Organizations’ total rewards strategies are essential for advancing the organizational mission, vision, values, and goals. Total rewards serve as effective levers for the recruitment, retention, and engagement of a high-performing workforce. This course explores a wide range of monetary and non-monetary rewards, with a special focus on compensation and salary structure design and the development and administration of health benefit plans and retirement plans.
Your final project will be a proposal for your organization which would either enhance an existing benefits or compensation program OR add a new benefits or compensation program to the organization’s offerings.
Example: Exit interviews note that talented employees are leaving because base salaries are lower than the competition. You recommend conducting a benchmark study to determine if salary ranges are competitive and a plan to make market adjustments if the salaries are low.
The final project will answer the following key HR strategic questions:
Will the Total Rewards Program contribute to the success of the business/organization and how is it aligned with the organizations mission?
How will the Total Rewards Program contribute to the success of Human Resources management areas including:
Is the Total Rewards Program competitive? What steps did you take to ensure it is competitive and if it’s not what is your reasoning?
How do you know that the Total Rewards Program will meet the needs of your workforce? Does is reflect a diverse workforce?
What is your employee communication plan to inform employees of the value of the Total Rewards Program?
If you were required to reduce the cost of your Total Rewards Program which elements would you remove and why?
Once it has been submitted and graded, your Final Project Checkpoint Assignment (due in Module 3) will be used as the introduction section of your final project. It will be helpful to periodically check in on the Final Project Question and Answer Discussion. If you have any questions regarding this project, please post your question to the Final Project Question and Answer Discussion board. The instructor will respond to all questions in a timely manner.