FastCat Phase 1

Our team chose a job-based plan because we feel that this plan was the best decision for Fast Cat’s organizational structure. Fast Cat generates revenue based on the performance of the employees on the job so we believe that the best way to compensate its employees is based on the requirements and tasks of their specific job. By choosing a job based plan, employees will be able to clearly understand why and how they are paid based on the factors, weights, degrees and points of their specific job.

These can be defined as follows: 1. Increasing Revenue Growth The company is losing its customers who are not in a sound position to buy its expensive software due to the poor financial environment and this is causing a fall in revenues. The company can rekindle their revenue growth by adopting the following approaches: Tap the high-growth, underserved industries such as financial services, health care and insurance. The companies in these industries are likely to purchase their software solutions. Offer more flexible products which would enable the companies to buy the products either as separate components or complete enterprise solutions. This way the company can target new customers with different needs and affordability constraints. Drill down on the company’s existing customer base by extending the use of its software among the current users. Maintaining and building up on one of its prime competitive advantages of being able to serve customers across the globe, a versatile move that none of its competitors have been able to match so far. FastCat can use this to increase its customer base and thus grow its revenues. 2. Maintain the Quality Reputation Over the years the company has developed a reputation for supplying high quality, reliable and technologically sound products. In this time of slow economic growth FastCat needs to ensure that it does not strive to lower its costs or raise its revenues in a manner that hampers the quality of the products that it offers

All base salaries will be set with in a range depending on experience, education, qualifications and position. These salaries will be set according to the market percentiles at similar organizations. All salaries will be reviewed for competitiveness on an annual basis and adjusted if the market and financial performance allows. Adjustments will be based off of performance reviews, experience, and overall contribution to the organization. Unless there is an exception from the CEO all salaries will remain on or below market target numbers. Incentive pay awards will be given to those who reach the pre-determined performance goals listed. All compensation plans will focus on improving performance and achieving strategic goals. Pre-determines

The employees at Quicken “express an appreciation for the inclusive and creative culture, nurtured by leaders who encourage them to innovate without fear of failure along the way”. (Fortune, 2014)

To foster competitiveness and deliver better results, there is a program called STACK where employees are ranked based on the work done and their incentive is decided based on it. Better the rank, better the incentives.

changes in compensation and how they relate to the scores employees receive in their performance reviews

A competitive organization understands the need for a skilled and loyal workforce. In order to attract and retain top talent, many organizations offer innovative and creative employee benefit packages. It enhances an attractive salary and creates a niche for the employer. An organization that is aware of the dynamics of its workforce will be in step with the innovations in employee benefits. Technology, global workforces and diversity have made it necessary for companies to review

The second compensation package was not well designed nor did it help define what the corporate strategy would be. For a second time the compensation package focused on maximizing shareholder’s wealth and didn’t take into consideration the stakeholder’s position at all. Dunlap’s package was deeply weighted in company options ($3.75M). In fact it was weighted heavier than before. The stock grants were

compensation externally competitive within its industry. Employee attraction and retention can be improved by maintaining

As an HR manager, I have to come up with a plan to revamp the compensation and benefits package. I have to essentially come up with what is expected from a team so that there is no miscommunication about what is required. First, a compensation plan has to be written for the company should provide the managers with an important tool to get the most out of those who report to them. Second, the plan should include every form of the compensation that is available, such as, salary, bonuses, merit increases, wages and overtime, paid time off, 401(k), and other profit sharing plans. Third, we

Keeping the employees satisfied was another area that we knew was important to continue to compete in the future. Offering very competitive compensation packages in conjunction with incentive plans and continued training, will keep N-Tech employees motivated and continued employment with the company.

For a company to be competitive it will need to have systems in place to recruit hire and retain skilled employees to grow and carry out its mission and vision. The company will need to understand the market and how to interact within the different markets. For example, what should be the starting salary for new employees and how should current employees be evaluated. Market competitive pay system is significant in that a main focus is attracting and retaining the most qualified employees. Having a well designed pay system will ensure that employees are paid in proportion with their job description

A major role of this committee is the reviewing of the Company’s compensation strategy. Ensuring that the compensation strategy aligns with their goal to attract and retain high-quality leadership is crucial to the success of The Home Depot. They must make certain that management is awarded the appropriate incentives and rewarded appropriately for its contributions to the growth and profitability of the Company. The Home Depot’s compensation strategy must also align with all of the Company’s objectives and stockholder interests. ("Leadership development &," 2013)

Plastec needs to assess its current compensation system and identify its business objectives. By taking a look at the current pay system and assess the level at which it supports the objectives and the personnel necessary for the business. Some specific objectives can be extracted from the strategic plan such as quality productivity, service, team-work, cost reduction and so forth. After completion of their own internal review Plastec needs to compare its reviews against other competitors in the business. Various other organizations have fairly decent compensation packages such

With employee empowerment and satisfaction these are two things that are very essential to accompany. When you have happy employees of course you 'll have more production and more work output by the employees. And to achieve this there are just some simple rules and tips you would need to follow. These items may be simple or may seem silly, but they can definitely help retain employees at your work place. As stated in service management operations, strategy, information technology "apart of employee empowerment is information empowerment. With the age of information technology or it it is no longer just for computer nerds it touches all of us every day." (Fitzsimmons 2014, pg.80) And with employees and having that information technology at their fingertips is