Mr Donald Alexendar, Managing Director of Exclair Plc, a company engaged in financial services sector employing more than 75 employees, attended an international workshop on 'Total Reward and Engaged Performance' held in New Zealand from 10 to 15 October, 2008.
He has been impressed by growing emphasis being now laid on employee engagement as critical to organizational performance and how the concept of total reward is exerting more and more affect on reward strategy. He learnt that this affect will continue to raise in view of the pressures that organizations will have to sustain to recruit and retain talent in an environment where diverse and mobile employees are frequently more demanding and assertive regarding what they want from an employer.
Though, he is quite confused on some terms and concepts like total reward, engaged performance, talent management that were extensively used throughout the workshop.
He has requested you, in your capacity as the HR Manager of the company to describe to him these terms and concepts.
You are requested to prepare a report to describe to Mr. D. Alexendar in a clear manner these terms and concepts. Your report should comprise the following:
a) Definitions of Total Reward, Engaged Performance and Talent Management.
b) Determine the components of Total Rewards?
c) What are the advantages of Total Reward approach?
d) What are the implications of Total Reward approach to talent management?