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[Solved] Core Steps of Designing a Total Rewards Philosophy

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[Solved] Core Steps of Designing a Total Rewards Philosophy

Please see the attached documents. Again, the files have the name of the book and a link to help you with the resources and citations. 





Book Title: UMGC. (n.d.). Module 3: Core Elements of Non-monetary Rewards and Work Experience
Module 4: Designing and Implementing a
Total Rewards Program
Topic 1: Core Steps of Designing a Total Rewards Philosophy
Topic 2: Segmentation of the Workforce
Topic 3: Implementing the Total Rewards Philosophy
Topic 4: Communicating/Marketing Total Rewards
Topic 5: Conclusions

Topic 1: Core Steps of Designing a Total Rewards Philosophy
Nine core steps in the strategic marketing approach of designing a total rewards program and
implementing it are summarized in table 4.1 below. In this first topic, the focus is on steps 1-5
(the designing steps) and each is described in sequence. The remaining steps (6-9) are addressed
in topic 3. The steps are presented in a sequential manner, but the organization may perform
some of the steps concurrently. The steps may also vary if the organization is a start-up
organization, one that is long established, or if a total rewards strategy is already in place.
Table 4.1 Core Steps in Designing and Implementing Total Rewards

Step 1: Understand the organization
Step 2: Define the requisite KSAs required for success
Step 3: Identify current and potential employees’ “drivers”
Step 4: Design a total rewards philosophy statement
Step 5: Assess financial costs and plans with key leadership
Step 6: Pilot the total rewards assumptions
Step 7: Develop timeline, obtain vendors, assign duties
Step 8: Implement plan
Step 9: Communicate and market

Answer & Explanation

Solved by Verified Expert

Core Steps of Designing a Total Rewards Philosophy A total rewards philosophy is a system that translates an organization's mission, vision, goals, and strategy into a usable framework. This framework... View This Answer


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