Total Rewards Free Essays

The first advantage of a total rewards approach is self fulfillment so that people are recognized for what they do and encouraged to reach their potential through effective learning and development processes and given feedback on their performance. The second advantage is an organization culture where roles are clear and organizational and personal values are in alignment so that employees engage and enjoy work. Another way to consider the necessary components of rewarding people is to view them as individuals, within their team, in the organization and generally in the workplace. We will write a custom essay sample on Total Rewards or any similar topic only for you Order Now The fourth advantage is recognition, you must make sure that the employees are being appreciated, and not taken for granted. The last one is Organizational culture which is being able to engage and fit with the organization in terms of its values and how things are done. Describe five (5) common ways a total rewards strategy can go astray. The five common ways a total rewards strategy can go astray is simply copying another organization’s reward practices can lead to disaster, It would be harmful for either firm to adopt the reward practices of the other, Not implanting an effective award strategy, No considering the employees communication strategy, and Not following the strategy the way is was implemented. Describe the six (6) steps in designing a total rewards program. Developing a total rewards strategy specific to your institution’s needs requires some initial homework to establish a baseline of what you already offer and to develop a more strategic approach to rewards. The first step is Inventory rewards, it will conduct a full, detailed, and accurate inventory of the rewards currently offered by your institution. This inventory should include both formal programs and informal practices. Some of this information is readily available but some of it will require investigation, particularly in large, decentralized institutions. To be effective, a total rewards strategy should reflect your institution’s strategy and goals for attracting, retaining, and engaging qualified talent. The second step is Measure investment, this is where you calculate the current level of investment in each element to establish a baseline and to track changes. The third step is Increase information because through clear communication, it helps employees understand the full suite of rewards available to them. The fourth step is Implement improvements, this implementation and execution is essential to a fully realized total rewards strategy. Vague practices, inconsistent implementation, and unclear communication will contribute to a less-than-effective strategy. Setting priorities for developing or enhancing rewards and communicating these improvements will demonstrate an institutional commitment to employees. The fifth step is Measure impact, which is a total rewards strategy that constitutes a vibrant plan. Maintaining the plan’s relevance requires regular review of your institution’s initiatives and external influences. Lastly the sixth step is Involve the community. Involve leadership, faculty, and staff in understanding the total rewards strategy and how it supports the institution’s overall strategic direction. Describe the eight (8) steps in the communication process. Communication plans can be prepared for a variety of activities – internal and external. Interestingly, though, many companies overlook the value of creating formal communication plans to outline their overall internal communication objectives – and to provide a framework for activities, with measures to help determine whether the tactics used are really making a difference. The eight steps in the communication process is Situation analysis/background, Quantifiable objectives/goals, Target audience, Key messages, Strategies and tactics to meet objectives/goals, Responsibility/accountability for completing tactics, Budget, and Measurement. The situation analysis or background section of your communication plan should provide a high level overview of the situation or communication need with sufficient detail that someone not directly involved would understand the issue driving the need for communication and the desired outcome. The next step in developing your communication plan is to identify objective/goal statements that indicate the â€Å"end state† you hope to achieve. It’s critical that each of your objectives/goals has a specific, targeted â€Å"end point† or outcome. This both helps you determine the amount of resources that must be allocated to achieve the goal and also provides an indicator of success. The next step is to target your audience because you will need to remember that your challenge will be finding a balance between exerting more effort than is required to communicate to various audiences and not exerting enough effort to impact the appropriate audiences. A good starting point in identifying target audiences is to consider the various stakeholders that the message impacts. Each identified target audience has different communication needs. The content, order and number of key messages are likely to vary by group. The fewer and more specific your key messages can be, the better. Three key messages are a good number to aim for more than that will broaden your focus and minimize the impact of your communication. Objectives/goals identify the end points you hope to achieve. You will have to go beyond these broad objectives to identify specifically how you will achieve those end points. This involves developing strategies and tactics. Strategies are broad statements of activity. Tactics are more specific statements of activity that are actionable. When identifying strategies and tactics, it’s important to be realistic. Assigning accountability for the accomplishment of that plan is critical. Unless specific areas of the organization – and individuals within those areas recognize that they are being held responsible and accountable for completing specific tactics that drive your ability to achieve your strategies and objectives. You have to achieve your communication plan objectives, you may also need to address the budget resources needed. While some communication plans will require no additional budget and can be accomplished with existing staff within standard work hours, other plans will require additional staff or the development of communication materials. To be effective, communication needs to be part of a carefully considered process, focused on achieving clearly identified, measurable results. It is not difficult to communicate effectively, but it does take some thought, a clear focus on objectives, an understanding of the tools available to communicate your messages and a strong partnership between you and your internal customer. How to cite Total Rewards, Papers