Homework
Recommend a strategy (6 pages) for improving a total rewards package for FFH or a selected organization in order to be competitive with other employers and to positively support recruitment and retention initiatives.
Introduction
Search websites with pertinent data sources, including the following, for general salary information. Research other career-focused websites for benefits information.
a. U.S. Department of Labor, Employment and Training Administration. (n.d.). O*Net online.
b. Bureau of Labor Statistics. (n.d.). Databases, tables and calculators by subject.
Demonstration of Proficiency
By successfully completing this homework, you will demonstrate your proficiency in the course competencies through the following homework scoring guide criteria:
A. Competency A: Apply legal standards in human resource management decision making and practice.
a. Explain what legal compliance requirements FFH (or a selected organization) should consider when creating a total rewards package.
B. CompetencyB: Use data to support human resource management decision making.
a. Analyze components to include in FFH's (or a selected organization's) total rewards package.
b. Compare the salary and benefits components with adding an incentive compensation package.
C. Competency C: Develop human resource management strategy recommendations to support organizational goals in a dynamic environment.
a. Recommend a strategy for compensating FFH's (or a selected organization's) management.
D. Competency D: Communicate human resource management needs, opportunities, and strategies with multiple stakeholders.
b. Communicate in a manner that is professional and consistent with expectations for human resource professionals and master's-level programs.
Instructions
FFH is concerned about the competitiveness of its total rewards package. Most store managers and supervisors have been with FFH for over 20 years and have been very satisfied with their compensation. However, while interviewing prospective candidates, the company is getting indications that their total rewards package is not equal to their competitors. You are being tasked with recommending a strategy for improving FFH's or a selected organization's total rewards package in order to increase competitiveness with other businesses and to positively support recruitment and retention initiatives.
Include the following in your total rewards package strategy for HR management and organizational leaders:
a. Analyze components to include in the total rewards package. This analysis should include salary and benefits as well as areas beyond compensation. Should FFH or your selected organization lead the market, pay at market rates, or lag behind the market? To move toward the broader definition of total rewards, what two other components should be considered?
b. Compare the salary and benefits components with adding an incentive compensation package. Is there a benefit to including a bonus, commission, or profit sharing as part of FFH's or a selected organization's total rewards package?
c. Explain what legal compliance requirements FFH or a selected organization should consider when creating a total rewards package.
d. Recommend a total rewards package strategy for FFH's or a selected organization's management. Do cultural and inclusive practices that support a diverse workforce impact your recommendations? Justify the components you are including.
Your total rewards package strategy should demonstrate graduate-level writing skills through the accurate communication of thoughts that support a central idea and use of correct grammar and mechanics as expected of a human resources professional.
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.