Brief Overview of the Company

HRM 533
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HRM 533
1 Create a brief overview of the company requirements for a total rewards system.
Having right talents at the right time, cost, when and where you need it is a challenge for any international organization expanding and operating in uncertain international economy. That is why it is important for organizations to consider total reward program consistently to deliver the work for values. Total reward program help organizations to attract, retain and involve the required combination of talent around its offices in the world. Total reward refers to all tools at hand an employer may use to attract, motivate and maintain employees. The program involves anything an organization perceives important resulting from the employment relationship. A blended reward system for employees such as a blend of non-monetary rewards with monetary rewards program offers the best result in an organization.
A company with over 20,000 employees in over 17 countries in the world offering insurance services requires stable organizational culture and programs to implement and achieve its main objectives. The company has to consider employees total reward program since they are the main asset for the organization. Developing and implementing a skillful organizational wide motivation plan for employees based on corporate performance affects the output of each employee. Investment in organizational reward program for a company will keep employees long in the organization due to better services offered by the company. When companies maintain a clean record of total reward program for employees, it restricts poaching of staff members by other organizations and employees from leaving the organization CITATION Arm13 \l 1033 (Armstrong, 2013).
Implementing a total reward program requires an organization management team to challenge a board range of questions from the designing of the system, types of rewards to offer, funding of the program and the conditions under which the program will operate. Increasing the return on investment of rewards is the company is main goal. Many organizations in the global with good rewarding programs for their employees expect productivity and economic growth from their investments.
Designing a total reward program
The key ways of developing a reward program includes the following:
* Identification of an organization or a company’s goals that the reward program is supporting.
* Identifying the desired employee performance and behaviors based on the group or organization’s previous achievements.
* Determining the key measurements on performance or actions centered on the group or individual’s previous achievements.
* Appropriate determination of rewards for the employees.
* Communication of the program to the employees.
2 Formulate a total rewards strategy to encompass the fundamentals of compensation and the regulatory environments.
For the organization to achieve and reap the benefits such as high productivity, the reward program designer must be able to identify the organization goals to achieve and the necessary behaviors and performance that will contribute to the achie...