Business Research Report Compensation Strategies Assessment Code: RWT1 Student Name: Adrianna Mentis Student ID: 000272273 Date: July 18, 2014 Mentor Name: Lindsey Box Table of Contents Executive Summary 3 Introduction 3-4 Research Findings 4-8 BONUS PLAN 4-5 TUITION REIMBURSEMENT 6-7 BENEFIT PACKAGES 7-8 Recommendations 7 Conclusion 8-9 References 10 Executive Summary The purpose of this report is to review 3 different analyzed employee compensation strategies that could potentially benefit your corporation if accurately executed. As a business you must remember that Employee Compensation is key to identifying as well as rewarding your employees, for their exceptional performance and contributions to the company’s success rate …show more content…
Now let’s explore only 3 of strategies mentioned above to bring balance to the compensation strategy within the company; bonuses, tuition reimbursement and employee benefits. Research Findings Implementing a Bonus Structure Rewarding employees with bonuses for a job well done is one of the more popular ways of streamlining the payroll budget. As an employer you tie several stipulations to the employees’ job duties for them to obtain in order to receive the bonus. Bonus structures are no longer as popular as they were during the boom years, however, some employers still employ the idea and the performance of their employees proves that it still works. Although bonus plans have begun to disappear, the increased performance of individual employees through the rewarding of set goals has allowed bonus structures to withstand the test of time in the workplace. A structured bonus plan is a great way of rewarding those employees that are producers without killing a company’s budget. Implementing a sound bonus plan is a great way to encourage performance as long as the employee’s goals are attainable. Be careful however because a simple bonus plan to motivate employee’s performance can also be demotivating due to employee’s inability to attain the set goal. Implementing a ratio significantly outside of what is normal for the industry
In the case presented both AFLAC and L.L. Bean had their own distinctive ways of utilizing their products in order to enhance the total compensation for its employees. The factor that has deterred more employees away from their current employer is that of benefit packages, and reward systems. As stated by () “compensation affects a person economically, sociologically, and psychologically. For this reason, mishandling compensation issues is likely to have a strong negative impact on employees and, ultimately, on the firm’s performance” (p.313). Many felt just a bump in pay wasn’t enough to substantiate their hard work or the efforts that the performance efforts provided to their organization. As stated by () “the right total rewards system a blend of monetary and non-monetary
carefully planned out and considered, the total closure or failure of the organization could be at hand in the near future. In our modern age, employers know that salary is not the only factor that should be considered and that salary alone will not lead to better or more highly profitable workers alone. This is why compensation planning is important and why pay should have some connection between performance and compensation. This is why the human resources department should consider many monetary and non-monetary factors when considering how to properly compensate and motivate employees (Dessler, 2013).
Within this business report, I have analyzed three different employee compensation strategies that I feel could be well executed within our organization. Employee compensation is key to
This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards it's employees for the work they do for us each and every day.
The right compensation program will depend on the organization’s business strategy and goals. To achieve these, an organization must recruit and select the best possible employees. To attract such employees, there must be an attractive compensation plan. Competitors will be offering different payment options, this may be based on pay rate or special perks, and a company’s stock options. Organizations must be aggressive yet reasonable to compete with competitors. Retaining and encouraging employees to perform at their best may be achieved through an immediate incentive award
This report reviews three different compensation strategies PepsiCo can develop and implement within all of our PepsiCo. Brands and businesses for our employees. Compensation is one of the most important and rewarding factors for our employees based on our organizational health survey conducted in 2011, so a thoughtful and thorough approach should be taken as we think about
The role of a Human Resource department is ever changing in today’s volatile business environment. Over the years HR have become strong strategic partners within an
The aim of this paper is to examine the compensation challenges within Owens & Minor and create a compensation strategy that will benefit not only the company, but the employee.
This report reviews three different compensation strategies PepsiCo can develop and implement within all of our PepsiCo. Brands and businesses for our employees. Compensation is one of the most important and rewarding factors for our employees based on our organizational health survey conducted in 2011, so a thoughtful and thorough approach should be taken as we
Employee benefits are a key aspect of an organization’s total compensation package (Martocchio, 2010). An employer’s total compensation package is defined by Martocchio (2010), as “both the monetary and nonmonetary rewards” offered by an organization (p. 7). The most visible aspect of any total compensation package, is core compensation (Martocchio,
A well-articulated compensation philosophy drives organizational success by aligning pay and other rewards with business strategy. It provides the foundation for plan design and administration and anchors current and future plans to the company's culture and values (Kaplan, 2006, p.32). Recognizing and rewarding achievement is the cornerstone of the company A’s compensation philosophy. The mission of the company is to attract, select, place and promote all individuals based on their qualifications. The company believes that performance-based compensation helps attract, develop and retain talented professionals. In addition to base pay which based upon local market conditions and targeted to be above market, the company provides the following types of potential compensation to reward performance:
This paper was developed under the scenario of choosing the name of a publicly traded company for that would be interesting for an employee to work and then analyzing and explaining the company, its compensation strategy, best practices the company is applying, and compensation-related challenges the company is facing. The paper will also analyze how the company applies compensation practice to determine the positive or negative impact to the company and its stakeholders; and the ways in which laws, labor unions, and market factors impact the company’s compensation practices. The company chosen was Chic-fil-a.
Martocchio, J. J. (2013). Strategic compensation: A human resource management approach (7th ed.). Boston, MA:
ABC Manufacturing Co., Inc. is a small company with 120 full time employees. We produce aluminum doors and windows. Although we are highly successful, we find that it can be difficult to retain our valued employees. Human resources has decided to evaluate several compensation plans and
Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.