Question

A total reward plan requires evaluation for various employee groups.

Discuss a total rewards plan for a chosen organization. How does the total rewards plan impact quality employee selection and retention?

Answer 1

For any organization, it is very important to have the total reward program as it will help the firm to improve and make the recruitment and selection of the new employees and assist in maintaining the current manpower. This is due to the reason that these programs circulate a message in the manpower that the company is a progressive organization. The main focus of the firm is on improving the manpower engagement without having any burden of increased costs and retention rate.

I have selected the company Motors & More Inc which is having a total reward program which will help it in attracting and motivating the new employees and retaining the current ones. In this case, the company can utilize the business strategy, organizational structure, and the human resource strategy.

The company focuses on implementing the five different elements of a reward plan which are given as compensation, work-life balance, employment benefits, performance and recognition and growth, and career development chances in order to attract and motivate and sustain the new and existing manpower.

There is a sync between the total reward strategy of the company and its comprehensive business strategy. The strategy adopted by the company can be seen as aggressive, highly motivated and aimed to attract the skilled, innovating and talent manpower and professional.

When we talk about the benefit element of the total reward plan, Motors & More, Inc. facilitates its manpower with the compulsory benefits which are to be provided as per the government guidelines for example compensation insurance, unemployment insurance, social security insurance, Medicare and disability insurance. The company is also facilitating its manpower with the vacation, sick leaves, holidays, health saving accounts and so on.

For the promotion of workforce performance, Motors & More, Inc. is offering to its manpower the wellness center, nutrition plans, exercise equipment. Time and again, the company also recognizes the better performers through promotion and certification which helps the manpower to satisfy their psychological needs.

In order to provide the growth and career advancement chances, the company provides timely training o thee employees, has a mentoring program in which seniors helps the juniors and also facilitates the various certification programs to the manpower.

All of these benefits are quite attractive to the common employee and they are attracted towards the company. The company is able to have a large pool of worthy and talented candidates while the current manpower is satisfied with the offerings of the company and thus not looking to change their current job.

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