Assignment 3 TRS Proposal (3).docx

Assignment 3 TRS Proposal (3).docx - Assignment 3 Total...

This preview shows page 1 - 3 out of 7 pages.

Assignment 3: Total Rewards System Proposal By: LeKia Fox Dr. Lorna Thomas HRM 533 November 11, 2018 Introduction The purpose of this paper is to implement, maintain, and manage a total rewards system for a company. It is an investment firm, which has character traits of production and consumption of products. People who work in a service industry have a great deal of impact on the lives of others (including both internal and external employees). Therefore, the rewards system in such companies should not focus only on the bonuses or pay raise but must have the potential to recognize top employee performance by honoring them with certain incentive rewards. Within the company there ought to be a department that invests its time on presenting praise to them. There is no concept in the world that indicates a perfect reward system. An organization is required to plan and modify TRS relying upon their very own necessities that will help them in viably achieving the future targets. It is especially essential that the reward system is acknowledged by the employees working inside an organization and inspire them to work for the
Image of page 1

Subscribe to view the full document.

accomplishment of the authoritative objectives. A rewards system that is not properly designed such as having too high goals, could keep the employees under the stressful situation and instead of motivation serve as a source of exhaustion for them. Overview of the company requirements for a TRS The organization for which this report is being written for is a financial services company. The company is a profit organization. Its workers are comprised of employees from several different countries. The company has a very diverse group of employees from all different walks of life. There are about 2500 employees at management level. These individuals speak a multitude of different languages and are from all walks of life. Whether it is a simple corner store, a mom and 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. To retain talented employees, a company must have a desirable Total Rewards System (TRS) set in place prior to hiring employees. 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.
Image of page 2
Image of page 3
  • Summer '18
  • Employee Benefit, Talent management

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern