Total Rewards System Proposal

[Name of the Professor]

[Date of Submission]

Table of Contents

Introduction1

Discussion1

Brief overview of the company and its requirements for a reward system2

Formulation of a total reward strategy to encompass the compensation fundamentals and the regulatory environments4

Advantages of the proposed total rewards strategy and the way it will satisfy the needs of employees7

Key communication components of the total rewards system8

Strategy for devising a competitive pay structure10

Conclusion10

References12

Total Rewards System Proposal

Introduction

Service based companies have characteristics of production and consumption of the product at the same time. People working in service industry do have a considerable impact on the lives of other people (including both internal and external employees). Therefore, the reward system in such companies should not focus only on the bonuses or pay raise, but must have the potential to recognize the strong employee performance by appreciating them with the help of recognition and praise. An environment within the organization have to be created that will help to applaud those who are performing constantly at their best. In this paper, the total rewards system for an insurance company will be provided by assessing the requirement for having a reward system, formulation of the rewards system strategy, advantages of the proposed total rewards system that will help in the satisfaction of the employees' needs, determination of the total rewards system key components and at the end a strategy will be indicated that will help in the division of a competitive pay structure.

Discussion

There is no concept in the world that indicates a perfect reward system. A company is required to design and adjust its total rewards system depending on their own needs that will help them in effectively reaching the future objectives. It is very much necessary that the reward system is accepted by the employees working within an organization and motivate them to work for the attainment of the organizational goals. A rewards system that is not properly designed such as having too high goals, could keep the employees under the stressful situation and instead of motivation serve as a source of exhaustion for them.

Brief overview of the company and its requirements for a reward system

The company envisioned for this report is an insurance company with the name of Jubilee Insurance Company. It is basically a profit organization that has its workforce comprised of employees from 17 different countries. These employees are diversified in term of their cultures, traditions, languages. The 2000 employees who are at the management level speak variety of languages. The company has a policy of hiring people from diverse countries who are governed by multiple regulatory requirements. I the light of all the mentioned points, creating a total reward system for such a diversified employee company will be a big challenge. In this scenario, a total reward system must be designed in a manner best for them that will cater the motivational needs for all the employees by analyzing that what works best for them.

The specific practices that are employed by the companies in the implementation of the ...