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In this assignment, you will design or make changes to a total rewards program based on the organization that you have used in assignments one and two in the course. You may design a totally new rewards program or merely suggest revisions for the current rewards. Some suggested additions or revisions are a must, however. Stating that you do not recommend any changes will result in a major deduction.
You will use the information presented (from assignment one) about organizational capabilities, goals, objectives, and challenges plus requisite employee competencies. In addition, you will use the current monetary, non-monetary rewards, and work environment of the organization and the challenges or changes (such as expansions, downsizing, changes of services or products) the organization anticipates. This also may be taken from assignment one. You may also use the designed metrics you presented in assignment two to evaluate the total rewards program or create new ones but be sure to look back at any feedback you were given to assignment two when your metrics presentation was graded.
The report, presented as an academic paper, of approximately 10 pages (use what you need but remember being concise is a good trait) plus a title page and a reference page. Provide at least eight sources (in APA format) in a reference list and respective in-text citations. At least five of these sources must be from course materials. Write the paper using APA style format which calls for Times New Roman, 12 point black font, double spaced, not in bold. The title page, in the same font type and size, is to include a blank white background with no graphics, only your name, title of paper, our course number, university, and date all centered. Please be sure to use topic headings (you may use the words highlighted in bold letters below as your topic headings) and include the following:
1. Provide a Title Page in Academic Format (this means no graphics and only a plain white background)
2. Give the Introduction and Purpose for the paper (this tells your reader why you are writing the paper and what you will share in the report)
3. Provide a Description of the Organization, including its capabilities (what it does best), key goals, objectives, challenges, values, and core employee competencies (knowledge, skills, and abilities) required for success. You should be able to take this information from assignment one. Recall that papers about Walmart, Google, Disney, and Hershey are not to be used unless you work for them.
4. Demonstrate your knowledge of the total rewards model by providing a description of the Current Total Rewards Philosophy and Offerings (recall that you did this in one of the discussions. This could include the market positioning (such as exceeding, matching, or lagging the competition for employees) and the three categories of offerings which are monetary, non-monetary, and the experience of working in the organization such as job security, values, training, opportunities for promotions, the work itself, or the other employees. Some students use a chart of rewards for this part of the paper.
5. Identify and describe the Segmentation of the workforce (drawing from our study of how to segment employee groups depending on their drivers (such as flexible schedules, growth potential, desire for demonstrating individual expertise or team success, low obligation and easy income, or high obligation and high income) or age, gender, or position. You shared the segmentation in one of the discussion threads.
6. Recommendations for changes to the total rewards program or a whole new rewards program for the organization. Speak, in addition, about how the rewards you recommend help to differentiate the rewards for the segments of employees mentioned in item five above. That is, how are the rewards tailored to the segments of the employees mentioned in order to continue to recruit, hire, retain, or engage them. See that you will further your justification of the rewards in item seven below. Some changes or additions must be included or a deduction will be taken. Any organization should be able to improve their total rewards in some manner.
7. Present the Justification for your reward recommendations – why you selected the rewards you did to give to the employees in either your revisions or totally new set of rewards. It would be helpful to speak about how you determined the rewards you are recommending are the right ones such as through a competition survey, an internal survey, or focus groups by segment of employee.
8. Discuss the Risks of not implementing the new reward program and the Opportunities the new rewards program will give the organization.
9. Provide your Metrics for Evaluating the Total Rewards Program and share why you chose the ones you did. You may use the metrics you presented in assignment two if they still apply. Note that you do not need to calculate the metric, merely state what the metrics will be and how you will collect the data. For example, the percentage of employees leaving the organization due to a lack of satisfaction can be a metric and data for it can be obtained from exit interviews with employees.
10. Present a general explanation for the Task List for Designing and Implementing the Rewards in the paper. You should refer to the implementation task list and timeline in the paper and share that it will be submitted as a separate document/assignment. Be sure to include your specific plans for communicating the changes and the metrics that should be used by the organization to evaluate the success of the new program. Be sure that the metrics evaluate the effectiveness of the total rewards in a direct way and not through an assumed indirect manner. For example, a comparison of the total rewards offered compared to the competition is a direct evaluation. Customer satisfaction, turnover, productivity, or revenue are indirect (perhaps) and are not appropriate metrics for assessing total rewards, although very important to the organization.
11. Describe your Conclusions and a Summary of Knowledge Gained about total rewards through writing this cumulative paper.
12. Reference Page (with at least eight scholarly sources listed in alphabetical order, not numbered, no bullet points with the second line of each source indented after the first line). At least 5 of the sources are to be from course materials. More than eight sources may be used.