Hrm 533

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Advantages to a Total Rewards Approach There are several advantages to using a total rewards approach to compensating the workforce. The top five are described in the succeeding paragraphs. The first of the top five advantages is increased flexibility. A total rewards program should have room for error as nothing in this world is one size fits all. A good program has the ability to adjust to employee’s specific need within reason. The second of the top five advantages is improved recruitment and retention. The third of the top five advantages is reduced labor costs and costs of turn over. The fourth of the top five advantages is heighten visibility in a tight labor market. The fifth of the top five advantages is enhanced profitability. Total Rewards Strategy Gone Astray There are many ways a total rewards strategy can go astray. Five of the common ways are described in the succeeding paragraphs. The first way the strategy can go astray is trying to re-engineer programs in pieces. When approaching the redesign of a total rewards program it is imperative that the right things are changed at the right time. Taking away certain aspects of a program or even all aspects of a great total rewards program makes for unhappy, unsatisfied employees who, depending on their employability, will began to look elsewhere to find the same if not better rewards package. The second way the strategy can go astray is trying to implement changes all at once. When there is a new management team, they all want to leave their “mark”, and a lot of times, they come in change everything single thing that goes on in their department. The employees are left confused, tired, and even annoyed as they are expected to learn a new way of doing things, almost overnight and at risk of losing their jobs. Like a lot of…...

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