Please assist in answering these questions in detail.
a.Explain the concept of total rewards using the five elements of Ford's Motor Industry total reward system.
b. Assess the impact of rewards systems on the organizational performance of companies in the automotive industry.
c. Evaluate the relative importance of direct financial rewards in comparison to other elements of the total rewards system for the Ford Motor Industry.
a. Explain the concept of total rewards using the five elements of Ford's Motor Industry total reward system.
The concept of Ford Motor Industry's total rewards system using the five elements is to use the five elements as a method that a company offers so that value is created both for the company and its employees. It is expected that using such a total rewards system will be instrumental in bringing about satisfied, connected and productive employees who will strive to achieve the desired business purposes.
What are the five elements?
Compensation, development and career, benefits, performance and recognition, and work-life:
The general assertion is that the total rewards operate in the background of the general business strategy and the human resource strategy. What is important is that the organizational culture directly impacts the total rewards strategy of the company.
An important consideration of the five element model is that interaction and the give and take that takes place between the employer and the employee.
The following is taken from the website: http://www.prdomain.com/companies/F/FordMotor" Ford Motor Company is a leader in the human rights aspect of sustainability, being the first automaker to mandate standards for its workers and involvement in plant communities.
"We're very highly regarded when it comes to workplace conditions," said Tim O'Brien, deputy chief of staff, Executive Operations and Sustainability. "And not just in the United States, but wherever we operate we have very strong performance. Our workplace Code of Working Conditions and performance is among the leaders around the world."
In 2003, Ford adopted the industry's first Code of Basic Working Conditions, which addresses issues such as child and forced labor, health and safety, pay, freedom to associate, discrimination and work hours.
Ford has assessed all of its global manufacturing facilities, including the Michigan Truck Plant and plants in Hermosillo, Mexico; Broadmeadows, Australia; Pacheco, Argentina; and Ford Lio Ho, Taiwan, a joint venture. All were found to be in compliance with the code.
"We found that we have so many good human resource processes and policies that we police ourselves as part of our day-to-day business," said Dave Berdish, manager of social responsibility, Ford Sustainable Business Strategies Office. "We ensure that our human rights processes are kept up to date at our facilities, especially in emerging markets."
Ford has taken an even larger step over the past two years, becoming the first automotive company to extend worker standards to its global suppliers. It is the only automaker to train, assess and remediate among its first-tier supply base.
"Our emphasis is on working with our suppliers to assess and develop management systems to ensure proper working conditions," said Ian Olson, manager, supply chain sustainability. "That is why training is critical. The goal is not to police them but to have suppliers take ownership and make long-term positive changes."
Ford has assessed working conditions at more than 200 supplier plants, ...
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