Strategy Case

Create a brief overview of the company requirements for a total rewards system.

For the purposes of this paper, I have envisioned a company that has 20,000 employees and operates in 17 countries. Of the 20,000 employees, 2,000 of them occupy management level positions and speak different languages, thus making the company very diverse. The company prides itself on employing talented individuals that will help take them to the next level in the industry by providing quality customer service to their shareholders. Employees are the core of business; therefore leadership is focused on ensuring that the needs of their employees are met in order to foster a collaborative relationship.

Formulate a total rewards strategy to encompass the fundamentals of compensation and the regulatory environments.

An effective total rewards strategy is beneficial to the continued success of an organization. The strategy must be centered on making certain that employee compensation and benefits are aligned with the overall business strategy of the company. According to WorldatWork (2007), prior to starting a total rewards strategy, organizational leaders must first assess the current programs and determine which ones are effective and which ones are not (18). The overall goal of this company is to attract, select, and retain talented individuals that meet or exceed the minimum qualifications needed to perform a specific job.

Explain the advantages of the total rewards strategy you are proposing and how it might satisfy the employees’ needs.

Determine the key communication components of the total rewards system.