HRM533 Strayer Week 3 Total Rewards Program

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Overview

LMZ Company has solicited your assistance in developing a Total Rewards Program. The company was started 30 years ago by a husband and wife who are now transitioning into retirement and transferring the company in six months to their oldest son of five children. The company was positioned to allow several departments to transition to remote work due to COVID-19. They still maintain a small office within the local town that has approximately 40 employees that continue to work on-site. The new owner (son) is concerned about re-branding and possible competition. The owners (couple) will still be a part of the company as senior advisors and play a role in decision-making and are concerned about the role of their other children who also work within the company in various roles and total compensation including benefits once their son pays for re-branding and new marketing efforts. Your primary role will be to develop a Total Rewards Strategy Program (see Figure 1.3, Total rewards strategy, in The WorldatWork Handbook of Total Rewards) for this company while keeping its structure and potential family values in mind.

Instructions

Write a 4-6 page Total Rewards Strategy in which you:

1. Design an original total rewards strategy (Figure 1.3, Chapter 1, “The Power of Total Rewards” in the textbook) for LMZ Company.
2. Identify the first steps that the consultant needs to take to develop a total rewards program for the LMZ Company.
3. Outline how compensation, well-being, benefits, development, and recognition will be implemented.
4. Identify at least three concerns or problems that could impact the Total Rewards Strategy.
5. Identify at least three advantages of a total rewards approach and provide an example of how the identified advantage can be beneficial for both the organization and the employee.
6. Discuss how the new Total Rewards Plan will be monitored and reviewed for potential changes and identify the personnel involved in this process.
7. Use 3-5 quality academic resources in this assignment. Note: Wikipedia and other websites do not quality academic resources.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

The specific course learning outcomes associated with this assignment are:

• Create a strategy for maximizing the advantages of a total rewards program, including how it’s communicated.
• Assess the effectiveness of a total rewards program in motivating employees.
• Review how employers and employees can benefit from the Health Plans and Benefit
• Links to an external site. section of the United States Department of Labor website
• Merit Pay System: Is it Right for your Business? https://www.fool.com/the-ascent/small-business/human-resources/articles/merit-pay/Links to an external site.Links to relevant articles – Topic: Merit Based Payhttp://libdatab.strayer.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=heh&AN=162431085&site=eds-live&scope=sitePros and Cons of Merit Pay: https://cws-software.com/the-pros-and-cons-of-merit-pay/Links to an external site.The Advantages & Disadvantages of Merit Pay: https://www.thebalancemoney.com/the-advantages-and-disadvantages-of-merit-pay-1919083Links to an external site.SHRM: Employers Seek Better Approaches to Pay for Performance: https://www.shrm.org/ResourcesAndTools/hr-topics/compensation/Pages/better-pay-for-performance.aspxLinks to an external site. (this article is a little dated but still very good information)I put together this video to help explain Assignment 2 and my expectations of your paper. It is lengthy but is full of information that should help you do your very best with this assignment: https://strayer-edu.zoom.us/rec/share/sI7tVj8YhY0a731IqI2KgKasrlkH8l4aNqqfu-ah5bimixx0Ehkp8NA_u6e_qnZi.7hIAmwC2pZDwjw26Links to an external site.Passcode: !0h&gavmTotally awesome articles for your assignment 2:https://www.aihr.com/blog/total-rewards-strategy/Links to an external site.https://www.indeed.com/career-advice/career-development/total-rewards-strategyLinks to an external site.https://www.mercer.com/en-us/insights/total-reward…Links to an external site.