Exam (elaborations)
WGU D355 Total Rewards Task 1 2024 Western Governors University
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- D355 Total Rewards
- Institution
- Western Governors University
WGU D355 Total Rewards Task 1 2024 Western Governors University
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WGU D355 Total Rewards Task 1 2024Western Governors University
WGU
D355 Total Rewards: Task 1
A1. My total rewards strategy includes the following:
➢Compensation that leads the market and is a mix of competitive pay. With a market lead policy, we can distinguish ourselves by setting pay levels for all roles in the third quartile, or 75th percentile (Martocchio, 2020, pp. 173-
174). Putting our pay levels above the 50th percentile pay line based on market research will also support revitalization and growth goals by attracting and retaining highly qualified talent.
➢The pay mix will be a combination of base pay, variable pay, and benefits that are different based on the department or job categories. Please see below for the specific breakdown of how the budget is allocated.
➢An example of variable pay will include incentive programs specific to each
department. For example, IT and Marketing will have group incentives and
the Executive leadership team will have short-term incentives. To make compensation fair and equitable, all other departments will have incentive
options as well.
➢Another form of variable pay is additional competency pay for IT/Marketing which have been departments that are challenging for The Bravo Center to attract and retain.
➢Employee benefits will include four that are legally required (Social Security, Workers’ Compensation, Family & Medical Leave, and Insurance),
and a discretionary benefit like Paid Time Off that increases with seniority.
A2. According to the scenario, IT and marketing personnel have been difficult
to attract and retain because of their certifications and skills. Because of this,
it’s important to have a Total Rewards strategy that aims to attract and retain
these employees. By leading the market in
compensation and offering additional competency pay, we will attract highly qualified talent. Additional competency pay will pay IT and Marketing professionals on top of their base pay when they have specific or needed skills,
knowledge, or abilities. When candidates with those skills see this program on our job postings, they will be excited to apply.
To retain current employees, the total rewards strategy also has an incentive program and a discretionary benefit with additional paid time off that increases the longer you stay at The Bravo Center. The IT and Marketing departments will have separate group incentives. The reason for group over individual incentives is to help build a supportive and collaborative workplace culture which will achieve the organizational goal of revitalizing the company. The additional pay and good workplace culture that comes with the incentive program will also help retain employees in the IT and Marketing departments.
A3. In my Total Rewards Strategy, this is the breakdown of base pay, variable pay, and benefits:
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