Designing and manufacturing innovative consumer electronics

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Question

ABC Inc. is a medium-sized technology company specializing in designing and manufacturing innovative consumer electronics. The company has been in operation for over a decade and has recently expanded its operations to international markets. With a diverse workforce of over 500 employees, the company is experiencing rapid growth and faces increasing competition in the tech industry.

ABC Inc. has faced challenges in engaging top talent in a competitive market. The company is aware of the importance of a comprehensive total reward strategy to address these issues and enhance employee engagement. However, the current compensation and benefits package is outdated and not aligned with the company's growth goals. The company has also struggled to define a clear path for career development and opportunities for its employees. The Company is paying heavy salaries due to the competition but still facing high attrition at all levels.

1. What steps would you consider in developing a Total Reward Strategy?

Reference no: EM134045696

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