Assignment 3 of 4 Total Rewards Package Strategy HR

Total Rewards Package Strategy

Recommend a strategy (6 pages) for improving a total rewards package for FHAH in order to be competitive with other employers and to positively support recruitment and retention initiatives.

Introduction

Search websites with pertinent data sources, including the following, for general salary information. Research other career-focused websites for benefits information.

U.S. Department of Labor, Employment and Training Administration. (n.d.). O*Net online.https://www.onetonline.org/

Bureau of Labor Statistics. (n.d.). Databases, tables and calculators by subject. https://www.bls.gov/data/#employment

Instructions

FHAH is concerned about the competitiveness of its total rewards package. Most store managers and supervisors have been with FHAH for over 20 years and have been very satisfied with their compensation. However, while interviewing prospective candidates, the company is getting indications that their total rewards package is not equal to their competitors. You are being tasked with recommending a strategy for improving FHAH’s or a selected organization’s total rewards package in order to increase competitiveness with other businesses and to positively support recruitment and retention initiatives. 

Include the following in your total rewards package strategy for HR management and organizational leaders:

·      Analyze components to include in the total rewards package. This analysis should include salary and benefits as well as areas beyond compensation. Should FHAH lead the market, pay at market rates, or lag behind the market? To move toward the broader definition of total rewards, what two other components should be considered?   

·      Compare the salary and benefits components with adding an incentive compensation package. Is there a benefit to including a bonus, commission, or profit sharing as part of FHAH’s total rewards package?

·      Explain what legal compliance requirements FHAH should consider when creating a total rewards package.

·      Recommend a total rewards package strategy for FHAH’s management. Do cultural and inclusive practices that support a diverse workforce impact your recommendations? Justify the components you are including.  

·      Your total rewards package strategy should demonstrate graduate-level writing skills through the accurate communication of thoughts that support a central idea and use of correct grammar and mechanics as expected of a human resources professional.

Additional Requirements

References: Support your analysis with at least two academic, scholarly, or professional resources 

Format: Resources and citations are formatted according to current APA style and format.

Length: Six pages, in addition to the references list.

Font and font size: Times New Roman, 12 point.

Save this activity to your ePortfolio for future reference in the workplace.

You should:

 Apply legal standards in human resource management decision making and practice.

Explain what legal compliance requirements FHAH should consider when creating a total rewards package.

Use data to support human resource management decision making.

Analyze components to include in FHAH’s total rewards package.

Compare the salary and benefits components with adding an incentive compensation package.

Develop human resource management strategy recommendations to support organizational goals in a dynamic environment.

Recommend a strategy for compensating FHAH’s management.

 Communicate human resource management needs, opportunities, and strategies with multiple stakeholders.

Communicate in a manner that is professional and consistent with expectations for human resource professionals and master’s-level programs.