Total Rewards System Proposal 2 Create a brief overview of the company requirements for a total rewards system. This paper will discuss the total rewards program for Apple Inc. This company is a technology company that produces cutting edge computers, smart phones, tablets and portable music players. The company employs 115,000 permanent full-time employees as of July 2015 and maintains 453 retail stores in over sixteen countries as of March 2015; it operates the online Apple Store and iTunes Store, the latter of which is the world's largest music retailer. Apple's worldwide annual revenue totaled $233 billion for the fiscal year ending in September 2015. The company enjoys a high level of brand loyalty and, according to the 2014 edition of the Inter-brand Best Global Brands report, is the world's most valuable brand with a valuation of $118.9 billion. By the end of 2014, the corporation continued to receive significant criticism regarding the labor practices of its contractors and its environmental and business practices, including the origins of source materials. Apple Retail enables customers to touch and feel the products and work with knowledgeable sales associates to ensure they have all their questions answered and purchase a product that will change their life. In order to attract and retain the best talent, Apple has a total rewards package that meets a variety of needs depending on what you are looking for. In addition to the standard medical, 401K, education assistance benefits, Apple also offers travel benefits since it is so global, adoption assistance, kin care, stock options, employee purchase discount plans, matching gifts, fitness and wellness benefits as well as convenience services to include commuting alternatives to work and a concierge service for booking personal appointments. Formulate a total rewards strategy to encompass the fundamentals of compensation and the regulatory environments.
This research-based assignment focuses on the latest available information about creating, organizing, and managing a total rewards program. Envision a service-based (insurance, telemarketing, or other) profit organization that employs 20,000 employees in 17 different countries. There are 2,000 management-level individuals who speak a variety of languages. The company employs diverse individuals who are governed by multiple regulatory environments. In this assignment we will cover the definition of total rewards and describe the advantages of a total rewards approach, analyze a company’s strategy, workforce, operating environment, and key stakeholders to identify critical factors in designing a total rewards strategy, evaluate the elements of a total rewards communication program. Create a brief overview of the company requirements for a total reward system. For any proposal, an organization should be well aware of what total rewards system is. Total rewards as a process for employers to use as a tool used to attract, motivate and retain employees. Total rewards can include everything the employee perceives to be a value, resulting from the employment relationship and it becomes a great relationship of exchange because the employee provides not only their time, talent, effort and results. Organizations have to proper recognize and compensate, but to make any difference and remain competitive, employers must understand employees are the heart and soul of a company, having a strategy that will ensure that employees are being rewarded for hard work, loyalty and dedication. Viewing employees as performance drivers meant thinking differently about what it would take to attract, keep, and engage them in giving discretionary effort on the job . When building a total rewards strategy, employers have to have answers for various questions, who will design the plan, the types of rewards, how its funded and current business conditions, so to establish a great strategy a talent