Assignment 3 (2).docx - Create a brief overview of the...

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Create a brief overview of the company requirements for a total rewards system. Whether it is a simple corner store, a mom & pop franchise, or a mega corporation, there is one thing that they all have in common-they all want to find, hire, and retain the best talented employees possible. In order to retain talented employees, a company must have a desirable Total Rewards System (TRS) set in place prior to hiring employees. In order to create a TRS it is optimal to include Talent Management in any decision making. TRS is a beneficial tool employer use to attract, encourage, and retain employees within an organizational need. Companies, coupled with Talent Management must find a balance between rewards and work performances, whether positive or negative, and what type of TSR to create in this competitive job market without financial stressors that may befall in the future. Employers must understand what is valuable to their employees, and what they are striving for-an organization that values their employee’s loyalty, diligence and dedication. Where an employee is not only rewarded for excellent service, but, acknowledged. TRS, when properly designed will ultimately drive desirable behaviors that will benefit the company or organization’s business goals. Talent management is helpful to each the organization and also the workers. a corporation advantages from: a raised morale; a higher standard of work quality; commitment of valued employees; scale back turnover, raised strength and a higher match between people’s jobs and skills. Workers advantages from: higher motivation and commitment; career development; raised data regarding and contribution to company goals; continued inclination and job satisfaction; all to form and cause the definition talent management. Formulate a total rewards strategy to encompass the fundamentals of compensation and the regulatory environments. For the whole rewards proposal to deliver worth, it should be able to build and foster the capabilities to produce the results that will drive market success in a business’s strategy coupled with WHO’s human capital strategy and the way the work is processed. Five Elements of a Total Rewards Strategy:
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1. Compensation: after all, this includes base regular payment, however there are different factors you'll think about operating into your pay system, like short or semi-permanent incentive pay. Each work well to draw in and regularly encourage prime performers to exceed expectations.
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  • Summer '18
  • Employee Benefit, Talent management

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