Assignment: TOTAL REWARDS EXERCISE
Introduction:
You have learned that the total rewards strategy involves combining the five elements into tailored packages designed to achieve optimal motivation. Working with the company's total rewards strategy as a blueprint, the total rewards professional identifies employee groups and strives to find the optimal mix of total rewards elements that will attract, motivate and retain an effective workforce.
Typically, when managers are making strategic decisions, they would not be looking at individual situations. They would most likely be looking at aggregate data, such as the number of employees retiring in the next three years, number of employees promoted within the organization in the last two years, etc. However, individuals in similar life circumstances are grouped together when exploring the appropriate mix of total rewards elements. For the sake of simplicity, the profiles below are for individuals, but could be generalized to various employee groups.
Instructions:
1. Read the profiles of the six employees below.
2. Discuss the varying circumstances of each employee and tailor a total rewards mix for each.
3. Email your responses to the Professor and bring answers to class for discussion.
Employee Profiles:
Samantha is a recent graduate in Accounting and Finance. She is single and this is her first job out of college. She has a lot of student loan debt and is looking forward to purchasing her first apartment.
Stewart was recently hired as a Business Analyst. His wife is a vice president of a very successful software company. He had been a stay-at-home dad for the past six years. Six years ago he left a well-paying management position to stay at home and take care of his newborn daughter. His daughter has just started first grade, and he has decided to go back to work during her school hours.
Jose and his wife are empty nesters. He has been with the company for forty years, working his way up from Junior Engineer to Engineering Manager. Jose is looking forward to retirement from the company within the next three months.
Ana has been with the company for 22 years and currently works as a Business Development manager. She is a single mom of twin girls who are entering their first year of high school. She has concerns about the cost of college and how to manage with them being out of the house for the first time.
Makayla, a single 25-year-old, has been with the company for two years and has been labeled a high potential employee. She currently works as a Senior Compensation Analyst but has great career aspirations - which mirror the company's view of her potential.
Stephan is an average employee who comes to work every day and is very reliable. He has a awife and three kids, all recent college graduates. He has been with the company for 19 years and is still about 20 years from retirement.