Respond to each question in (2 -3) paragraphs; with scholarly references.
1) Differentiating total rewards to attract employees with the requisite competencies the organization needs in order to achieve its goals and objectives is one of the key functions of the HRM function. Differentiating compensation, benefits and workplace environment such as flex schedules, teleworking or job sharing to fit the needs and desires of different segments of the workplace is a strategy most organizations engage in order to attract and retain the needed employees.
Select two segments of the workforce such as recent university graduates, parents with young children or recently retired military (just a few examples – you may select other categories). Provide a short description of the compensation and benefits you would design unique for each of the two segments.
Provide your rationale for your differentiation.
2) Internal equity and external competitiveness are two of the core elements of effective compensation plans. If you are employed, ask your HRM department what steps are taken by them to ensure internally that compensation is assigned in an equitable manner and externally, the compensation for benchmark positions are competitive. If you are not employed, you may either seek the answers from an organization of your choice or research the needed steps and describe the needed steps.