Assignment 2: Features of an Effective Total Rewards Program
1537 WordsFeb 3rd, 20186 Pages
This is from the firm focusing on creating customizable investment products that are sold to retail and institutional clients. ("Company History," 2012) However, a problem is that many competitors are entering a period of flat growth that is at the top of S Curve. This is when a company will grow so big that it becomes difficult to continue increasing profit margins. (Nunes, 2011, pp. 1 5) In the case of Morgan Stanley, the recent financial crisis has made it more difficult for the firm to improve earnings. As a result, a new strategy must be developed that will motivate the sales force to do more. To determine the most effective approach requires examining six features of a total rewards program, the specific behaviors that will be targeted, assessing the value proposition and how to attract registered representatives.
In order to motivate the sales force to produce the highest number of clients, describe six (6) features of an effective total rewards program. The six features of an effective total rewards program include: focusing on alignment, taking the employees views into account, measuring / managing costs, the greater use of incentive based pay, having effective communication / education and managing the reward program. The combination of these factors is helping firms to more efficiently monitor the sales force.
Focusing on Alignment…
Benefits – Health and group benefits, Paid time off to include vacation and sick leave, Retirement, workmen’s compensation, FLMA (1993), HIPPA (1996) Career – Training and Development, Lateral career move, employment stability, performance management, job coaching, mentoring, skill development, education. Work-Life – refers to programs carefully designed to help employees do their job by offering flexible scheduling, telecommuting, childcare programs, etc. ; thus organizations must realize work – life is an integral part of total rewards. I do believe that in order to adequately have all necessary components of a total rewards strategy program a creative team needs to be put in place, this group is necessary to get suggestions, recommendations, ideas by conducting focus groups, surveys and various assessments. Explain the advantages of the total rewards strategy you are proposing and how it might satisfy the employees’ needs. The advantages of a total rewards strategy are at times viewed as a holistic approach because it aligns itself with the business strategy and people strategy; it also encompasses everything employees value in their employment relationship like compensation, benefits, development and the work environment. However, the top five advantages of a total rewards approach is 1) flexibility, the creation of different rewards packages because it needs to be both transactional and relational awards which allows a blended mix of emotional and motivational needs of the employees. 2. Improved Recruitment and Retention, because a work experience should meet the needs of the employees and encourage them to contribute the “extra effort” so the employer can get a better return on investment. 3. Reduced costs of turnover/labor costs as often times the costs of turnover can be a financial downfall which can contribute to low quality service, loss in