MattinglyChelseaPP.pptx

Total Rewards – target
UMGU
Chelsea Brooke Mattingly
June 8, 2021

First, the employees should influence others by building strong relationships with them and enabling them to generate positive outcomes. Second, they should have effective analytical and critical thinking skills that make it easier to break down issues into systematic and logical elements (Bwowe, 2018). Third, the employees should be able to make goals and objectives to perform organizational tasks. Fourth, they should have a strong sense of confidence in performing tasks, roles, and responsibilities. Fifth, they should be able to identify problems and solve them effectively. Finally, they should have a high level of integrity in their daily operations, such as coming to work early, working without supervision, and others.

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Designing and applying a total rewards system needs a large-scale approach to organizational change.
Management buy-in is a critical success factor for a total rewards system.
The project team should include executive managers, decision-makers, and the frontline employees to develop a well-rounded total rewards system.
This presentation presents a total rewards system for Target Company.
INTRODUCTION

To illustrate the organizational status quo that deploys the application in terms of policies, processes, and compensation.
To develop a total rewards system for the company.
To identify the stakeholders for the business.
To align organizational strategy, decisions, and compensation program.
PURPOSE OF PRESENTATION

The main purpose of this paper is to create an effective total rewards program at the organization that puts together the needs of the team members through a benefits package that would change their lives (Bussin, 2019). It focuses on meeting the goals and objectives of the organization by implementing a strategic total rewards system that will successfully meet the needs of employees.
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Target Corporation is a developing corporation that deals with retailing of general merchandise.
The company’s principle of operating strategy aims at providing exceptional value to its consumers.
Target’s strategy aims at offering collections tailored to the needs of the group.

ORGANIZATION DESCRIPTION

Target Corporation is one of the frontrunners in the retail business in the United States. It has over 1500 operating stores in more than forty states. The company has three main retail divisions (Mabaso, 2018). It either produces its facilities or imports them from other companies, especially from external manufacturers depending on the company’s guidelines. Besides, it has a rewards system that meets the needs of all its employees.

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Interplanetary Transportation.
Life Essentials Management.
Journey Experience Management.
It has a positive social image and reputation.
It has positive factors determining the growth and development of its businesses.
TARGET’S CAPABILITES

Target Company has several capabilities that enable it to achieve its success. It has life-essential management capabilities that enable the managers to drive higher productivity and performance (Mabaso, 2018). It also offers journey experience management that offers the employee’s career growth and development through continuous training and development programs. Finally, the company offers health and financial benefits to the employees to motivate them to work more productively.

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Ability to motivate and inspire other employees.
Analytical and critical thinking skills.
Effective goal setting.
High-individual self-confidence.
Problem-solving skills. Integrity.

REQUISITE COMPETENCIES OF THE EMPLOYEES

First, the employees should influence others by building strong relationships with them and enabling them to generate positive outcomes. Second, they should have effective analytical and critical thinking skills that make it easier to break down issues into systematic and logical elements (Bwowe, 2018). Third, the employees should be able to make goals and objectives to perform organizational tasks. Fourth, they should have a strong sense of confidence in performing tasks, roles, and responsibilities. Fifth, they should be able to identify problems and solve them effectively. Finally, they should have a high level of integrity in their daily operations, such as coming to work early, working without supervision, and others.
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PRESENT CHALLENGES
Little input from the employees.
Failure to align the compensation system with the business strategy.
Lack of engagement amongst line managers in the implementation of the strategy.

FUTURE CHALLENGES
Strengthening the connection between performance and rewards.
Influencing senior leaders in the implementation of the rewards system.

TARGET’S CHALLENGES

In today’s era of international competition, every company is attempting to develop their mark in the international footprint that develops too much pressure on the employees. The total rewards system will be challenging because the employees may not want to be connected with the business processes (Bussin, 2019). This may force the human resource managers to cut down on their compensation, ultimately leading them to leave the organization. This will be prevalent, especially with the increase in generation Y in the workforce that expects too much income without paying any effort.
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Total Rewards is a compensation concept that presents all the available tools for reimbursing employees.
It includes the perceived value of the employee’s output to the firm.
Total rewards therefore is a way of showing value and appreciation to the employees through rewards.
ACADEMIC DEFINITION
OF TOTAL REWARDS PROGRAMS

The design of a total rewards program should always compliment an organization’s mission, vision, and core values. It should also relate to the human resource strategy and the management practices (Bwowe, 2018). A total rewards strategy guides the managers and human resource managers on the compensation programs they need to include when rewarding employees for work well done. They include compensation, benefits, and recognition, among others.
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Compensation.
Work-life balance.
Benefits.
Growth and development.
Performance and recognition.

EXISTING TOTAL REWARDS PROGRAM
FOR TARGET’S CORPORATION

First, compensation includes the cash incentives and salaries offered to employees to encourage retention. They include fixed pay, short-term incentive pay, variable pay, and long-term incentive pay. Benefits include health benefits, wellness programs, and retirement options (Bwowe, 2018). Work-life balance is the flexibility offered to employees to enable them to balance both personal and professional lives. The total rewards system also includes opportunities for growth and development to develop high talents among employees. Last but not least, it also offers recognition and performance whereby top performers are given positive feedback to encourage them and inspire the poor performers.
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Employee turnover.
Staffing level.
Career growth and development.
Satisfaction level with the job.

EXISTING METRICS THAT EVALUATE
THE SUCCESS OF THE
TOTAL REWARDS PROGRAM

The rate of employee turnover within the organization can be used as a metric to observe the success of the existing total rewards program at Target Corporation. Also, the managers can determine the staffing level by looking at the ratio of employees in the recruitment plan versus the actual remaining number of employees in the organization (Bussin, 2019). Third, they can examine the level of career growth, either horizontal or vertical promotion, to determine the success of the total rewards system. Finally, the managers can look at the overall satisfaction of employees with their jobs and compensation to determine its success.
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Conventional thinking way determines that rewards system involves a good pay with great benefits.
There is more to a total rewards system than just a good pay and benefits.
It includes compensation, benefits, recognitions and performance, growth and development, and work-life balance.
Target has an effective total rewards system as it follows this structure.

CONCLUSIONS

Bussin, M. H., Serumaga-Zake, P., & Mohamed-Padayachee, K. (2019). A total rewards framework for the attraction of Generation Y employees born 1981–2000 in South Africa. SA Journal of Human Resource Management, 17(1), 1-14.
Bwowe, P. W., & Marongwe, N. (2018). Implementing a total reward strategy in selected South African municipal organisations. SA Journal of Human Resource Management, 16(1), 1-9.
Mabaso, C. M., & Dlamini, B. I. (2018). Total rewards and its effects on organisational commitment in higher education institutions. SA Journal of Human Resource Management, 16(1), 1-8.

REFERENCES