Metrics for Total Reward Compensation Program

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mEHIHON, GAIUS N The Total Rewards Approach to Compensation Management (HRMN 395) Paper 2 Title: Metrics for Total Rewards Program at General Electric Company (GE) Date: 10-Sep-12 Introduction One thing is to have a good rewards program; another is to be able to track the effectiveness, impact and sustainability of such a program. Every organization no matter how big or small understands that the best way to know if a reward program is good or bad is by finding a way of measuring the program. “The end in mind for total rewards is the accomplishment of organizational objectives, thus the objectives of the organization provide the foundation for the key measurements of success of the total rewards programs” (Module 5, topic 3). Paper one focused on the various rewards programs at General Electric (GE), a multinational organization. With the goals and objectives of GE in mind, in this paper, we will be talking about the various metrics for the existing rewards program at General Electric and connecting the impact of the rewards program to the success or achievement of the organizational goals. Identified rewards program at GE In the previous paper we identified two distinct rewards program, both monetary and non-monetary as existing program at GE. In addition to the rewards program, this paper further expands the list of the possible rewards program by adding a few more that may be used to improve the welfare of the employees, their satisfaction on the job, and finally the role of employees in achieving organizational objectives. The following are the already identified rewards program that exists at GE * GE STAR Awards: this program assists eligible dependents of GE employees by giving them a one-time award to defray first-year higher education expenses (GE Foundation, 2012) * Smoking cessation: This is an experiment which could also go

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