Question

1. Suppose that you are an owner of a Lenovo company. Design the Total Reward System in your company.

You must to specify what business market it operates at. Then you need to explain specifically, what is your choice of the factors of the Total Compensation system and why this is your choice.

2. Design a Job Description for Elementary school teacher

Describe all items of Job Description, you need to state, duties and responsibilities; Education and Training required; Skills and Competencies this job requires.

Answer 1

1. Suppose that you are an owner of a Lenovo company. Design the Total Reward System in your company.

You must to specify what business market it operates at. Then you need to explain specifically, what is your choice of the factors of the Total Compensation system and why this is your choice.

Answer 1:

Introduction to Lenovo:

Lenovo Group Limited is a Chinese multination technology company having headquarters in Beijing. Lenovo is a PC Company incorporated in HongKong in 1988. It is a combination of two pioneering technology companies – Lenovo and IBM.

Lenovo operates at PC Market and aims at leading it.

What is Total Reward System:

A total reward system is a system which includes all the efforts an employer makes for recruiting, motivating and keeping employees in his company.

The 5 elements of TRS are as follows:

a. Compensation

b. Benefits

c. Professional development

d. Recognition

e. Work-life balance

Designing a Total Reward System for Lenovo:

5 Steps to design a Total Reward System for Lenovo

1. Understand the reward environment of other Technology companies:

Firstly, we need to understand how competitive companies rewarding and the current reward situation in the industry are. Then check our own affordability.

2. Design Remuneration Structure for the company:

By a market survey check how to attract and retain good skilled people. Structure a reward philosophy for designing a remuneration structure for the company and decide appropriate variable pay program for the company.

3. Understand your employees and the organizational culture:

To check what is working and what is not working inside the organization. Make survey’s to see what the employees are going through and what they want. Balancing the same with the reward philosophy you have structure for the company.

4. Define and create an employee value logic

Packaging your reward structure and communicating them to your employees is equally important.

5. Communication:

The final step is to educate and communicate with the staff members so that everyone has an understanding of the reward structure. Employees should know how they can contribute to the success and what they will receive in return and how.

Total Reward System Strategy and its implementation includes the following:

a. Base and Variable Pay: monetary element should be in line to the market standards.

b. Including pension and other benefits for the employees which attracts individuals to work with the company.

c. Structuring learning and development programs for the employees which would further includes on the job trainings.

d. Enriched Organization Culture for peace of mind and better performance of the employees including work-life balance.

TOTAL COMPENSATION SYSTEM:

Total compensation system goes beyond salary, it is the complete package for employees. This includes all forms of money, benefits, services and other ’perks’. Total compensation system are the resources available to employer to attract, motivate and retain employees.

Factors effecting compensation system are as follows:

1. Economic conditions

2. In demand skill sets

3. Years of experience and education level

4. Prevailing wage level

5. Cost of living, etc.

According to me the most important factor for Total Compensation System is Economic Conditions. Because, like present situation wherein we have COVID-19 Pandemic. The economy is going so weak that companies are losing their business so in this case they are not in condition to build an effective Total Compensation System for its employees.

And, an economy which is already weak the point of a compensation system doesn’t arise only. So to have a strong Total Compensation System we need to firstly have a strong economy.