Introduction and Purpose of Assignment A total compensation or rewards package is often what sets one employer apart from another when it comes to competing for quality employees. Objectives Create components of a market-competitive pay plan. (3.4) Theory and Context All other things being equal a prospective employee will typically choose to work for the employer offering a better pay package or plan. As a result, it is important for organizations to be strategic in the way they approach compensation. One strategy is to design compensation packages that are competitive with other employers competing for similar types of employees. While this approach requires research and planning, it can place an organization in a good negotiating position for high-quality talent. Instructions Based on the readings for the week and your personal research, in the discussion forum: a. Recommend one initiative related to each of the three areas of Total Rewards Strategy areas (Compensation, Benefits, Personal Growth). i. Provide details as to how your recommendation would look in practice. ii. Identify the benefits the company should expect from your recommendation.
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