Mr Donald Alexendar, Managing Director of Exclair Plc, a company involved in the financial services sector employing more than 75 employees attended an international workshop on "Total Reward and Engaged Performance" held in New Zealand from 10 to 15 October, 2008.
He has been impressed by the growing emphasis being now laid on employee engagement as critical to organizational performance and how the concept of total reward is exerting more and more influence on reward strategy. He learnt that this influence will continue to increase in view of the pressures that organizations will have to sustain to recruit and retain talent in an environment where diverse and mobile employees are often more demanding and assertive about what they want from an employer.
However, he is quite confused on some terms and concepts such as total reward, engaged performance, talent management that were extensively used during the workshop.
He has requested you, in your capacity as the HR Manager of the company to explain to him these terms and concepts.
Required
You are requested to write a report to explain to Mr. D. Alexendar in a clear manner these terms and concepts. Your report should include the following:
(a) Definitions of Total Reward, Engaged Performance and Talent Management
(b) What are the components of Total Rewards?
(c) What are the benefits of Total Reward approach?
(d) What are the implications of Total Reward approach to talent management?