Design an original total rewards strategy (Figure 1.3, Chapter 1, “The Power of Total Rewards” in the textbook) for LMZ Company. Identify the first steps that the consultant needs to take to develop a total rewards program for the LMZ Company.
- Week 3 Assignment – Total Rewards Program
LMZ Company has solicited your assistance in developing a Total Rewards Program. The company was started 30 years ago by a husband and wife who are now transitioning into retirement and transferring the company in six months to their oldest son of five children. The company was positioned to allow several departments to transition to remote work due to COVID-19. They still maintain a small office within the local town that has approximately 40 employees that continue to work on site. The new owner (son) is concerned about re-branding and possible competition. The owners (couple) will still be a part of the company as senior advisors and play a role in decision-making and are concerned about the role of their other children who also work within the company in various roles and total compensation including benefits once their son pays for re-branding and new marketing efforts. Your primary role will be to develop a Total Rewards Strategy Program (see Figure 1.3, Total rewards strategy, in The WorldatWork Handbook of Total Rewards) for this company while keeping its structure and potential family values in mind. Instructions Total Rewards Strategy in which you:
- Design an original total rewards strategy (Figure 1.3, Chapter 1, “The Power of Total Rewards” in the textbook) for LMZ Company.
- Identify the first steps that the consultant needs to take to develop a total rewards program for the LMZ Company.
- Outline how compensation, well-being, benefits, development, and recognition will be implemented.
- Identify at least three concerns or problems that could impact the Total Rewards Strategy.
- Identify at least three advantages of a total rewards approach and provide an example of how the identified advantage can be beneficial for both the organization and employee.
- Discuss how the new Total Rewards Plan will be monitored and reviewed for potential changes and identify the personnel involved in this process.
- Use 3–5 quality academic resources in this assignment. Note: Wikipedia and other websites do not quality academic resources. Please see this course’s list of academic resources.
- This course requires the use of Strayer Writing Standards but students may opt to use APA 6 or APA 7 as well. For assistance and information, please refer to the “requirements documents” posted at the course information section.. The specific course learning outcomes associated with this assignment are:
- Create a strategy for maximizing the advantages of a total rewards program, including how it’s communicated.
- Assess the effectiveness of a total rewards program in motivating employees.
- Review how employers and employees can benefit from the Health Plans and Benefits section of the United States Department of Labor website.
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