Evaluate the relationship between total rewards systems and employee engagement and motivation.
You are the VP of HR for a medium-sized credit card processing company of 1,000 employees. Recent results from an employee engagement survey indicate that the majority of employees in your company do not understand the full component and value of direct and indirect compensation received; as a result, engagement levels are not as high as desired. The CEO has asked you to provide a recommendation on how the organization can become more transparent about compensation and rewards with employees. You have decided to prepare an example of an annual total rewards statement for employees, as well as a communication plan for the total rewards statement.
Part One – Total Rewards StatementCreate an example of a total rewards statement with headings for each topic for an individual employee that:
- Describes base salary.
- Explains bonuses.
- Details vacation, paid time off, other forms of paid leave.
- Discusses mandated benefits.
- Summarizes employer contributions to a 401(k) retirement account.
- Indicates job-related training to improve employee engagement and motivation.
- Lists at least three other discretionary benefits.
Part Two – Written Communication PlanCreate a written communication plan to be used to introduce the total rewards statement to employees that:
- Illustrates the communication channel.
- Assigns responsibility for who in the organization will communicate the launch of this initiative.
- Generates key messaging to be used in the communication to generate employee engagement and motivation.
- Specifies the audience of the communication.
- Designs the project plan for issuing total rewards statements with significant dates in the plan.
- Includes attribution for credible sources used in the statement and communication plan.