Elements of the total rewards program of the organization

Assignment Help HR Management

Reference no: EM133393263

Assignment:

Many Chief Executive Officers (CEO's) and Chief Financial Officers (CFO's) complain that their Human Resource professionals do not report metrics about Total Rewards or otherwise that matter to the organization. Instead they report metrics that are very general and not specific enough to be helpful or they are metrics that are important mainly to the HR team and not linked to the organizational capabilities or employee competencies. We want you to be able to provide metrics that are relevant to the organization - metrics that matter to the CEO or CFO and all other leaders in the organization.

After selecting a metric for this discussion, ask yourself what does the metric that I am proposing tell me about the effectiveness of the Total Rewards program (or if relevant, a specific reward)? The metric must relate to the Total Rewards package to be a relevant metric for this discussion and for your next presentation. Revenue, profit, customer satisfaction are good data to know, but they are not relevant metrics for this assignment.

Further, the percentage of turnover is not important, by itself, as a metric, but the metric of the percentage of the highly valued employees who are leaving the organization and why they are leaving is helpful to know since the data should tell us if the rewards currently offered are a factor in those valuable employees decision to resign. Whether employees are happy is not a helpful metric (nothing against having happy employees but the organization would be better informed if it knew whether the employees are engaged in their work because of the total rewards). A metric that reports the percentage of the employees who are satisfied with the organization is not as helpful as knowing by individual segment of employee which benefit is of most value, through a forced ranking of the benefits. Therefore, do not select turnover as a metric on its own, do not select employee satisfaction on its own, and do not select revenue, profit, customer satisfaction, or productivity as a metric.

Discussion 1

Give an academic definition of the term metric (with an in-text citation and full reference). Discuss why, in general, metrics are important for HR professionals to report. For example, they can assist the HR professional in achieving their goals and objectives while also assisting the whole organization. For example if innovation is a core capability of the organization, tracking the level of turnover of the individuals who have had the most success innovating would be important along with knowing why these individuals are leaving. This metric would allow the organization to change incentives or other rewards, if needed, or look for other ways to retain the needed talent. Respond to two peers.

Discussion 2

Share the following:

A metric you are considering for the next assignment (typically a metric is an outcome and is presented as a percentage or index).
What the metric tells the organization about the effectiveness of the total rewards program or a specific reward.
How the metric helps to support the organizational capabilities (what the organization does best) or how the metric helps to support the employee competencies (the knowledge, skills, and abilities)
How the data for the metric will be collected (for example, through an electronic survey, exit interviews, data from the Human Resource Information System (HRIS), focus groups or something else)

You do not need to respond to others.

A metric will be acceptable for the second assignment if it:

Evaluates the effectiveness of at least one element of the total rewards program of the organization
Helps toward achieving the organization's capabilities or employee competencies
Data can be collected for the metric (you do not have to collect the data but you will describe how you could collect it)

Reference no: EM133393263

Questions Cloud

How did kylie jenners tweet about snapchat : How did Kylie Jenners tweet about Snapchat influence the company? Can you think of other examples where celebrities or other opinion leaders have a strong

Develop a strategy that aligns with the organizations goal : Strategy: Develop a strategy that aligns with the organization's goals and supports the efforts to overcome the key ROTG identified by the study.

What motivated consumers to purchase chocolate : What Motivated Consumers to Purchase Chocolate?". Based on this section a positioning statement for the premium chocolate category i.e. where premium chocolate

Preparing a pitch to the companys head of japan : preparing a pitch to the companys Head of Japan. Convince them to take emotional intelligence in the Japanese division more seriously, and to commit

Elements of the total rewards program of the organization : Evaluates the effectiveness of at least one element of the total rewards program of the organization.

Determine the maximum monetary value chris should pay : chance of getting nothing. Use this information and his utility function for money to determine the maximum monetary value Chris should pay for the collectors

Evaluate the compensation strategy : Select an industry and evaluate the compensation strategy of at least two companies. You can also use examples from your own experience!

Illustrate the importance of the three proscriptions : Use appropriate examples to illustrate the importance of the three proscriptions associated with developing a relationship strategy in a selling career

Role of student affairs in supporting online learners : This chapter addresses growth of online learning, services needed to support online learner success, the role of student affairs in supporting online learners.

User Account

All Pages