HRM 200 Project Two Guidelines and Rubric

HRM 200 Project Two Guidelines and Rubric
Competency
In this project, you will demonstrate your mastery of the following competency:
Explain the purpose and use of total rewards
Scenario
You are a human resources professional who works for a start-up company. As is typical for a start-up, the company needs to offset the costs of starting a new business with lower compensation. They intend to do this by designing a new total rewards package. Total rewards packages can be used to attract and retain talent by offering them desirable benefits in addition to their salary. Your manager has asked for your input on what to include in the new package. Senior management is concerned that the current total rewards package is not attractive enough to a distributed workforce. Your manager has tasked you with creating a proposal summary that will contain your recommendations for a new total rewards program. You will include a brief overview of a total rewards package and its purpose, as well as why it adds value to the company. Your manager will use these recommendations in their presentation to senior management.
Directions
Create a proposal summary that will contain your recommendations for a total rewards program. Use the Project Two Template, provided in the What to Submit section, for your proposal summary. You will include four suggested total rewards components for the new program in the Talent Retention section of your document. Each component should contain the title of the item, describe what it is, and explain why this component would be attractive to current and prospective employees. You should summarize your proposal with an explanation of the employee value proposition (EVA) and how it relates to total rewards.
Specifically, you must address the following rubric criteria:
Total Rewards: Define the concept of total rewards and its purpose.
Explain why a company would use a total rewards package.
Discuss how total rewards is important for employee retention.
Discuss why total rewards packages are valuable to an employer.
Total Rewards Package: Explain the components of a total rewards package.
Describe the different parts of a total rewards package and what value they bring to the company.
Differentiate between monetary and non-monetary rewards.
Talent Retention: Explain how total rewards components are used to attract and retain talent.
Give four examples of suggested total rewards components and why they might be attractive to an employee.
Consider how additional incentives might affect talent retention.
Employee Value Proposition: Explain the concept of EVP and its relation to total rewards.
What to Submit
To complete this project, you must submit the following:
Total Rewards Proposal
Submit this assignment as a Word document, 2 to 3 pages in length. Use double spacing, 12-point Times New Roman font, and one-inch margins. Consult the Shapiro Library APA Style Guide for more information on citations; you can access Shapiro Library resources through the Academic Support area of the course. Sources should be cited according to APA style.
The following resource supports your work on the project:
Template: Project Two Template
Use this template to create your document.
ANSWER
ANSWER
The project you described is related to the field of Human Resources Management (HRM) and focuses on designing a total rewards package for a startup company. Let’s break down the key components of your project and provide a simplified explanation with real-life applications:
**Total Rewards:**
– **Definition:** Total rewards refer to the combination of monetary and non-monetary benefits that employees receive in exchange for their work. These rewards go beyond just the basic salary and include things like bonuses, health benefits, and professional development opportunities.
– **Purpose:** The purpose of a total rewards package is to attract and retain talented employees. It provides a competitive advantage by offering more than just a paycheck, making the company an appealing place to work.
– **Importance for Employee Retention:** Total rewards are crucial for retaining employees because they make the job more satisfying. For example, if an employee receives health insurance and access to a gym as part of their rewards, they’re more likely to stay with the company.
– **Value to Employers:** Employers benefit from total rewards by having a more motivated and loyal workforce. When employees feel valued and appreciated through a comprehensive rewards package, they tend to be more productive and committed to the company.
**Total Rewards Package:**
– **Components:** A total rewards package comprises various elements, including monetary rewards like salary, bonuses, and stock options, as well as non-monetary rewards like healthcare, flexible work schedules, and professional development opportunities.
– **Monetary vs. Non-Monetary Rewards:** Monetary rewards are direct financial benefits, such as salary and bonuses. Non-monetary rewards, on the other hand, are indirect benefits like flexible work hours, which contribute to job satisfaction.
**Talent Retention:**
– **Attraction and Retention:** Total rewards components are used to attract and retain talent. For example, offering stock options can attract professionals looking for long-term commitment, while a relaxed dress code can make the company more appealing to creative professionals.
– **Incentives:** Providing additional incentives like tuition reimbursement or performance-based bonuses can have a significant impact on talent retention. For instance, tuition reimbursement can encourage employees to further their education and stay with the company to benefit from it.
**Employee Value Proposition (EVP):**
– **Definition:** Employee Value Proposition (EVP) is the unique set of benefits and rewards that an organization offers to its employees in exchange for their skills and contributions. It’s the total package of what makes a company an attractive employer.
– **Relation to Total Rewards:** EVP is closely related to total rewards because it encompasses all the benefits and rewards an employee receives. It includes both monetary and non-monetary aspects and represents the overall appeal of working for a particular company.
In this project, you’re essentially creating a proposal that outlines what total rewards components the company should consider to make itself more attractive to employees. You’ll explain why these components are valuable and how they relate to the Employee Value Proposition (EVP) to help your manager present the recommendations to senior management. This approach will make your proposal more compelling and actionable for the company.