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total rewards programs

Compare and contrast total rewards programs to more traditional approaches to compensation and benefits.

Discuss the relative advantages and disadvantages of implementing a total rewards program for an organization and its employees.

Also to consider in the administration of total rewards programs are major compensation laws. Choose one of the following laws and discuss its coverage and how it affects the administration of a total rewards program: the Employee Retirement Income Security Act, the Health Insurance Portability and Accountability Act or the Consolidated Omnibus Budget Reconciliation Act.

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Compare and contrast total rewards programs to more traditional approaches to compensation and benefits.

The traditional role of compensation was to attract and retain employees. Whereas the total rewards programs means leveraging compensation, benefits, work-life, performance and recognition, and development and career opportunities to attract, motivate and retain. In the traditional role compensation was used to attract the level of person required for the position. In case of total rewards programs the focus is on attracting and retaining the best persons. The traditional approaches to compensation enabled companies to 'bargain' for employees in the job market. The companies often got good deals when the employment market was weak. On the ...

Solution Summary

total rewards program is discussed very comprehensively in this explanation..

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