Key Department Impacting The Total Rewards Program Research Proposal Examples

Type of paper: Research Proposal

Topic: Workplace, Human Resource Management, Employee, Company, Finance, Time Management, Compensation, Recognition

Pages: 4

Words: 1100

Published: 2021/02/18

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Proposal Plan, Part III: Total Rewards Program

Proposal Plan, Part III: Total Rewards Program

Introduction

Leonard Pvt. Ltd knows that in order to get the best out of its workforce, it needs to develop a total rewards program that constitutes two essential plans: a compensation and incentives plan and a reward and recognition plan that will keep its workers happy all the time. Well-motivated employees will lead to increased workplace productivity whether individually or collectively as a team (Moniz, 2010). Total rewards program planners will begin with the identification of the issue, which is the inherent shortcoming in employees’ performance levels.

Two departments that will play the greatest role in developing the total rewards program are the Human Resource and Finance departments.

Explanation of Departmental Roles and Functions

Human Resource (HR) Department
The role of the HR department is to manage all aspects of the company’s operations that are associated with personnel motivation and productivity (Armstrong, 2012). The functions of the HR Manager concerning the total rewards program will be to ensure compensation equity within the company to avoid lowering staff morale (Armstrong, 2012). A good financial motivational mechanism will be tailored to boost staff attitudes towards work to improve the quality of service delivery. To assist employees know their strengths and weaknesses, manage their inadequacies so that they can play their part in the delivery of quality customer service (Armstrong, 2012). To promote the establishment of a sound system that optimizes both human, and non-human resources since the effectiveness of nonhuman resources depends on the productivity of human resources (Armstrong, 2012),and to match individual competencies with the right occupations and career paths in order to realize maximum staff productivity (Armstrong, 2012).

Finance Department

The Finance Manager will play the role of a facilitator in the design of the total reward program. He or she will set the financial parameters used to assess the financial viability of the proposed program. In addition, the Finance Manager will provide the HR department with decision support necessary to prepare the financial budget of the proposed program.

Comprehensive Compensation and Incentives Plan

The purpose of the comprehensive compensation and incentives plan will be to motivate workers to work more productively. It will comprise the elements of motivation, vision, communication, and potential in order to trigger greater productivity at the workplace. The plan will help to: Identify and solidify crucial compensation philosophies and priorities and make them the center of focus for the company’s employees (Moniz, 2010). This will facilitate the creation of a unified financial roadmap for expanding the business. It will also differentiate the relationship between the wealth-building goals of the company and its employee, institute the philosophical framework for compensation of both executives and employees, identify factors that will promote the realization of anticipated performance, and develop a prioritized course of action for development of key strategies. Collect data that addresses the company’s vision for the future, as well as wealth-building goals (Moniz, 2010). Vital to the process of data collection will be input on growth expectations, comprising factors and names of entities that will influence such expectations. Key members of the workforce will be requested to specify their personal goals concerning the company’s performance and expected growth. This process will help make sure that the company’s compensation philosophy and design are based on a robust lasting foundation. Determine a suitable evaluation criterion for the compensation of employees (Moniz, 2010). Compensation will include a myriad of things such as cash payment, reward, opportunity or advantage especially since the company wants to retain key executives and employees who drive it to heights of growth and prosperity. So far, the company has failed to realize its full growth potential since it is yet to motivate its workers truly. Even though “motivation” in the context of the business world is often taken to mean “more money,” executives of the company recognize that it requires much more than hefty perks to keep workers happy. Meet the goals of the total rewards program with pay-for-performance as its primary concern (Moniz, 2010). This will be accomplished using the following essential criteria: awards are tied to investor financial goals; the proper combination of compensation components is in place; the plan inspires personnel to attain specific goals; the plan is successfully communicated, reinforced and reviewed and reevaluated on a regular basis. In this line, the plan will determine the level of award, create a list of participants, and form a standard for earning the award and decide when the award will be given. More importantly, a check and balance on company, team and individual performance will be developed. Define specific performance targets depending on the specific vision of the company (Moniz, 2010). The plan recognizes that in the absence of a clearly well defined framework, communication lines may be thwarted, culminating in deteriorated employee morale and eventually undermines the efficiency of operations in the company. As such, the plan will succinctly spell out the ratio between performance and rewards so that employees can gain deeper insight about how their specific functions relate to the overall vision of the company.

Reward and Recognition Plan

An integral part of any total reward program is to reward and recognize hardworking employees. The purpose of the reward and recognition plan will be to create a deep-rooted feeling of ownership and affiliation among all individuals working for the company (Khan, S., Zarif & Khan, B., 2011). Instead of following some standard approaches, the company will use a variety of ways to provide recognition rewards to its employees. These constitute, but are not limited to: an appreciation of employees’ efforts in a public gathering; regular ‘job-well-done’ remarks by supervisors for tasks completed well; announcing Outstanding Employee of the Month or Year; organizing recreational tours and travelling for top-ranked individuals; and, inviting exceptional employees to sit at the executive dinner table during corporate meetings. Recognition should be succinctly differentiated from pay or discounts or commissions, or it risks easily being “expected” or forgotten (Khan et al., 2011). A key aspect of using noncash rewards is to distinguish recognition clearly from compensation. In that regard, the plan will set out to: To identify and measure the impact of non-financial recognition reward on workers' motivation. To find out how non-financial recognition influences the productivity of different cadres of workers. To study the influence of the different forms of non-financial recognition benefits on competition among workers. To examine the effectiveness of the supervisor's recognition as a non-financial reward tool for staff retention. To identify the impact of long-term non-financial recognition rewards on workers' efficiency. To assess the influence of non-financial rewards on worker's performance.

Conclusion

All in all, since satisfactory salaries and wages alone cannot motivate employees to achieve greater productivity, the development of the above-discussed total rewards program will be instrumental in improving the performance levels of Leonard Pvt. Ltd. So as to craft the right mix of tangible and intangible, and cash and non-cash rewards, it is vital to understand the source of the challenge the incentive is intended to address right from the start of the program.

References

Armstrong, M. (2012). Armstrong's handbook of reward management practice: Improving performance through reward. London, England: Kogan Page.
Khan, S., Zarif, T., & Khan, B. (2011). Effects of recognition-based rewards on employees' efficiency and effectiveness. Journal of Management and Social Sciences, 7(2), 01-07. Retrieved from http://biztek.edu.pk/ibt/qec/7.2/1%20Effects%20of%20Recognition.pdf
Moniz, J. (2010). The basics for building and maintaining incentive plans at smaller firms. Compensation and Benefits Review, 42(4), 256 –264. Retrieved from http://prfirst.com/assets/Compensation-and-Benefiots-Review-Journal-Article.pdf

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