Total Rewards System Proposal
Total Rewards System Proposal
Organization Overview This paper will discuss the total rewards program for Apple Inc. This company is a technology company that produces cutting edge computers, smart phones, tablets and portable music players. Apple Retail has been in existence since 2001 and now has 365 stores world wide with over ninety thousand employees in thirty nine countries. Apple Retail enables customers to touch and feel the products and work with knowledgeable sales associates to ensure they have all their questions answered and purchase a product that will change their life. In order to attract and retain the best talent, Apple has a total rewards package that meets a variety of needs depending on what you are looking for. In addition to the standard medical, 401K, education assistance benefits, Apple also offers travel benefits since it is so global, adoption assistance, kin care, stock options, employee purchase discount plans, matching gifts, fitness and wellness benefits as well as convenience services to include commuting alternatives to work and a concierge service for booking personal appointments.
Total Rewards Strategy In order to meet the HR needs of this company, HR must accomplish the elements discussed in the succeeding paragraphs that address the fundamentals of this type of total rewards system while complying with the regulatory environments. The first element is offering strategic perspective. A well-articulated compensation philosophy drives organizational success by aligning pay and other rewards with business strategy. It provides the foundation for plan design and administration and anchors current and future plans to the company's culture and values (Kaplan, 2006, p.32). Apple’s total rewards are available to view on the company’s intranet site. With it having locations around the world, once you sign in, you choose which country you work in and the benefits are adjusted based on that region.
Organization Overview This paper will discuss the total rewards program for Apple Inc. This company is a technology company that produces cutting edge computers, smart phones, tablets and portable music players. Apple Retail has been in existence since 2001 and now has 365 stores world wide with over ninety thousand employees in thirty nine countries. Apple Retail enables customers to touch and feel the products and work with knowledgeable sales associates to ensure they have all their questions answered and purchase a product that will change their life. In order to attract and retain the best talent, Apple has a total rewards package that meets a variety of needs depending on what you are looking for. In addition to the standard medical, 401K, education assistance benefits, Apple also offers travel benefits since it is so global, adoption assistance, kin care, stock options, employee purchase discount plans, matching gifts, fitness and wellness benefits as well as convenience services to include commuting alternatives to work and a concierge service for booking personal appointments.
Total Rewards Strategy In order to meet the HR needs of this company, HR must accomplish the elements discussed in the succeeding paragraphs that address the fundamentals of this type of total rewards system while complying with the regulatory environments. The first element is offering strategic perspective. A well-articulated compensation philosophy drives organizational success by aligning pay and other rewards with business strategy. It provides the foundation for plan design and administration and anchors current and future plans to the company's culture and values (Kaplan, 2006, p.32). Apple’s total rewards are available to view on the company’s intranet site. With it having locations around the world, once you sign in, you choose which country you work in and the benefits are adjusted based on that region.
References: Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2011). Business ethics: ethical decision making & cases Kaplan, S. L. (November 1, 2006). Answer these questions for a sound compensation philosophy Nelson. A. H. (2010). Total rewards: it’s more than just a paycheck! Total Rewards Instructor’s Manual EarthLink Inc. (2012). Sample compensation study. Retrieved February 8, 2012, from http://home.earthlink.net/~hrpartners1/id12.html Human Capital Review. (2012). The top five advantages of a total rewards approach. Retrieved from http://www.humancapitalreview.org/content/default.asp?Article_ID=291 Worldatwork (2007)