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Metrics
You are a newly hired compensation manager in an organization that makes packaged cupcakes and other snack bakery items. There are 1450 employees in your one location. You are currently union free. Your organization has a total rewards program but does not know if the total rewards program is cost effective. What numbers are needed to determine whether or not what is offered is worth the administrative hassle, headaches and total labor costs involved? Specifically, discuss one important metric that needs to be measured in the process of evaluating the impact of your firm's total rewards program on recruitment, motivation/productivity and retention levels. How would you go about gathering and/or separating out, and analyzing the information needed?
Keep in mind that hiring a consultant is not an option. Top management feels they have spent enough and want some concrete recommendations from you. This task is yours in your new role as compensation manager.
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