Business Research Report

3592 Words Feb 17th, 2015 15 Pages
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
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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
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