Wgu D434 Task 1 - Future Focused Total Rewards Latest Update with complete solution

Exit Survey Data • Top 4 factors for leaving: benefits, variable pay, recognition, and well being • “Yeah, we have benefits at Sparkit, but they feel kind of basic and outdated.” • “I enjoy my work at Sparkit, but the poor bonus system when we are working so hard to meet company goals is demotivating.” Revisions Benefits Recognition 1. Addition of Vision Coverage 1. Implementation of Employee Recognition Software (i.e. WorkTango) 2. Increase of Medical and Dental Coverage Well-being 1. Hybrid Working Schedule 2. Remote Work Stipend ($2,500) Variable Pay 1. Performance-based Annual Bonuses Budget allocation • Year One: $4,000,000 o $2.74 million for annual bonuses o $350,000 in Vision Coverage o $510,000 in Medical Coverage o $400,000 in Dental Coverage • Year Two: $2,000,000 o $24,000 in Software o $1.976 million for training