The course project will be a powerpoint presentation (around 10-15 powerpoint slides) where you will formulate a compensation/promotion plan for your hypothetical company. **CHECK OUT SAMPLE PRESENTATION”
compensation plan to improve goals in organizations.
THE PROYECT TEAM
The first step is to create a team and its leader.
The best leader will be a professional in Human Resource with a total reward experience.
Each member of the project team should start with clear understanding of his or her role.
-The team might include a consultant from outside the organization. -This individual can bring technical knowledge to the project, wisdom gained from experiences with similar organizations, and project management skills.
THE four phases in implementing total reward system .
Phase one ASSESSMENT
During the assessment phase, the project team evaluates the company’s current total rewards system and generates ideas for improving it.
Surveying Employee Attitudes Toward Rewards can generate additional valuable information.
Examining Current Policies
Reviewing the Literature, articles, and case studies regarding the subject
PHASE TWO DESIGN
the project team identifies which employee and organizational attributes to reward
Types of rewards to offer such as compensation, benefits, personal, and professional development.
Compensation comprises three major components: pay level (base wage or salary), pay increases, and incentives (cash bonuses)
EXECUTE AND EVALUATE
The third phase is Execute. Once the project team has designed a total rewards system, it moves to the execution phase of the implementation process putting the new system in place in the organization.
The fourth phase is Evaluation. In this phase, the project team compares the actual results of the executed total rewards strategies against the desired results.
The base salary will be increased two dollars. It was moved from $ 9 to $ 11.
The tips will be divided among the workers at the end of the working day.
Each worker will work 40 hours in four days.
Pay increases will be increased in 4 dollars for those who have been worked for the company for more than 10 years.
Incentives Cash bonuses based on employee performance will be delivered.
THANK YOU FOR YOUR TIME