Total Rewards Briefing

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Total Rewards Briefing

HRM 533 Total RewardsStrayer UniversityPresented by:

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Presentation Agenda

Outline of Components and Program Design of Total Rewards Overview of Making Benefits More Effective Implementing Flexible Benefits Conclusion and Questions

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Components and Program Design of a Total Rewards Program

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Components and Program Design of a Total Rewards Program (cont’d)

Components of Total RewardsCompensation is what the employee is paid from the employer for a service or set of skills used.Benefits are supplemental programs offered to employees along with compensation.Work-Life assists with ensuring the success of an employee both at work and in their personal lives.Performance & Recognition is the efforts put forth to meeting business goals and success and receiving acknowledgement of said accomplishments.Development & Career Opportunities allows an employee to learn more about their skill sets and offer advancement opportunities.

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Components and Program Design of a Total Rewards Program (cont’d)

Design of a Total Rewards ProgramAnalyze and Assess in this phase a team will have to take a look at the current program in place and then determine ways the program can be improved.Design is the phase in which the team will have to come up with the decision of which attributes to award and what type of rewards to offer.Implement in this phase after careful planning and consideration the organization will put the new program into place.Evaluate and Revise in the last phase, the organization should take this time to compare the actual results to their desired results. Then if need be make the necessary changes to ensure even greater success in the new rewards program.

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Ways to Make Employee Benefits Work Effectively

Explore Your OptionsThere are other options for health coverage other than what an employer may offer. Be sure to know all of what is being offered by the employer and, ensure they will align with your needs. Using the Marketplace is also an option.Review Benefits OfferedGo over every detail of the plans and make sure that they will cover the things that are most essential to you and your well-being. Making a comparison of plans before electing them is critical.Read Description of Plan DetailsThis is essential to having a clear understanding of the coverages that will be offered. It will provide detailed information on what the coverages will cover and associated costs.

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Ways to Make Employee Benefits Work Effectively (cont’d)

Utilize CoverageEssentially using the coverage can eventually in the long run can reduce health care costs for an individual. Especially, with plans that require that a deductible be met. This also promotes an employee and their family to stay healthy.Look For Wellness ProgramsThis encourages individuals to ideally live a healthier lifestyle. This could also reduce the cost for an employee in their insurance premiums.Assess Coverage After Life Events OccurThere is a small window of opportunity to re-evaluate benefit plans once certain changes occur. These changes can be things such as having a baby or getting married. This gives an employee the opportunity to possibly opt-in to better coverage options.

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Implementing Flexible Employee Benefits

Four Types of Flexible Benefits PlansPretax Premium Plans gives the employee the option to have some of their benefits paid with pre-tax dollars versus after-tax dollars.Flexible Spending Accounts allows an individual to set aside an allotted amount of money (pre-tax) to assist with paying for healthcare and/or dependent care costs.Simple Choice PlansComprehensive Flexible Benefits Plan provides an employee with a range of options in benefits with potential options in vacation and 401(k) benefits.Flexible Benefits Plan DesignThe company will determine a set of uniform eligibility provisions.Afterwards the enrollment choices will need to be taken into consideration. Along with enrollment choices, a family and employment status change stipulation will have to be provided as permitted by the IRS.Finally, special classes of employees will need to be considered and ensured they are catered to as well.

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Implementing Flexible Employee Benefits (cont’d)

Pricing Benefit PlansMarket-based Pricing and Credits is each benefit option’s full cost is determined by its marketplace value. Choosing this option gives the employer control over future costs.Incentive-based Pricing and Credits according to WorldatWork (2007) incentive-pricing is when the full cost of each benefit option provided to the employee is set temporarily to deliver a certain message related to the value of various options. This option provides more control over the benefit choices.Net Cost Pricing without Credits there is no effort is made in relaying any form of full cost to the employees. Simply put, there will be a set deduction amount per benefit per pay period.

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Conclusion

In conclusion, there are many significant factors that go in to administering a total rewards program. With the proper tools and knowledge a beneficial and rewarding program can be put in place. With further extensive research and planning I am fully confidant that an amazing program can be set in motion and used for a long time down the road.

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References

https://www.atcllc.com/careers/total-compensation-package/https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-make-your-health-benefits-work-for-you.pdfhttps://www.behance.net/gallery/13292295/Total-Rewards-Logo-TreatmentsWorldatWork. (2007). The WorldatWork handbook of compensation, benefits, & total rewards. Hoboken, NJ: John Wiley & Sons.https://www.shrm.org/hr-today/trends-and-forecasting/special-reports-and-expert-views/Documents/Implementing-Total-Rewards-Strategies.pdf

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