compensation and motivation practices, which are of particular importance in the IT industry. Total Rewards Concept The total rewards system concept is simply about the financial and non-financial benefits given to employees in trade for their services to the company. The employees will give the company their time, their abilities and efforts to support the company in return for the benefits the company provides. Total rewards involve the combination...
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...Compensation Plan The purpose of this document is to present a proposal for a compensation plan for the newly formed sales team detailing the plan components, incentive packages, benefits, and the reasons the plan will work. Strategic benefit planning helps the company to balance the cost with the value and results obtained. It supports the mission and the employees who are the internal customers of such plan (Rappaport & Barocas, 1993). 1. Business Strategy Alignment InterClean’s new business strategy is about growing and expanding by developing and selling full-service solution packages to existing and new customers in the large institutional and industrial cleaning and sanitation industry. Linking compensation programs to business strategy is about: • Aligning performance objectives to the aggressive growth and transformation strategy. • Measuring the progress and rewarding the achievement of such aggressive goals with aggressive compensation plans that will motivate employees to strive for its achievements. • Compensating for the long-term strategic objectives to ensure the change of the company culture. As previously mentioned, it is key to clearly and frequently communicate the strategy, the objectives, and provide feedback from the measurement results. Key measurements for top compensation: 1- Business growth and increased market share 2- Creation of new customer accounts with new significant business 3- Maintaining and growing existing major customer...
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...Total Rewards System Proposal: Managing a total rewards program Create a brief overview of the company requirements for a total rewards system. Herizon is the largest telecommunications and broadband companies in the United States. We employ 20,000 employees in 17 different countries. We have a very diverse workforce with 2,000 management-level individuals who speak a variety of languages. We at Herizon believe having the right talent, at the right cost is what keeps our company striving. Our total rewards program delivers values that attract, retain and engage a mixture of talent across the globe while maintain a solid value for cost. As a leading telecommunications company we take pride in not only serving our customers but, our employees too. This is why we take great pride in our total rewards program. We want to make sure that we attract the best to work for our company, by offering the best. Our total rewards system is geared towards all of our employees. We have structured a program that will meet the needs of everyone, our total rewards program offers diversity. We have developed a plan that will offer great compensation, along with career development, retirement planning, profit sharing, and work life balance. We want our employees to know that we are a one stop shop. Our total rewards program is geared to keep our employees and to grow them within our organization. We care about your future and we take pride in knowing that our people are taken care...
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...Alignment of Reward and Recognition Programs with Organizational Strategies for Effective Total Quality Management Quality Function Management and TQM April 10, 2009 Total Quality Management (TQM) as a management philosophy emphasizes the importance of meeting and exceeding customer (internal or external) expectations through the continuous quality improvements. To achieve competitive advantage, total quality organizations develop and establish goals, plans, and policies. Employees are internal customers of organizations, the efforts of which are directed towards meeting the expectations of external customers (Chang, 2005). Employees are valuable assets of organizations whose knowledge, skills, and performance impact the overall performance and success of organizations (Boon et al., 2007). Studies have demonstrated that in the era of globalization, increasing competition, and re-organization, employees not only work for gaining profits but also search for organizations that acknowledge and celebrate their achievements and efforts (Campbell-Allen, Houston & Mann, 2008). The data from “World at Work” surveys has demonstrated that being dissatisfied with employers, in 2003, approximately one-third of employees were considering other jobs while by early 2007, over 54% of employees were poised to leave for other job alternatives (Huff, 2007). P. B. Crosby stated that “people really don’t work for money. They go to work for it, but once the salary has been established...
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...Total Rewards System Proposal Claudia Taylor-Berry Dr. Steven Davis HRM 533 – Spring 2015 May 18, 2015 Question # 1-Create a brief overview of the company requirements for a total rewards system. Many organizations in today’s business arena want a total rewards system that encompasses the company’s objectives and their interconnection to the total rewards system (“WorldatWork,” 2007). However, mega organizations that employ over 20,000 employees and provide services in several different countries may require a more diverse total rewards system. With that said, the organization must have a purpose, objectives, eligibility requirements, measuring techniques, funding, structure, global considerations, a timeline of detailed actions, and laws when creating their total rewards system. According to the experts, a company must consider the following core provisions as components of their total rewards system: * Cash Compensations: The employee’s base pay and incentives. * Benefits: The employee’s health care and retirement aids. * Work and Life Balance: Assisting the employee by offering tools to assist with balancing work and life. * Performance Management and Recognition: Aligning company goals with total rewards through individual and team efforts, and the acknowledgements of employee actions, behaviors, performance, and efforts in achieving company goals. * Career Advancement and Development: The employee’s career development and promotion (“WorldatWork...
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