Hrm 533 Total Rewards Strategy Proposal

1845 words 8 pages
Abstract
This paper is provided to create, organize, and manage a total rewards program for an insurance company. First, it indicates the requirement of a total rewards system for the company. Then, it formulates a competitive strategy and explains it. Since the communication of a strategy is as important as the strategy itself, the paper includes a communication plan of the strategy. And last but not least it studies devising a competitive pay structure.

1. Create a brief overview of the company requirements for a total rewards system.
Company A is a holding company that provides financial protection, insurance and asset management services that employs 20,000 employees in 17 different countries in Europe, North America and
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There is no discrimination based on race, colour, religion, sex, pregnancy, national origin, and disability at hiring, firing or promoting. There are regulations about working conditions and workplace safety. Nonexempt employees’ wages, overtime pays are in unison with FLSA regulations. There is no child labour in the company. Besides the compensation there are comprehensive benefit programs that the company offers to its employees which reward them for their hard work. The programs give them the opportunity to accumulate wealth, and provide for their protection and well-being. There are: * Health insurance (all exempt and nonexempt salaried employees are eligible) * Vision and dental insurance (all exempt salaried employees are eligible) * 401 (k) plan (all exempt and nonexempt salaried employees are eligible) * Disability plans (all exempt and nonexempt salaried employees are eligible) * Adaption programs (all exempt salaried employees are eligible) * Educational assistance programs (all exempt salaried employees are eligible) * Life insurance (all exempt and nonexempt salaried employees are eligible) * Day care service

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