By Todd M. Manas
This pack exhibits tips to create more-than-money worker rewards programmes as a part of a company's long term company process. The booklet beneficial properties over a hundred useful instruments for constructing powerful structures, and the CD-ROM enables you to placed the book's step by step technique to paintings instantly.
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Additional resources for Creating a Total Rewards Strategy: A Toolkit for Designing Business-Based Plans
27 Figure 2-6. The breadth of communications. 34 Figure 2-7. Phased communication planning. 36 Figure 3-1. Factors influencing Total Rewards Strategy design. 40 Figure 3-2. Vision: the compelling statement of how we see ourselves. 47 Figure 3-3. The "how we are going to get there" mission. 48 Figure 3-4. Forms of general business strategy (GBS). 50 Figure 3-5. General business strategy (GBS). 51 Figure 3-6. Porter's value chain. 52 Figure 3-7. Value chain strategy (VCS). 53 Figure 3-8. Specific business strategy (SBS).
The critical difference comes in the development of a Total Rewards Strategy. Total Rewards Strategy and Its Context Total Rewards Strategy is a plan for allocating reward resources in a manner that directs the business to the successful execution of its objectives. There are three main factors involved in developing and managing this plan: a thorough understanding of the total value of all of an organization's reward elements vis-à-vis its stated market competitive objectives (money), the strategic allocation and distribution of money to each element (mix), and the articulation and delivery of specific and deliberate expressions to employees about what a company values and expects (messages).
TR begins with base cash—the fixed and recur- Page 2 Figure 1-1. Total rewards. Source: Adapted from Todd Manas, "Combining Reward Elements to Create the Right Team Chemistry," Workspan (November/December 2000), p. 47. Page 3 ring wage. Building on base cash is any short-term variable pay. Short-term variable pay is compensation that is paid for the result of work measured in increments of a year or less; it typically varies from one period to the next. Annual base cash plus annual variable cash makes up Total Cash Compensation (TCC).