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By the end of this module, you will have completed the textbook reading and the case studies related to total rewards, and you will have submitted your final project.

By the end of this module, you will have completed the textbook reading and the case studies related to total rewards, and you will have submitted your final project. Hopefully this has been a positive learning experience, and the information gained throughout this course will prove to be useful in your current or future endeavors. You have much to consider in the way of challenges. The workforce today is very diverse and could potentially create challenges when designing a total rewards package. That which may work very well for a baby boomer may not work well for a millennial. Keep in mind that a total rewards package is more than take-home pay. You must be cognizant of internal pay structures already in place, in order to avoid causing pay compression or paying employees too much or too little compared to others in the same or similar jobs. You need to look at the same issue from an external point of view in order to be relevant to the competition based on the pay policy you have put in place. Compensation professionals face many challenges today for many reasons. The economy has faced a downturn over the past several years. Factors such as industry crises, bank failures, closings of plants and stores, changes in global operations, and slow-to-no growth with the gross domestic product (GDP), among others, have significantly affected organizations, managers, and HR professionals. All of these things and more can affect an organization and the total rewards package offered. Some jobs are in high demand while others are being eliminated. One of the biggest problems affecting a total rewards system can be the need to adjust benefits programs to contain increasing costs. Regardless of the economy, organizations still need to work on attracting and retaining essential employees. As the baby boomer generation begins their mass exodus for retirement, planning for their replacement is essential. HR technology is now part of most organizations and can include company blogs, wikis, Twitter accounts, text messaging, and the implementation and use of human resource information systems. In addition, there is the need to deal with revised and changing federal, state, and local legal requirements affecting compensation. If you are currently in the HR profession or looking to join the ranks of HR professionals around the world, there are some useful resources that could be beneficial. The first and 2 OL 620 Module Ten most renowned source for HR professionals is the Society for Human Resource Management (SHRM). This is a national organization dedicated to furthering the HR profession. Once a person becomes an SHRM member, he or she will receive a monthly magazine, HR. The magazine has numerous useful articles that cover most areas of HR and aids in keeping the HR professional current in the field. Another benefit is 24/7 access to the SHRM website. This resource provides access to all things HR. If you need help writing a job description, the help is right there on the SHRM website. If you are in need of the latest salary survey to help establish a new pay plan, or are interested in the most recent legal updates related to legally required benefits, there it is. If you are searching for a new job in HR, you can try the HR job board on the website. This is truly a great resource and you are encouraged to explore the website. Many of the articles and tips can be explored without a membership account; however, in order to have full access to all of the resources, purchase and setup of a membership account is required. Have you ever considered certification in the field of HR? There are several HR certifications and some of the most recognized are through SHRM. As of 2015, an HR professional can be certified through SHRM and earn either the SHRM Certified Professional or the SHRM Senior Certified Professional certification. More information can be found at the SHRM website. Another certification is through the Human Resource Certification Institute (HRCI). The three main certifications through this organization are the Professional in Human Resources (PHR), Senior Professional in Human Resources (SPHR), and the Global Professional in Human Resources (GPHR). More information can be found at the HRCI website. The International Foundation of Employee Benefit Plans (IFEBP) website is certainly worth looking into if you are interested in earning the Certified Employee Benefit Specialist (CEBS) certification. In Module Ten, you will be given the opportunity to reflect on the knowledge you have gained throughout the course, and review some resources that could be beneficial to those who are already in the HR profession, or those who are aspiring to do so. Hopefully this course has been beneficial and you have increased your knowledge of human resources in the area of total rewards. Best of luck in all of your future endeavors.

 
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