HR760_D1 HRM Total Rewards -Total Rewards Plan- FinalProject- Paper

Please submit a professionally formatted plan with citations, a cover page and a reference page in APA style covering all of the required areas listed below:

Step 1: Analyze and assess (Initial Response Due in Week 2; Revision embedded in Final Paper)

All 6 components listed under the subheading: “How to Conduct an Assessment”

Step 2: Design (Initial Response Due in Week 4; Revision embedded in final paper)

All 5 subtitles (mission and vision, strategy, HR philosophy and strategy, total rewards philosophy statement, total rewards strategy)

Step 3: Develop

All 6 subtitles (program purpose/objectives, eligibility, baseline for measurement, funding, selection and structure, course of action and timeline.

Step 4: Implement

Describe your implementation plan as you would present it to senior level leadership. Explain who will be on your implementation team and how you will go about conducting a pilot test (pages 39-40).

Step 5: Communicate

Develop a communication plan and describe how you will communicate with different levels of employees; managers, front-line supervisors, employees and external audiences. Be sure to include key messages, media, budget, timelines and feedback.

Step 6: Evaluate and Revise

Describe how you will measure your plan.

Introduction

In organizations, the components of the total rewards systems include compensating employees for work done and promoting career development. It is also about the recognition of employees and offering a flexible work structure. It is important to assess the organization to find out what is already being practiced and then discover the vital areas of improvement in the total rewards system (WorldatWork, 2007). In this paper, there is an organizational assessment of Bridgestone. Bridgestone is a world-renowned tire and rubber products company. It produces tires for cars, mining vehicles, and aircraft (Bridgestone Group, 2020). A product diversification strategy is at the heart of Bridgestone. This diversification enables the firm to make other products like bicycles.

The steps that will be discussed in this paper include the following: analysis and the assessment of the Total Rewards Program, the Design phase of the Total Rewards Program and the development phase of the Total Rewards Program. In the development phase of the program, there is the statement of objectives; the eligibility of the people who will be part of the measurement, an implementation plan will also be described. In the total rewards plan, it is also important to ensure that the program is properly communicated to all the stakeholders specifically the employees. In the organization, it is the employees who will be the main beneficiaries of the total rewards program and as such, it is important that they know of the plan. Measurement and evaluation.

Step 1: Analyzing and Assessment Internal and External Data Analysis

Internal Data

The average age of a Bridgestone employee is 40 years old. Most of the employees are scattered in the following geographical locations: America, Europe, especially Russia, Middle East, China, Africa, and Japan. Bridgestone values diversity. As a result of this, the company has employed both men and women. However, the number of women employed at the institution is considerably lower compared to the number of men (Bridgestone Corporation, 2020). In senior management positions in 2020, the number of men was 1394 while women were 44. Bridgestone is a multi-ethnic society. The firm employs people from all over the globe. There are Caucasians, Latinos, Africa Americans, Eastern Europeans, Indians, and the Asians. Because most of the employees at Bridgestone fall under the category of middle-aged employees, the company encourages, through its many employees, employees to have an active lifestyle.

In a company, the set performance objectives influence the firm’s competitiveness and production efficiency (Pozo et al., 2018). It influences whether the company production will lead to wastage, or if it will be lean. Each employee at Bridgestone has his/her objectives, which are outlined in their KPIs (Key Performance Indicators). At the firm, managers must ensure all objectives are followed. Among other benefits, Bridgestone has an elaborate benefits structure where workers are offered competitive salary rates, housing, medical insurance, and gym membership.

External Data

The United States Tire Manufacturers Association awarded Bridgestone an excellence award for their efforts in promoting leadership and practice in advancing Workers Safety and Health (Demouy, 2018). Bridgestone has carried out several agreements in the past with other companies such as the United States Steel Millers Cooperation in 2005 to streamline the performance and the benefits that are offered to the union members and to state the penalties that are paid by the union employee who does not want to join the union. The United States Bureau of Labor Statistics report shows that at Bridgestone, unionization has also helped the company employees get better services in the past. For instance, an agreement between the United Rubber Workers Union and Bridgestone led to contract renegotiations where employees were required to make co-payments for medical insurance schemes; the company was required to rehire all the employees previously dismissed. Seniority was named the key reason for increasing employees’ salaries (United States Bureau of Labor Statistics, n.d.). Key Industry reports detail which production segment will bring more revenue to the organization. From the report analysis, there is a growing demand for passenger vehicles globally, and thus, Bridgestone expects to get a lot of revenue from this product segment (Laura, 2021). Furthermore, innovation will drive the tire manufacturing industry soon, specifically the design of fuel-efficient tires.

Benchmark the Organizational Strategies against Top Performing Companies

The benchmark will focus on the organizational strategies regarding the benefits offered to employees. Benchmarking is a practice used in getting organizations as reference points, analyzing what these organizations do best, and using their best performance practices to offer

HR760_D1 HRM Total Rewards -Total Rewards Plan- Final Project- Paper

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