Recommend a strategy (6 pages) for improving a total rewards package for FFH in order to be competitive with other employers and to positively support recruitment and retention initiatives.
Introduction
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
Instructions
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 is getting indications 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 in order to increase competitiveness with other businesses and to 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 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 total rewards package?
Explain what legal compliance requirements FFH should consider when creating a total rewards package.
Recommend a total rewards package strategy for FFH’s management. Do cultural and inclusive practices that support a diverse workforce impact your recommendations? Justify the components you are including.
Your total rewards package strategy should demonstrate graduate-level writing skills through the accurate communication of thoughts that support a central idea and use of correct grammar and mechanics as expected of a human resources professional.
