Strategic Hum Resource Mgmt Total Rewards Package Strategy Instructions: Recommend a strategy (6 pages) for improving a total rewards package for FFH in o

 Strategic Hum Resource Mgmt

Total Rewards Package Strategy

Instructions:

Recommend a strategy (6 pages) for improving a total rewards package for FFH 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 ones in the following reading list, for general salary information. Research other career-focused websites for benefits information.

• –Assessment 3: Total Rewards Package Strategy.

Instructions:

FFH is concerned about the competitiveness of its total rewards package. Most store managers and supervisors have been with FFH 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 FFH'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 FFH 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 FFH's total rewards package?

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

· -Recommend a total rewards package strategy for FFH'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 from the Capella University Library.
• -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.

Competencies Measured:

By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria:

• -Competency 1: Apply legal standards in human resource management decision making and practice.
  • *Explain what legal compliance requirements FFH should consider when creating a total rewards package.
• -Competency 2: Use data to support human resource management decision making.
  • *Analyze components to include in FFH's total rewards package.
  • *Compare the salary and benefits components with adding an incentive compensation package.
• -Competency 3: Develop human resource management strategy recommendations to support organizational goals in a dynamic environment.
  • *Recommend a strategy for compensating FFH's management.
• -Competency 5: 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.

Use the resources linked below to help complete this assessment.

Total Rewards:

Total rewards are defined in different ways by different organizations and the articles in the following reading list discuss the narrower and broader definitions as well as issues related to total rewards:

• –Assessment 3: Total Rewards.
• -Rees, G., & Smith, P. E. (2021). Strategic human resource management: An international perspective (3rd ed.). Sage. Available in the courseroom via the VitalSource Bookshelf link. 
  • *Chapter 7, “Reward Strategy & Managing Performance.”

Wage Compensation:

The government websites mentioned in the following reading list provide an overview and general guidance for workers and employers on the Fair Labor Standards Act (FSLA) as well as compliance assistance on the minimum wage law:

• –Assessment 3: Wage Compensation.

Data Analytics:

HR professionals conduct data analytics to support organizational strategic decision making, and the following resources are useful for supporting your assessments:

• –HR Dashboards: Fueling an Organization's Drive for Excellence | Transcript.
• –Assessment 3: Data Analytics reading list.

Wage and Occupational Data

Refer to the websites in the following reading list for more information on wage and occupational data.

• –Assessment 3: Wage and Occupational Data.

Additional Resources for Further Explanation:

The following resources present international views on the investment of long-term employee relationships and developing staff by starting with effective new employee orientation (NEO) and training.

• –Assessment 3: Additional Resources for Further Explanation reading list.
• -Rees, G., & Smith, P. E. (2021). Strategic human resource management: An international perspective (3rd ed.). Sage. Available in the courseroom via the VitalSource Bookshelf link. 
  • *Chapter 10, “Developing Employees and Managers.”