Compensation

5189 Words Jul 20th, 2014 21 Pages
Executive Summary

Now day’s compensation strategies are charged with supporting the company’s mission and objectives through the development and implementation of strategies, which ensure that valuable workers feel secured at their work place and rewarded for their accomplishment. A successful company focused compensation strategy including tuition reimbursement, bonus and paid time off. They are valuable programs and creating attraction process for most common compensation programs. These strategies are useful tool to improve employee satisfaction and work ethics. But, used incorrectly, it can cause some financial damages and relation disconnect between company and work forces. Bonus, tuition reimbursement and paid time off can be
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2. Compensation strategies lead employees’ efforts to successfully achieving the company’s short term and long term goals. 3. Any compensation strategies need to be cost effective and affordable for the company. As a member of the human resources department in an organization with over 100 employees at a variety of salary levels, I have been asked to evaluate different compensation strategies to possibly implement within my organization.
Compensation strategy is attracting lots of attention from new hire employees or current employees. Employees know that, properly engaged and managed compensation program can expand the reach of organization goal and the future career of individual’s goal. Compensation strategy provides an opportunity to reward eligible employees based on company and individual performance. They are designed to support the company’s total compensational goal and assist in attraction, motivating and retaining talented employees. Also, it provides eligible employees with a competitive variable benefit earning opportunity based on mission and goal achievement. Management has responsibility to develop and implement the processes and programs required to administer the compensation system at the same time. Management is also responsible for ensuring that compensation strategy is consistent with the policy and guidelines.
Main purpose this report is to understand of compensation strategy

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