Fluent Essays

Please see the attached files and let me know if you have any questions.PLEASE READ CAREFULLY - Please cite your work in your responses - Please use APA (7th edition) formatting  - All questions and each part of the question should be answered in detail (Go into depth) - Response to questions must demonstrate understanding and application of concepts covered in class,  - Use in-text citations and at LEAST 2 resources per discussion from the school materials that I provided to support all answers.  - The use of course materials to support ideas is HIGHLY RECOMMENDED - Responses MUST be organized (Should be logical and easy to follow) - Include at least 2 references and include in-text citations. Discussion #1 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. Discussion #2 In your own words, describe the five components of the Total Rewards Model.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 Millennials) tend to value their contributions and learning opportunities, and thus are more willing to change jobs repeatedly, while those between the ages of 30 and 42 (Generation Xers) tend to value the work-life balance most highly (Mercer, 2007, p. 3). Table 1.1 What Employees Value · Being treated with respect · The type of work that you do · Work-life balance · Benefits · Working in an environment in which you can provide good service to others · Base pay · The quality of the people you work with · Long-term career potential · Having flexible working arrangements · Learning or training opportunities · Promotion opportunities · Variable bonus/incentive bonus Source: Mercers Whats Working Global Employee Survey (2007) As you reflect on what motivates you to choose one organization over another as your place of employment, which of the items from this list would you rank as the most important? Be prepared to answer this question if your professor asks it. This discussion of why individuals select one organization over another is at the core of our discussion of the total rewards approach to compensation management. In order for organizations to attract, retain, and motivate employees with the requisite knowledge, skills, and abilities (KSAs) needed for organizational success, a satisfying mix of the monetary, non1 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. 1 C o p y r i g h t 2 0 2 0 . W i l e y . A l l r i g h t s r e s e r v e d . M a y n o t b e r e p r o d u c e d i n a n y f o r m w i t h o u t p e r m i s s i o n f r o m t h e p u b l i s h e r , e x c e p t f a i r u s e s p e r m i t t e d u n d e r U . S . o r a p p l i c a b l e c o p y r i g h t l a w . EBSCO Publishing : eBook Collection (EBSCOhost) - printed on 8/16/2022 7:02 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 dramatica