Total Rewards

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Recommended: Human resources management n4 H.Willson Kirsten

What is the Value of Total Rewards Compensation? Compensation and benefits are sub-categories in human resource management that compensate employees for their organizational outputs. According to my research, “benefits is an important component of the employment relationship, providing employees with financial protection, access to health care and programs to support work/life balance” (Kwon, Hewitt, & Hein, 2013) Therefore, the overall purpose of an compensation program is to enable the organization to attract, motivate, reward, recognize and retain highly talented employees with the skill sets required to fulfill its mission and vision. However, the Human Resource community has expanded the definition of compensation and benefits to broaden …show more content…

The total rewards program might entail career development options (e.g. tuition reimbursement), reduce health insurance premium cost (organization assumes responsibility of 30-50 percent of health insurance cost), or maybe even free parking. In order, to better understand the total rewards framework, I’ll review two distinctly different reward mechanism that is offered by Medical College of Wisconsin (MCW). The total reward program implemented attracts high quality candidates for open positions and retain high quality faculty and staff members—all by creating a value system that promotes growth and development, as well as wellness opportunities. Medical College of Wisconsin Facts “We are a distinguished leader and innovator in the education and development of the next generation of physicians, scientists, pharmacists and health professionals; we discover and translate new knowledge in the biomedical and health sciences; we provide cutting-edge, collaborative patient care of the highest quality; and we improve the health of the communities we serve. Medical College of …show more content…

education and individual and communal well-being). So, MCW provides tuition reimbursement for eligible dependents of faculty members, as well as tuition reimbursement for staff. In addition, MCW promotes and encourages a healthy lifestyle, as well as individual wellness. So, to meet the diverse needs of their employees the organization offer an array of tools and resources to help balance work and home life. In recent months, MCW has implemented a fitness club reimbursement program for employees to utilize fitness centers, gyms, and/or exercise studios. The table below includes the reimbursement terms and the annual cap for both the tuition and gym membership reimbursement. Employee Maximum Plan Reimbursement Terms Reimburse Dollar Amount Faculty Dependent Child 8 full-time semesters or 12 trimesters for dependent child up to age 25. Must attend an accredited school or university Annual cap $9,274 for tuition, fees, and room and board Staff Maximum of 15 credits per calendar Annual cap $2,550 for tuition cost

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