Premium Essay

Total Rewards System Proposal

In: Business and Management

Submitted By lakeyalyle
Words 2474
Pages 10
Total Rewards System Proposal

Lakeya Lyle
HRM 533
Dr. Lorna Thomas
August 9, 2015
Create a brief overview of the company requirements for a total rewards system.
The Allstate Corporation is the largest publicly held personal lines property and casualty insurer in America. Allstate was founded in 1931 and became a publicly traded company in 1993. They are listed on the New York Stock Exchange under the trading symbol ALL. Allstate is widely known through the "You're In Good Hands With Allstate" slogan. As of year-end 2014, Allstate had $108.5 billion in total assets. In 2014, Allstate was number 92 on the Fortune 500 list of largest companies in America. The Allstate Corporation encompasses more than 75,000 professionals made up of employees, agency owners and staff. Among Allstate's employees, 56 percent are women, and 33 percent are minorities. More than 42 percent of officers and managers are women and 22 percent are minorities. As a company with a diverse population of employees, agents and customers, Allstate embraces diversity in everything they do, not only the customers they serve and the communities in which they invest, but also the people they hire and the businesses they use as suppliers. It's a testament to the company's corporate citizenship and a sound business strategy. Allstate is reinventing protection and retirement to help approximately 16 million households insure what they have today and better prepare for tomorrow. There high performance work environment encourages individual accountability, innovative thinking and continuous learning and improvement. Allstate has a work environment that is fast-paced, challenging, and collaborative. Their goal is to provide challenging work that is interesting and meaningful and to reward employees' efforts based on a pay for performance approach. Allstate offers a comprehensive total compensation...

Similar Documents

Free Essay

Total Rewards Systems Proposal

...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......

Words: 1841 - Pages: 8

Premium Essay

Performance Management System and Total Rewards Plan for Weavertech

...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......

Words: 1743 - Pages: 7

Premium Essay

Potentia Hr

...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.............................................

Words: 1385 - Pages: 6

Premium Essay

Enager

...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......

Words: 1637 - Pages: 7

Premium Essay

Business Proposal

...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......

Words: 1498 - Pages: 6

Premium Essay

Axeon

...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......

Words: 1011 - Pages: 5

Free Essay

Perrier

...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......

Words: 1492 - Pages: 6

Premium Essay

Compensation Plan

...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......

Words: 1054 - Pages: 5

Free Essay

Total Rewards

...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......

Words: 1772 - Pages: 8

Premium Essay

Proposal Plan

...Proposal Plan III HRM 595 Melissa Jackson Sept 3, 2013 Proposal Plan III The compensation and incentives that an organization offers is going to be very important to how they are able to attract and retain their employees and talent. These two important areas will have to fall in line with the organization objectives that the organization is trying maintain and also be enough to ensure that the employees are being compensated well for their work, because if not the competition will have no problem stealing away talent. Rewards and recognition are also important when an organization is considering how to acknowledge their employees and give them reasons for staying with the organization. Compensation and Incentives There are a few things to consider before actually setting the compensation for a position. A compensation survey should be obtained to help determine what other firms are paying for specific jobs or jobs within the same labor market (Mondy, R, 2008). Other determinants would be cost of living, expediency, economy, labor unions, and legislation in that particular state. At Coca cola, compensation and benefits packages are among the best in the world, benchmarked against other global, high-performing employers. We also offer a variety of developmental opportunities for our associates, including Coca-Cola University, a learning program for high performers (Employee Engagement, 2013). Compensation......

Words: 941 - Pages: 4

Premium Essay

Recording, Analysing and Using Hr Information

...that all employees have the minimum legal requirements in line with the National Minimum Wage Act 1998. Two methods of storing information are: Electronic files Each employee has an individual electronic file which is saved on a network drive and backed up each evening. The backup is essential as it reduces the potential for permanent loss of data files. The benefit of storing the data this way is that there is instant access to an individual’s data and it is easier to update information. This method also reduces the amount of paperwork which helps Outlook to achieve its goal of a paperless office. Electronic storage also reduces the amount of office space needed to store paper files and in the event of a fire or flood, an electronic system is easier to restore whereas paper files cannot be recovered. Paper...

Words: 988 - Pages: 4

Premium Essay

Career Development Summary

...that percentage, listing of health care providers that the sales team can have choose for themselves among other extra non-legal required benefits. Career Development Plan Part IV-Compensation InterClean-EnviroTech has hired five new sale persons for the new improved sales department. All the employees have been given a job title and a detail of what are their duties. With the new appraisal system in place and the training that is, going to help them enhance their sales skills the next direction InterClean-EnviroTech is taking is to offer the sales team a compensation plan that is geared towards their individual needs. As president and CEO David Spencer, Vice-President of Human Resources, Janet Durham, Vice-President of Marketing, Tom Jennings, and Chief of Compliance, Sam Waters, and I sit down to look over the proposal of the compensation plan that is to be approved by Human Resources (HR). Second level manager in detail will explain the compensation plan to the sales team with the reason why the pay system that is going to be put into place, describe what reward system motivates the team. So that the team can reach their full ability and describe the plan’s benefits to each one of the sales team along with the company as a whole. Compensation The compensation structure is going to...

Words: 775 - Pages: 4

Premium Essay

Proposal for a New Career Exploration Program for Service Canada

...Proposal for a New Career Exploration Program for Service Canada This proposal is for a new career exploration program for Service Canada office of Cornwall, Ontario. It will examine the use of four standardized assessments in career counseling, then select and budget relevant assessments and resource material. The anticipated client group includes: unemployment recipients (70% recently unemployed due to downsizing), average age is 30-40, 60% female, 20% First Nations, 20% professional immigrants, and an English and French population. To get a fuller understanding of an individual undergoing career counselling, there are four main groups of the psychometric assessments to consider performing, that would be helpful to assisting the individual in their decision process, they are: value scales, interest inventories, personality inventories, and aptitude test. Even though the connection between these four groups of assessment is complex, an easier way to describe the main interrelationships in terms of career assessment is that values measures make it easier to understand fundamental motivators and the cultural context. Interests come from, and can be understood in the context of these fundamental values. If the outcomes of interest measures are vague, for instance if there are two differing veins of interests, the career counsellor can go back to the values outcomes to offer a starting point for choosing between them. The personality and aptitude measures provide the person an...

Words: 1637 - Pages: 7

Premium Essay

Change Proposal

...Change Proposal Felicia Lattimore HRM 310 June 15, 2015 Christian Forscutt Change Proposal Kudler Fine Foods is an upscale specialty foods store located in the San Diego metropolitan area. Kudler Fine Food’s has different departments within that can use some kind of a change at some point. Like many businesses, Kudler must adapt to the changing needs of the market and the organization itself. This report will cover a proposal for a much needed change in the sales department of Kudler’s Find Foods. The reason for this communication is to gain approval from higher management to gain the ability for the program in the sales department. This report will also cover some important information regarding the requested change and why the change is requested. The four dimensions of change management and their relevance to the change in the sales department and project management. The final topic is the expected return on investment in reference to the requested change. The project management approach allows for control of the change and support for this proposal. Need for Change The type of change that Kudler would benefit from is a modification program within the sales department. The program will provide information to higher management regarding any changes and allow for easy control over changes while ensuring everyone involved in the change sees the same picture. Huge changes such as a modification program have to be approved and reviewed by higher management so......

Words: 1087 - Pages: 5

Premium Essay

Project Proposal

...| Project Proposal | BUS 375 Project Management | 1/21/2016 | Project Summary Often knowledge is not shared and unwritten rules drive people’s behavior in another direction. As a way to improve customer satisfaction rating, this project aims at establishing an Electronic Knowledgebase for Healthcare Customer Service Agents (key customer.) The Knowledgebase will be a tool, emphasizing clarity, search ability, and accessibility. The Knowledgebase, will serve both as a platform for research about consumers concerns and as a site for self- development. The knowledge base will be as comprehensive as possible, including presentation materials from all training classes conducted. Rather than simply distributing daily updates, the knowledge base will extend search ability of all updates. In order to make the knowledge base as durable as possible, we will use supported CMS and database platforms. Project Goals & Objectives: * Develop a knowledge base that will enhance hierarchical abilities, and to better utilize the company's individual and aggregate information assets. * Make the Knowledge Base exceedingly useful both as a framework in its own particular right and as an extraneous database * The goal of the designers is to create a user friendly database. * Making the knowledgebase available and usable across the whole organization. Project Greatest Challenge The effective identification and distribution of critical knowledge,......

Words: 525 - Pages: 3