Implementing a total reward strategy to reduce the talent shortage: This strategic research project is aimed to enhance the strategic objectives of Health Choice Network by conducting a comprehensive SWOT analysis. This analysis revealed that the most significant threat impacting the organization was talent shortage, which was caused by workplace burnout and an increase in employee turnover rates. To address the issue, the researcher proposed the implementation of a robust total reward strategy. The proposed implementation of the total reward strategy would include a multi-faceted approach, including competitive compensation programs, comprehensive benefit offerings, and meaningful reward and recognition initiative. By strategically utilizing this approach, the organization would seek to enhance its performance management processes by transforming its organizational culture, which would result in stronger alignment to its strategic goals through increased employee morale and engagement. The primary objective of the implemented total reward program is to not only attract and retain top talent within the organization, but as well as increase the employee engagement within the organization. By providing more robust total reward program offerings, Health Choice Network envisions bridging the talent gap by reducing the impacts of the identified problem of talent shortages. This proposed strategy is anticipated to alleviate the threat of talent shortage, by fostering a healthy organizational culture where its employees thrive in an engaged and motivated workforce. By focusing on implementing the total reward strategy, it is believed that the program will impact the overall organizational strategic goals for Health Choice Network, as well as position the organization to attract and retain the talent needed for sustained growth and success.
| Date of Award | Jul 1 2023 |
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| Original language | English |
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| Supervisor | Jason Abreu (Supervisor) |
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