Total reward system proposal Coursework Example | Topics and Well Written Essays - 2000 words

Total reward system proposal - Coursework Example to the overview provided above, it is clear that Rational Holidays will only be capable of meeting its HR needs if it adequately accomplishes a number of crucial elements. According to WorldatWork (2007), the primary aims of a TR strategy are to communicate a unique value proposition that sufficiently meets the needs of current and potential employees in order to minimize unnecessary employee turnover. Secondly, the strategy aims to offer a framework for the design, administration and communication of rewards programs by employers. To achieve these objectives, Rational Holidays must conceive a suitable strategy involving the various elements: The first element is to lay out the company’s strategies. In other words, the firm must first articulate its core values together with its business strategies. Particularly, the firm must spell out how the proposed strategy will ensure that the business needs as well as aims are met. In addition to this, the company will need to stipulate exact timelines when goals are set to be achieved. The second vital element that be encompassed in the TR strategy is the statement of the firm’s overall objectives. It is well-known that multinational companies operate in an environment that is highly diverse, from a number of perspectives. Apart from the diverse legal requirements involved, multinationals have to respond to different customer needs, just the same way that it has to deal with the demands and conflicting opinions of numerous shareholders. As a result, the TR strategy for Rational Holidays will need to include distinctive statements that outline how the system will uphold these diverse needs. To accomplish this, the approach will need to clearly delineate the roles that will be played by every reward element. The third element is prominence. Every TR strategy ought to give a general description of the superiority of compensation rewards over other tools with an impact on actions as well as decisions. To achieve this