WEEK 3 ASSIGNMENT – TOTAL REWARDS PROGRAM Week 3 Assignment – Total Rewards Prog

WEEK 3 ASSIGNMENT – TOTAL REWARDS
PROGRAM
Week 3
Assignment – Total Rewards Program
Overview
LMZ Company has solicited your assistance in developing a Total
Rewards Program. The company was started 30 years ago by a husband and wife who
are now transitioning into retirement and transferring the company in six
months to their oldest son of five children. The company was positioned to
allow several departments to transition to remote work due to COVID-19.
They still maintain a small office within the local town that
has approximately 40 employees that continue to work on site. The new owner
(son) is concerned about re-branding and possible competition. The owners
(couple) will still be a part of the company as senior advisors and play a role
in decision-making and are concerned about the role of their other children who
also work within the company in various roles and total compensation including
benefits once their son pays for re-branding and new marketing efforts. Your
primary role will be to develop a Total Rewards Strategy Program (see Figure
1.3, Total rewards strategy, in The WorldatWork Handbook of
Total Rewards) for this company
while keeping its structure and potential family values in mind.
Instructions
Write a 4–6 page Total Rewards Strategy in which you:
Design an original total rewards strategy
(Figure 1.3, Chapter 1, “The Power of Total Rewards” in the
textbook) for LMZ Company.
Identify the first steps that the
consultant needs to take to develop a total rewards program for the LMZ
Company.
Outline how compensation, well-being,
benefits, development, and recognition will be implemented.
Identify at least three concerns or
problems that could impact the Total Rewards Strategy.
Identify at least three advantages of a
total rewards approach and provide an example of how the identified
advantage can be beneficial for both the organization and employee.
Discuss how the new Total Rewards Plan
will be monitored and reviewed for potential changes and identify the
personnel involved in this process.
Use 3–5 quality academic resources in this
assignment. Note: Wikipedia and other
websites do not quality academic resources.
This course requires the use of Strayer Writing Standards. For
assistance and information, please refer to the Strayer Writing Standards link
in the left-hand menu of your course.
The specific course learning outcomes associated with this
assignment are:
Create a strategy for maximizing the
advantages of a total rewards program, including how it’s
communicated.
Assess the effectiveness of a total
rewards program in motivating employees.
Review how employers and employees can
benefit from the Health
Plans and Benefits section of the United States
Department of Labor website.