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You are the Director of HR at a publicly traded company. The strategic leadership of the company recently approved the implementation of a total rewards system for employees. This initiative will be the first time a total rewards approach will be used in your company. Therefore, a great deal of prior planning and design must be completed as part of the project.
The CEO has named you as the head of the implementation team for this initiative and asked you to create an executive summary detailing the implementation of a total rewards system. You realize that a critical early step is to create the company’s total rewards philosophy statement, as this will be needed to ensure the total rewards system is in alignment with management values, organizational mission, goals, and culture.
APA FORMAT, 6 scholarly citations (refer to the attached doc to see the rubric/criterion for guidance).
Create an executive summary with a comprehensive total rewards philosophy statement that:
Summarizes the organization’s mission, vision, and values statements.
Details the objectives of the total rewards system.
Describes the desired competitive position in the labor market (i.e., stated as a percentage of the market), and rationale for the position selected.
Assesses the factors that are considered most important for maintaining internal equity.
Appraises the values regarding communication of details of total rewards (i.e., open vs secretive).
Generates the advantages of cost sharing between company and employees.
Proposes elements of a total rewards system.
Illustrates the benefits from the proposed mix of total reward elements.
Ensures attribution for credible sources used in the executive summary.