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Total Rewards Plan

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For milestone two, you will develop a draft of a performance management system and total rewards plan for WeaveTech. Ensure that your performance management system and total rewards plan thoroughly covers each of the following critical elements:
A. Develop a performance management system designed to enhance the organization’s strategic mission of quality support for employees.
According to Noe, Hollenbeck, Gerhart, & Wright (2017), the five criteria for effective performance management systems are 1) defining performance outcomes for company, 2) develop employee goals, behavior, and actions to achieve outcomes, 3) provide support and ongoing performance discussions, 4) evaluate performance, 5) identify improvement needed, and 6) provide consequences …show more content…

Any changes to compensation and bonus structure will be evaluated, and phased in. Employees would continue to receive the regular hourly/salary base pay with quarterly bonus checks based on the unit’s performance (Beer & Swiercz, 2015). Because the new instrument used to conduct performance appraisals is based on both individual and work groups, the company should assess for merit increases for high performing staff, and possibly phase this in at the completion of the one-year cycle of performance …show more content…

• Performance appraisals, goal setting.
• Recognition for employees meeting goals.
• Career growth- professional development, trainings and workshops, coaching, mentoring.
• Appreciation luncheons for top performing teams and departments
• Peer recognition, where other employees provide feedback on a good performance.
• Recognition of senior employees who have remained with the company for 5 years, 10 years, 15 years, 20 years etc. increments of time.
F. Develop compensation and benefit strategies to include job evaluation strategies, pay programs (variable or merit), and benefit programs.
According to Vistage.com, changing the company culture and reinforcing it with compensation will be the best method to get the results WeaveTech is looking for. WeaveTech must identify its organizational values, and compensate employees based on team and individual performance. This would be the time to implement and introduce organizational values, as there is a new CEO, company culture is changing and new strategic plan.
COMPENSATION AND BENEFITS STRATEGY
Job evaluations Annual job appraisals

Pay programs Hourly/salary base pay
• Quarterly bonuses based on unit performance
• Merit pay based on job

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