Assignment 1 Reward Strategy Statement

Develop an effective Total Rewards Strategy Statement for your organization (real or fictitious!)

Design of a total rewards strategy starts with a statement. A total rewards strategy makes astatement that sets the stage for specific policies and programs, and defines theexpectations and actions desired from employees. Most importantly it outlines why and howa company or organization spends most of its money on people.You may prepare your statement for the audience of your choice. For prospectiveemployees? For your shareholders? For current employees? For the leadership team? Youmay approach it as a proposal you are seeking approval for, or a statement that reflects acurrent situation.You MAY choose to use a Real company as the basis for your submission. However, copying something that already exists, or merely listing benefits and rewards provided by a company is not the intent of this assignment.

Your Total Rewards Strategy statement should include:

1. Reward Strategy Objectives. This provides the context for the total rewards philosophy especially if the organization is facing particular challenges or is in the process of implementing fundamental changes and describes what is important to the organization including the firms mission, key success factors and strategies, and core values. It should define the overall objective desired from all the total rewards programs, with the realization that each program will focus on what it does best. WHAT do we want to achieve through our rewards system?

2. Main Strategy Components Identify and outline the main components and primary principles of the Total Reward Strategy including the mix and specifications of compensation, monetary/non-monetary intrinsic/extrinsic rewards and/or incentives and the policies that support them. How might we do that? Which types of rewards might achieve the objectives?

3. Key aspects of the strategy Communicate the use of key primary rewards including base salaries, employee benefits andservices, opportunities for development, careers and recognition, etc. Express the importance of these programs to the companys reward strategy objectives.

Why does each program exist?

Why is it meaningful to employees?

How does it give the organization a competitive advantage?

WHY these specific rewards? How will they help achieve the objectives described? How will they be perceived (how do you want them to be perceived?

Please provide specific details with a company name.