The concept of total rewards management has gained significant advancement over the recent past years. Currently, it has gained much relevance in my working place. I am a credit controller at the General Motors Company, which is a section in the Finance Department of this organization. Business management practitioners at General Motors have felt the power of using diverse factors in order to attract, motivate and retain good talent in workers. This new approach continues to enable great output at my workplace. It is vital to note the fact that human resource professionals at my workplace, contracted consulting firms, the providers of services and other players have assisted me to understand this concept of total rewards properly. This particular total rewards plan for myself reflects its maturity as well as power. The plan presents the elements, which do make up the total rewards management for myself. The plan also has a description of the environmental context in which it works. The way each element mentioned applies to me as an employee is also highlighted. Finally, the plan suggests the manner in which every element may be used in helping to reward, motivate, assess performance and fulfill my needs as an employee.
Compensation
Compensation is a component of total rewards and normally refers to the payment that is given to the employees for the services to the company. Services, in this case, come in the form of the time, skills and effort output from the employee to the company. Compensation usually includes the fixed as well as variable payment, which is tied to the levels of performance.
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As a person, the compensation that fits myself includes a basic payment amount known as salary. I believe a basic salary payment of $75,000 per month will be satisfactory and befitting considering the nature of work that I perform. I will also need some bonus payments especially when I achieve the high targets set. The company should offer me other incentive payments including performance shares and monetary grants. Other forms of compensations that I need include allowances for house, meetings, mileage, travel, entertainment, responsibility and motivational. These kinds of compensation should just be the least that the company should provide.
This element is very important to me because it is what I base my decision to remain in this company on. Therefore, the company is able to motivate me by even adding more monetary allowances on the ones listed above. They will help in fulfilling my needs as an employee of the company. Based on this compensation, the company should then put on high expectations in terms of work output.
Benefits
Benefits are simply the programs that an employer implements in order to supplement the compensation given to the employees. Benefits include health insurance, retirement programs, savings and income protection.
In my case, I need health insurance cover organized for me by the company I work for. The company should also organize for the retirement pension program. These benefits have to be extended to my immediate family members. A school fees program for my children has to also be put in place. Finally, the company needs to provide me with financial welfare programs during eventualities like death in my family. This component is highly important to me because it is what brings my comfort in the job I do. It is also the source of my motivation and satisfaction at the workplace.
Work-Life
Work-life refers to the programs of the company that are meant to ensure that employees excel both professionally and domestically. I expect to be given a 2 months leaf every year for the purpose of staying with my family. Moreover, I also expect some weekly work-offs that will assist me to also develop domestically.
This component is quite significant to me because it enables me strike a balance between job and my family responsibilities. Through it, the company will motivate me and make me feel satisfied to remain as its employee. The leaf program can also be used by the company as the time period for assessing my performance and work output to the company.
Recognition
Recognition is a program of a company meant to point out and appreciate the efforts as well as contribution of employees to the company. I expect to be recognized through promotions and awards. I believe this is also a very important component to me because it is a source of my motivation to continue working hard for the firm.
Performance management
Performance management refers to the programs implemented in order to improve the work output of the workers (Shields et al., 2015). Performance management involves frequent assessment of the work done by employees in relation with the set production goals of the company. The aim of this process is simply to establish the areas that require improvement. It is important to me because it will help me realize my contribution to the company. Through it, my work will also be always on assessment to establish if my performance is high and meeting set standards.
Talent development
Talent development involves the establishment of programs that can improve the capacities of employees. Under this component, I expect workshops and conferences where trainers will be delivering topics on various job practices and skills.
Conclusively, therefore, six elements exist under total rewards with each having its programs, dimensions and practices. These dimensions and practices normally define the strategy of a company to attract, retain workers and motivate. The six elements of total rewards are simply used to create value for the employees since their effective results always include satisfied, engaged as well as productive workers (Kwon & Hein, 2013). It must be noted that when employees are motivated, they give out very high performance to the company.
References
Kwon, J., & Hein, P. (2013). Employee benefits in a total rewards framework. Benefits Quarterly , 29 (1), 32.
Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., ... & Plimmer, G. (2015). Managing Employee Performance & Reward: Concepts, Practices, Strategies . Cambridge: Cambridge University Press.
