The role of human resources in creating total rewards that meet employees' wants and needs is important for attracting talent, retaining top performers, promoting employee satisfaction, and much more. Communicating total rewards offerings to top talent assists with understanding the value of all the monetary and non-monetary rewards an organization provides. From benefits to compensation, what total rewards do you value most? Is there anything from the readings in Module Five and Six that stood out to you as something you would love in an organization?
Before you begin, review the examples of total rewards packages from various companies in the Resources section of this module.
Then, for your initial post, address the following:
Identify three different examples of compensation or benefits that would matter most to you when considering a job offer. Be sure to explain why each would be important to you.
Identify three examples of compensation or benefits that would not matter to you when considering a job offer. Explain why.
Finally, respond to at least two of your peers by assuming the role of an HR professional at a company trying to create a total rewards program. Specifically, be sure to address the following:
How could you use the information your peers shared about how they rank various benefits to inform the decisions you make in designing, implementing, and managing a total rewards program?
What other factors will influence how you perform your HR functions related to total rewards?
Full Answer Section
Three examples of compensation or benefits that would not matter to me when considering a job offer:
- Free lunches: Free lunches are a nice perk, but they are not essential to me. I am happy to bring my own lunch or eat out if I want.
- On-site gym: An on-site gym is also a nice perk, but it is not essential to me. I am comfortable working out at home or at a local gym.
- Commute reimbursement: Commute reimbursement would be helpful, but it is not essential to me. I am willing to commute to work if I find a job that I am passionate about.
How I would use the information my peers shared about how they rank various benefits to inform the decisions I make in designing, implementing, and managing a total rewards program:
If I were an HR professional at a company trying to create a total rewards program, I would use the information that my peers shared about how they rank various benefits to make sure that the program is tailored to the needs of the workforce. For example, if I learned that many of my peers value base salary and health insurance the most, I would make sure that the company's total rewards program offers competitive base salaries and comprehensive health insurance plans.
I would also use the information from my peers to identify any benefits that are not as important to the workforce. For example, if I learned that many of my peers do not value free lunches or on-site gyms, I would consider reallocating the resources that are currently being used to fund these benefits to other benefits that are more important to the workforce.
Other factors that would influence how I perform my HR functions related to total rewards:
In addition to the feedback from my peers, there are a number of other factors that would influence how I perform my HR functions related to total rewards. These factors include:
- The company's budget: The company's budget will limit the amount of money that I can spend on total rewards. I need to be mindful of the budget when designing and implementing a total rewards program.
- The company culture: The company culture will also influence how I design and implement a total rewards program. For example, if the company culture is very laid-back, I may want to offer more non-monetary benefits, such as flexible work schedules and unlimited time off.
- The competitive landscape: I need to be aware of what other companies are offering in terms of total rewards. I want to make sure that the company's total rewards program is competitive in order to attract and retain top talent.
By considering all of these factors, I can develop a total rewards program that is fair, competitive, and meets the needs of the workforce.
Sample Answer
Three different examples of compensation or benefits that would matter most to me when considering a job offer:
Base salary: A competitive base salary is important to me because it allows me to provide for myself and my family. It also reflects my skills and experience, and it shows that the company values my contributions.
Health insurance: Comprehensive health insurance is important to me because it gives me peace of mind knowing that I am financially protected in the event of illness or injury. It also allows me to access the healthcare that I need to stay healthy and productive.
Retirement savings plan: A retirement savings plan is important to me because it helps me to save for the future. I want to be able to retire comfortably and enjoy my golden years.