Total Rewards Essay

Words: 3165
Pages: 13

Total Rewards: To Infinity & Beyond
Motors and More, Inc. – A Path to Success

Jerry Moton, Cassandra Reeves, Faye Singh & Mike Wasilchin 5/31/2014

Table of Contents

Total Rewards Strategy

Total Rewards Strategy
Benefits Provided at Motors and More Inc. Currently Motors and More employees receive only statutory employment benefits. Statutory benefits are Social Security, workers’ compensation, unemployment compensation and FMLA leave. Social Security provides retirement and disability income and can supplement unemployment insurance. It is funded by equal contributions between the employer and the employee. Workers’ compensation covers medical costs and employee pay if the employee is unable to work due to a
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The job analysis is used to create a job description with specific knowledge, skills, and abilities required to perform the job. With that information a job evaluation is conducted to value of each job both internally and externally. Internal values are determined by how the job links to the organizational strategy. This analysis will also job allows managers to link the base pay of similar jobs to create internal equity. Combining of similar jobs into fewer but broader pay ranges, called broadband, provides internal equity while creating a perceived fairness among employees performing similar jobs and in some cases is legally necessary. The external value of each job is determined by what others are paying for similar jobs in both our market area and the industry. This analysis of the competitive market allows the organization to set pay with external equity to either lead, lag, or match the market. Finally, we will determine a pay grade, or a range of pay, for each job. Motors and More Inc. will use a skills-based formula to set pay. This skills-based system will allow Motors and More Inc. the flexibility to reward employees for performing multiple tasks rather than strictly what is written in the job description. This will allow the organization to cross train employees, broadening the employees skill set, provide growth opportunities, and enhance our ability to react quickly to opportunities. Performance management, which will be discussed