Compensation And Rewards Essay

5902 words - 24 pages



Table of Contents
ABSTRACT 3
Assessment of the impact of the change on the organization 4-6
Analysis of Benefit and Reward Program Implementation 6-9
Detailed Communication Strategy 9-11
Sustaining Changes 11-12
Recommendations for dealing with change in the future 12-15
Childcare Incentives 15-19
Conclusions 19-20
References 20-22

Abstract
Walmart, the world’s largest retailer, is now embarking on it journey to gain a competitive advantage in the marketplace by attracting and retaining human capital and increasing employee satisfaction and motivation. Founded in ...view middle of the document...

The implementation of these benefit programs will reducing health costs, increasing company morale, and boosting productivity of employees (Noe, Hollenbeck, Gerhart, & Wright, 2013).
Assessment of the impact of the change on the organization
Rewards added to the Walmart’s structure can the form of spot bonus and nomination reward system, company sponsored outings and additional vacation time awarded for performance as well as for boosting employee productivity. Nominations can be non-monetary recognitions given to their employees for a job well done and are viewed positively during the employee appraisal process. The employee’s actions could then be recognized at a large meeting or distributed throughout the organization, giving the employee a feeling of value. Spot bonuses are monetary, and could be given by the employee’s manager. They are bonuses based on a percentage of the company’s savings and are confidential in nature. Walmart sponsored outings increase team relationships, can be implemented immediately and are cost effective. Company sponsored outings could be controlled Walmart’s management team and can take into account the current budget. The addition of vacation days will allow Walmart to spend less money in unexpected time off, while allowing their employees to feel integral to the company and rewarded for their effort invested. Vacation time will not only help employees return to work with a better mindset, it helps employees work more effectively while they are there and fulfilling more goals and expectations.
The addition of a retirement benefit, such as an automatic enrollment into Walmart’s 401(k) is valuable to the organization as well as the employee. By sponsoring a retirement plan, Walmart would be assisting their employees save for their future, gaining a competitive advantage by attracting and retaining quality employees, as well as saving money on their tax bill. It is estimated that Americans will need seventy to ninety percent of their pre-retirement income to maintain their current lifestyle upon retirement (United States Department of Labor, n.d.a). An automatic enrollment 401 (k) plan is defined contribution plan, meaning the employer is not responsible for a specific benefit level to the employee at retirement and is able to contribute to the employee’s 401(k) (Noe et al., 2013). An automatic enrollment 401(k) plan can increase employee’s participation in their retirement plan and will generally pass the non-discrimination tests, for highly compensated employees required by a traditional 401(k). This type of plan is available for any employer with more than one employee. Employees as well as employers are able to contribute to the automatic enrollment 401(k). With this type of plan, the employee is able to defer a high level of their salary annually; tax free until the time it is withdrawn, not to increase $17,000, with the exception of employees over the age of 50, who can...

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