Compensation and Benefits

2496 Words Feb 10th, 2013 10 Pages
Compensation and Benefits:
Methods, Strategies and Performances
LaTonya Hopes
This paper is submitted in partial fulfillment of the requirements for
Human Resource Administration
BUS 5273-50
Texas Woman's University
School of Management
Dr. Derek Crews
February 8, 2013

Table of Contents

Abstract ……....................................................................................................................... 3
Introduction ……………………………………………………………………………………. 4
Literature Review ……………………………………………………………………………. 5
Discussion ………………………………………………………………………………………. 9
Conclusion …………………………………………………………………………………….. 10
References ……………………………………………………………………………………. 12

ABSTRACT

This paper explores compensation strategies within organizations
…show more content…
Although research generally confirms that pay-for-performance plans can influence greater outcomes, it is unclear how effective different pay plans are relative to each other (Park, 2012). Like most things in business, compensation is something that requires evaluation, study, assessment, strategy, modeling and integration. Achieving a pay for performance culture does not happen without paying attention to the behaviors, activities, rewards and motivations that have to be linked and reinforced through a well engineered and successfully executed process. Actually if that process does not tie rewards to shareholder financial objectives, employ the proper mix of compensation elements, result in meaningful dollars, embrace performance that employees can impact and are effectively communicated and reinforced, then the results it produces will likely fall short (Vision Link Advisory Group, 2013).
A strategic plan for employee compensation determines how much you want to pay