Total Rewards Program Development

The Baby Boom generation holds most power and control in the United Sates, since it comprises about 44 % of the entire workforce (Delcampo, 2012). This generation is very visionary and it is likely to have much influence for at least the coming two decades. The generation grew up after the World War II.Advertising We will write a custom essay sample on Total Rewards Program Development specifically for you for only $16.05 $11/page Learn More Parents who experienced the World War and global recession hoped that life would be more rewarding to future generations. Children to these parents underwent various teachings on discipline and acceptable behavior. However, the parents did not interfere with the self worth of these children. During these times, schools encouraged teamwork. Besides, schools encouraged global reformation and economic recovery. Optimism for the future marked these times. Therefore, baby boomers like making things differently at workplac e. They always expect a hearing on their voices and consideration of their decisions (Heneman, 2007). They also like influencing management in organizations. To prove their worth, Baby Boomers like working for long hours and even weekends. They have a strong orientation in teams and they encourage participative management, team building and employee involvement. Members in this generation group have good skills in communication, strong work ethic and are stable emotionally. Most of them continue working after they retire, since they plan to transform retirement. Others prefer to work in new industries, or instituting businesses. Thus, there is a need for organizations to make programs and benefits that can attract and keep Baby Boomers in their companies, as they are a rich source of labor. Generation X represents workers who are in their twenties or the thirteenth generation in America. This generation comprises 33 % of the American workforce and currently, they are so much into le adership. Members of Generation X always resist tags.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The parents of this generation experienced inflation and recession. They lived in the reigns of President Nixon and Reverend Swaggar. During these times, people carried themselves vary cautiously. Most mothers of Generation X members worked far away from home, due to global changes. Therefore, their children learnt how to take care of themselves. Besides, these children experienced divorce in their families. Divorce of their aunts and friends of their parents affected those who were lucky not to experience divorce in their immediate families. Consequently, Generation X members are prone to giving their loyalty away. When it comes In the employment world, Generation X members are independent. Since many of them experienced divorce in their families, they learnt to cope with different neighbo rhoods as well as change and commotion. They take pleasure in streamline systems and processes as well as attaining significant results. Mostly, Generation X members like working in organizations that are flexible and result oriented. In addition, they like organizations that consider their preferences. A total rewards program that will keep these two generations engaged must consider their sources of motivation. Some factors that motivate Baby Boomers include recognition, room for teamwork, ability to work for long hours, work ethics and communication proficiency (World at Work, n.d., par.3). Conversely, factors that motivate Generation X members include autonomy at work, efficiency of systems and processes as well as flexibility of the organization.Advertising We will write a custom essay sample on Total Rewards Program Development specifically for you for only $16.05 $11/page Learn More A total rewards program for the Baby Boomers must comprise sever al elements, which derive from their motivation factors. First, the package must have compensation in the form of base wages, premium pay, and variable pay. Base wages in form of salary pay are relevant since most Baby Boomers work for long durations. Premium pays are also acceptable for Baby Boomers since most of them work during weekends. In addition, the program should have variable pay to compensate attainments that come from teams. Second, the package should have benefits such as of workers compensation insurance, social security insurance and medical insurance. The package should also contain retirement benefits and life insurance, since this is an aging group. Health and welfare benefits, which are also key to the package of this group, should contain spouse dependant insurance, life insurance, prescription drug plan and vision plan. Al these are central considering that this is an aging generation and the health of the body deteriorates with age. Besides, this group of worke rs needs their families to be safe in the event of their demise. The third component of Baby Boomers’ total reward program should be work-life balance. Most persons in this generation group are old people who are likely to have other responsibilities and thus, should get the opportunity to work part time. Besides, Baby Boomers require employee assistance programs, on site massages, health screenings, nutritional counseling, on site nurses and geriatric counseling due to their aging nature. Fourth, the Baby Boomers package must have performance and recognition rewards.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Performance rewards could include meetings and team evaluations. Baby boomers like working in teams and being involved in directive decisions. Therefore, they always appreciate team evaluations as well as conferences where they can give their views. Also, service rewards and retirement rewards represents an essential part of the program. Conversely, a total reward program for Generation X members must have career development programs. This group likes streamlined systems and processes, which is achievable through training in areas like new technology. Other rewards such as on- job training, virtual learning and seminars should form a part of the program. Besides, availing self-development tools and information networks to this generation makes them more independent. Another component of a reward program for Generation Xers is compensation. This includes base wages and incentive pay based on individual performance. In addition, the program should have legally required benefits and ot her benefits. Legally required benefits include Medicare, unemployment insurance, worker’s compensation insurance and social security insurance. Health and welfare benefits for this generation should include health savings account and vision plan. The program should also encompass benefits associated with sick leave, holidays and other leaves. Another relevant component is work-life. This generation requires flexible work situations and an organization can offer this in the form of alternate worksites and seasonal schedules. Besides, the program should contain maternity leaves and reproductive health plans, since most members of this group are in their reproductive age. Other relevant items include smoking cessation assistance and stress management programs. The last component should be performance and recognition. Performance rewards in this context should include goal-setting sessions because generation X members are usually goal oriented. Besides, performance rewards shoul d include involvement in meetings so that they can air their preferences. Similarly, recognition should comprise goal-oriented awards including productivity, cost savings and safety. Giving employers a total rewards package has benefit to both the employee and the employer. First, workers who get rewards that they expect feel motivated and maintain engagement in all their duties. Consequently, their organizations experiences more financial stability. Second, employees experience satisfaction when they perceive that they have equal opportunities such as those of career development, irrespective of their differences. In addition, giving employees total reward programs results in reduced turnover and higher retention because employees who receive the package feel loyal and are likely to offer services to an organizations for a long time. Offering rewards has both benefits and risks to certain groups. For instance, offering sick leaves and maternity leaves is likely to benefit Generatio n X. However, offering health-screening program may affect the same group negatively, especially when they come to realize that they have an incurable disease like cancer. Another type of reward that is likely to raise legal concerns is the spouse/dependant life insurance. At times, it becomes hard to identify a person’s true dependants especially when such a person has a record of having extra marital affairs. Looking at the hospital where I work, there exist several gaps when it comes to rewarding employees as required in the total rewards program. Last year, the hospital experienced high turnover, conflicts with labor society and wrecked channels of communication. The personnel department also lacks connections to customer needs and business needs. Despite the hospital having carrying a survey that pointed out areas that needed redress, there has been no action. To handle this situation, the hospital should develop a broad strategic plan that aims at attracting and retaini ng the workforce. Such a plan should offer room for leaders to receive training on how to deal with different generations. The training should enlighten leaders on how to communicate with each generation, as well as factors that can motivate, or de-motivate members in different generations. Leaders should also be prepared to dedicate themselves to particular strategies of leadership. To identify strategies that are relevant to different generations’ leaders at the hospital should analyze the percentages of employees by generation. After the analysis, they should build a life cycle employment and benefits plan depending on the needs of employees at different phases of work and life. Leaders should also create welfare and work-life programs such as health screenings, nutritional counseling and on-site massage services. Besides, leaders should offer career training to personnel at the hospital and offer scholarships and coaching in various fields. Another strategy that leaders c an employ is providing a clinical mentor program that aligns experienced nurses with new nurses. This should aim at preparing young nurses for the occupation through coaching and training. Lastly, these leaders should carry out a needs analysis, create valuable career opportunities and improve their strategies on career communication. On the other hand, the top management of the hospital should offer junior leaders training on generational diversity. Such training may take the form of conferences, seminars, websites, or experiments. This training should ensure that leaders have knowledge on how to handle multigenerational groups. Besides, top officials must make sure that the board and council have representatives from every group. The hospital management must also make sure that they reward productivity and performance. The compensation program should motivate and reward productivity without considering age, or a person’s position in an organization. Another area that the ma nagement should consider is benefit options. Most employees, across generations, have families and other personal interests that they have to take care of even as they work. Therefore, the hospital management should offer flexible work hours to their staff. Most workers consider flexible work options when rating quality of work places. Managers should thus offer incentives like flex time, working from home and job-sharing to attract more workers. Managers may also offer workers a paid off during winter seasons, or summer seasons. The management should as well match the employee’s generation to that of the customer base. Most clients prefer to receive services from people who they share their perspectives and points of view. Additionally, the management should encourage regular conversations about generational differences. This can enhance understanding and respect for persons across generations at the work place. Furthermore, the management should offer employees phased retir ement options. For instance, an employee may continue working in the organization for up to two years after retirement, but at a reduced level. Usually, most employees prefer to work at a reduced capacity ahead of retirement and continue to work the same way for several years after retirement. Another approach that the management should take is making through advertisement on career opportunities prior to recruitments. This may include posting available posts on the organization’s internet, in the magazine and newspapers so that employers of all kinds can apply for the positions. Lastly, the management should offer various benefits to employees. Such benefits may include insurance, scholarships as well as vision and dental plans. Other benefits may include child and elder care. For instance, a caregiver may receive 13 weeks off every year while still having full salaries. The hospital management should also consider giving caregivers reimbursements to cater for their children ’s costs. However, the management should ensure that such benefits suit a workers phase of life. For instance, a Baby Boomer will prefer to have long-term care insurance plan, while a person in Generation X will prefer to have a scholarship. All these aspects should serve as excellent ideas for reducing turnover, increasing employee satisfaction as well as employee retention at the hospital. References Delcampo, R.G. (2012). Managing the multi-generational workforce: From the GI generation to the millennials. New York, NY: Gower Publishing Ltd. Heneman, R.L. (2007). Implementing total rewards strategies: A guide to successfully planning and implementing a total rewards system. New York, NY: SHRM Foundation. World at Work (n.d). Total rewards model: a framework for strategies to attract, motivate and retain employees. Web. This essay on Total Rewards Program Development was written and submitted by user Jair H. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.