Human Resources - Total Rewards - Assignment Example

Human Resources - Total RewardsTotal rewards includes the various mechanisms used by the company to attract employees, motivating them and more critically retain them, that is, all the tools that create value for the employer among employees (Thompson). In order to understand total rewards through a more practical approach, four organisations belonging to the entertainment industry have been selected, namely, Time Warner Inc., Turner Broadcasting System Inc., The Walt Disney Company and Sony Pictures Entertainment belonging to Sony Corporation of America.

The specific choice of entertainment industry is justified as this is one of the most happening sectors, undergoing change and the players are growing more and more competitive to gain a larger share of the market pie. Such a dynamic workplace also demands attracting equally energetic and vibrant workforce. Compensation and benefits, reflected by the total rewards package is primary force of motivation in this regard, as it helps catch the attention of right candidates. In the ensuing matrix, we explore the total rewards packages of the four specified companies in detail.

Component of Total RewardsWalt Disney CompanyTime Warner Inc.Turner Broadcasting System Inc.Sony CorporationCompensationBasic PaySalarySalarySalarySalaryVariable PayYear end bonusIncentive and special recognition programNon-qualified stock purchase Annual bonus for executivesStock Option for ExecutivesAnnual bonusCompany Performance based bonusStock options for expatriate employeesBenefitsBenefitsHealth benefits cover medical, psychological, eye-related, dental and prescribed drugs, Disney Health Pursuits Wellness, insurance for life, accident, disability, care etc and Healthcare and Dependent Day Care Flexible Spending AccountsPaid leaves, holiday, sick-leave, leave for Jury Duty, time for personal life resourcesOnsite Childcare CentersPensionComplimentary Park tickets and discounts on theme parks, other themed merchandise, sponsored programsDisney VoluntEARSDisney Employee Matching GiftsCommuter Assistance ProgramHealthcare plans for employees and their partners at various care centresLife, disability and long term care benefitsRetirement benefitsemployee assistance and mental health programsPregnant care programsOnsite fitness and health servicesWell-being healthcare reimbursementsHealthcare seminars and awareness campaignsFlexible work hoursDependant and child care benefitsPlans for medical, dental and eye-careLife, accidental death, dismemberment, business travel accident, home and auto insurancePaid leaves for short and long-term disability, maternity, adoption, parenting and those that fall under Family and Medical Leave ActGroup InsuranceTransport, child care, tuition reimbursementsFlexible Spending Accounts for dependent care and medical expensesEmployee Assistance ProgramChild and Elder Care Legal and Financial ServicesVeterinary Pet InsuranceHealth and Wellness CentersDiscounts on air travel, stay, vacation, electronics, art and cultural events and Time Warner productsFlexible work hoursCommunity service involvement and volunteeringPensionHealthcare benefits including private medical insurance with family cover, eye testing, general and dental wellnessWork-life balance benefits such as sabbaticals, holiday trading, flexible work etcSubsidised gym, restaurant and bus facilitiesCorporate social responsibility perks for taking part in serviceDiscounts on Sony productsPerformance and Talent ManagementPerformance and talent managementAnnual performance based bonus for executivesLearning and Development OpportunitiesEducational ReimbursementCareer development programs such a s Chairman’s leadership program, Next Generation chairman’s program, Breakthrough leadership program, Time for tomorrow, Non-profit board leadership, digital insights, leading for resultsEmployee FirstProfessional Development Center - company-wide training available to all employeesTurnerjobs: Focus on CareersBusiness Resource GroupsRecognition ProgramsSpeakers Series – opportunities to hear from company and industry leadersDivisional networking and devlopment opportunitiesPerformance and focus oriented ‘Firing on all cylinders’ training programmes and follow-up sessionsCompensation PhilosophyThe Walt Disney Company aims to help employees live best life, grow personally and professionally, and get rewarded for the results they deliver.

Time Warner values its employees and provides high-quality, comprehensive employee benefits programs to support their well-being.Turner aims to provide employees with programs and initiatives that support their lives outside of work, helping them achieve the ideal work/life balance to channel their passion and skills.To keep employees as energetic and motivated as they are when they join SonyMarket Competitiveness StrategyUnique non-qualified stock purchase planVariety of health benefits and time-offsDay care assistance for childrenGifts and discountsEducational reimbursementEmphasis on Employee First Philosophy which encourages employee career growth, work-life balance and employees take pride in being part of the companyExtensive healthcare benefits and making employees health-consciousDependant and child careExtensive benefits that cover all aspects of employee needs and concernsHighly career-oriented development programsThe on-going ‘Firing on all cylinders’ programmeWork-life balance through flexible working timeMissionWalt Disney aims to make people happyTime Warner aims to deliver high-quality brands and content to worldwide audienceTurner Broadcasting aims to make criticalglobal issues understandable and accessible to the widest possibleaudienceSony is committed to developing a wide range of innovative products and multimedia services that challenge the way consumers access and enjoy entertainmentAligning compensation strategy with missionProviding the supporting network and resources for the career development of employees is in a way making them contribute their best to the organisation, which in turn leads to consumer delight, as only happy employees can make the customers happy.

Delivering products of high quality is certainly in the hands of employees, especially in entertainment industry. According such a respect and status to employees through Time Warner’s Employee First philosophy and benefits programs certainly facilitates the staff to deliver the quality. Compensation strategy supports the mission statement by warding off all the workplace and personal concerns of the employees and helping them stay career focused and pursue their passion of entertaining the audienceAs the company aspires to create dynamic products, it keeps the employees conversant with these products through the training programs.

While the benefits package takes care of the employee concerns about family health, holidays, working hours and social responsibility, the staff can concentrate on innovation and improving the quality of life of customers by the way of entertainment. Given an opportunity, I would like to work with Time Warner Inc,. The company’s ideology of giving high priority to employee first, by providing all-round benefits and elaborate career development programs makes it all the most attractive employer.

Works CitedThompson, Paul. Total Reward. London: Chartered Institute of Personnel and Development, 2002. Print.