HRMN 395 Wake Technical Community College Rewards and Benefits Worksheet

Description

In this week’s discussion we will practice presenting data from metrics and making recommendations and supporting them. From the three metrics you used for your assignment 2, choose 1 and present it.

Here is the data:

Satisfaction with compensation:

83% highly satisfied

12% satisfied

5% unsatisfied

Satisfaction with rewards and benefits:

14% highly satisfied

22% satisfied

64% unsatisfied

Based on the results of this metric, we can conclude that the compensation seems to be satisfactory, but employees are not satisfied with the benefits and rewards. Thus, my recommendation is that HR do a survey to find out which benefits most employees would like to see the organization offer.

Justification: We know that benefits are important. The literature tells us that “80 percent of respondents (2,026 U.S. adults, among whom 1,115 were employed) would choose a job with benefits over an identical job with 30 percent more salary but no benefits” (Festa, 2018). This proves that benefits are more important than compensation and if workers are unsatisfied with benefits, the organization needs to make changes.

Source:

Festa. M (2018). Benefits More Important Than Salary? 80% Think Yes. Retrieved 2/18/2020 at: https://www.exudeinc.com/blog/benefits-more-important-than-salary-80-think-yes/

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Using Metrics to Evaluate Total Rewards Programs
Jaliah Tensley
University of Maryland Global Campus
HRMN395
Nov. 22, 2022
Purpose of Presentation
escribe the meaning of metrics
xplain the use of metrics evaluation of total
rewards programs
dentify three metrics that can be used to
evaluate a total rewards program

ustify the selected metrics
Meaning of Metrics
quantifiable measure is used to measure
success or failure in business processes
(Richard & Kang, 2018).
sed to communicate progress towards
objectives.
he goal of using metrics: to manage and track
costs.
Use of Metrics in Evaluating a Total
Rewards Program
sed to gather data to be assessed
ssessment of data helps determine
if objectives are being met
nalyzed data helps improve
performance levels and outcomes
Identified Metrics
mployee turnover: used to measure employee
retention, calculate costs of hiring, identify weak
points and determine why employees leave their
jobs.
taffing levels: used to determine staffing needs,
actual staffing position, and the number of
unoccupied jobs and why they are unoccupied.
verage tenure within jobs: helps evaluate the
competitiveness of a total rewards program and
predict when employees are likely to leave their
jobs.
Justification of Selected Metrics
Determine if the total rewards
program is:
roviding value
ngaging employees and increasing
retention rates
elp identify potential areas of
improvement.
Conclusion
mployee loyalty is important in business.
trong Total Rewards Programs are powerful
tools for increasing employee retention rates
(Hwang et al., 2019).
sing the above metrics can help strengthen
the value of reward programs.
References
Frederiksen, A. (2017). Job satisfaction and employee
turnover: A firm-level perspective. German Journal of Human
Resource Management, 31(2), 132-161.
Hwang, E., Baloglu, S., & Tanford, S. (2019). Building loyalty
through reward programs: The influence of perceptions of
fairness and brand attachment. International Journal of
Hospitality Management, 76, 19-28.
Richard, J., & Kang, E. (2018). Culture, competencies, and
compensation: A framework for pay for performance
incentives. American Journal of Management, 18(4), 33-48.

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