After reviewing all the material for the week, share in your own words (with at least two in-text citations to indicate the origin of your information), the meaning of the concept of Total Rewards, describe how it differs from the traditional approach to compensation, and why this difference matters to HRM decision-making. Use a minimum of two references from the class materials. Respond to at least one classmate.
Discussion #2
In your own words, describe the five components of the Total Rewards Model. Respond to at least one classmate.
Module 1: The Total Rewards Model
Topics
Topic 1: What is the Total Rewards Model to Compensation Management?
Topic 2: The Change to Total Rewards
Topic 3: The Critical Link of Strategic Objectives and Rewards
Topic 4: Why is the Total Rewards Model Successful?
Topic 5: Conclusions
Topic 1: What is the Total Rewards Model to Compensation Management?
Think about what might attract you to work for a particular organization. Why
would you choose one organization over another, if given the opportunity?
Which organization offers you the elements surrounding your work experience
that you value most? Your answer probably is not salary alone, but many other
elements in addition.
The elements you consider of value when you compare different organizations’
offerings are unique to you. They are holistic and comprehensive. It is not merely
the pay and a few basic benefits that attract potential employees, but a wide
array of rewards known as total rewards.
Take a look at the following list of items that most influence employees’
commitment and motivation. While the study, conducted by Mercer (2007),
surfaced some similarities, there were certainly also many differences. For
example, the global study found that while workers in Asia valued base pay
above anything else, workers in the United States valued other factors, including
work‐life balance, being treated with respect, and benefits, more highly than
money alone. There were also differences among the generations. While
employees of at least 60 years of age (known as the Traditionalists) value
security and company loyalty most highly, employees between 18 and 29 (the
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Millennials) tend to value their contributions and lear
1
The Power of Total Rewards
Sixty-five years ago, when a group of visionary professionals formed what
was to become WorldatWork, the world of work and the world of pay were
much simpler than they are today. Compensation was the primary “reward”
and benefits, still in their infancy, were a separate and seemingly low-cost
supplement for employees. The concept of combining these things – let alone
using them with still other “rewards” to influence employee behavior on the
job – was decades away.
Today we are only partially through an evolution from a largely industri-
alized business environment to a far more virtual, knowledge- and service-
based environment, at least in North America and Europe. Among some
major shifts:
• Business increasingly operates as a global village, with work moving to
different parts of the world to take advantage of lower-cost labor and
address skill gaps.
• Technology continues to revolutionize work, not only in terms of auto-
mating more jobs, but also in enabling the virtual workplace as profes-
sionals increasingly conduct business in home offices or remote locations.
• Women are equally represented in the overall workforce, if not yet fully
in the ranks of senior management.
• Traditional hierarchical distinctions have eroded in the name of faster
decision-making and speed to market. Teamwork is one of the most
common behaviors rated in performance reviews.
• More businesses and business units in the United States are owned by
European or Asian parents, which expect their practices and norms to
be followed and respected in the workplace.
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EBSCO Publishing : eBook Collection (EBSCOhost) – printed on 11/13/2021 6:37 PM via UNIVERSITY OF MARYLAND GLOBAL CAMPUS
AN: 2734783 ; WorldatWork, Dan Cafaro.; The WorldatWork Handbook of Total Rewards : A Comprehensive Guide to Compensation, Benefits, HR & Employee Engagement
Account: s4264928.main.eds
2 The Power of Total Rewards
• Job mobility is taken for granted. According to the Bureau of Labor
Statistics, the average worker in 2020 currently holds 10 different
jobs before age 40, and this number is projected to grow. Forrester
Research predicts that today’s youngest workers will hold 12–15 jobs in
their lifetime.
• Gender, race, and religious differences are a common part of most
work environments. Diversity has become a respected value, demon-
strated through a range of specific programs.
• Business leaders increasingly regard employees as drivers of productiv-
ity, rather than as relatively interchangeable cogs in a larger wheel.
Along with these changes have come drama
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