Recommend a strategy (6 pages) to improve a total rewards package for Fleet, Farm and Home to be competitive with other employers and positively support recruitment and retention initiatives.
Search websites with pertinent data sources, including the following, for general salary information. Research other career-focused websites for benefits information.
- U.S. Department of Labor, Employment and Training Administration. (n.d.). O*Net online.https://www.onetonline.org/
- Bureau of Labor Statistics. (n.d.). Databases, Tables, and calculators by subject. https://www.bls.gov/data/#employment
Demonstration of Proficiency
By completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria:
- Competency 1: Apply legal standards in human resource management decision-making and practice.
- Explain what legal compliance requirements FFH (or a selected organization) should consider when creating a total rewards package.
- Competency 2: Use data to support human resource management decision-making.
- Analyze components to include in FFH’s (or a selected organizations) total rewards package.
- Compare the salary and benefits components with adding an incentive compensation package.
- Competency 3: Develop human resource management strategy recommendations to support organizational goals in a dynamic environment.
- Recommend a strategy for compensating FFH’s (or a selected organizations) management.
- Competency 5: Communicate human resource management needs, opportunities, and strategies with multiple stakeholders.
- Communicate in a manner that is professional and consistent with expectations for human resource professionals and master’s-level programs.
FFH is concerned about the competitiveness of its total rewards package. Most store managers and supervisors have been with FFH for over 20 years and have been very satisfied with their compensation. However, while interviewing prospective candidates, the company indicates that their total rewards package is not equal to their competitors. You are being tasked with recommending a strategy for improving FFH’s or a selected organization’s total rewards package to increase competitiveness with other businesses and positively support recruitment and retention initiatives.
Include the following in your total rewards package strategy for HR management and organizational leaders:
- Analyze components to include in the total rewards package. This analysis should include salary and benefits as well as areas beyond compensation. Should FFH or your selected organization lead the market, pay at market rates, or lag behind the market? To move toward the broader definition of total rewards, what two other components should be considered?
- Compare the salary and benefits components with adding an incentive compensation package. Is there a benefit to including a bonus, commission, or profit-sharing as part of FFH’s or a selected organizations total rewards package?
- Explain what legal compliance requirements FFH or a selected organization should consider when creating a total rewards package.
- Recommend a total rewards package strategy for FFH’s or a selected organizations management. Do cultural and inclusive practices that support a diverse workforce impact your recommendations? Justify the components you are including.
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