FASTCAT FastCat: Phase 1 “High-Five” Compensation Package 1 October 2013 In Phase 1 of the FastCat Compensation Case, our team has included our recommendations regarding strategies, objectives, the formation of an internal structure, and an implementation plan that will allow a seamless transition from FastCat’s previous compensation structure, which was nearly non-existent, to the proposed structure our team of compensation specialists is proposing. INDEX Executive Summary Pg. 2
Previously in Phase I, FastCat’s compensation system was identified as a dual-structured, job-based plan. Job evaluation points were used to measure the values for each of the FastCat jobs. Each job was assigned these evaluation points based on the five compensable factors discussed in Phase I. The assigned points are used to create a fair compensation system and remain internally aligned. FastCat’s goal is to match the market, or pay the average level for similar jobs within the market rate.
Phase III: Performance and Management A. Policy For Recognizing Employee Contributions The purpose of this report is to use the compensation system we previously developed in Phases I and II to pay people, develop plans that reward performance, add benefits into the mix, and evaluate these results. First we will look at performance-based-pay as a policy for recognizing employee contributions. Performance-based-pay is a pay plan that varies with some measure of individual or organizational performance
HR0371: Rewarding Relationships 1 January 2011 NEWCASTLE BUSINESS SCHOOL GROUP 1 Designing a Pay System for FastCat Designing a Pay System for FastCat Group 1(3) 2 Newcastle Business School Assessed work (Group Work) Tutor’s name: Level: Group no: Dr Nick Creaby-Attwood Module No: Module Title: 1 Group Mark: 70 Comments: Introduction and context Discussion of context is clear and provides an effective starting
Compensation structure for FastCat Executive summary In Phase I we looked at the descriptions of sample jobs at FastCat and proposed a structure for the jobs based on the concepts of internal equity and organizational objectives of innovative product design, improved marketing and cost competitiveness. Based on the content and value of the job descriptions available we had created a tailored and hierarchical structure, which supported the organization strategy, work flow and motivates
Design Merit Pay It is vital that FastCat employees understand how merit pay works. Ensuring they are educated about the pay system will give them a clear understanding of how each person is paid and will show them that each employee has the same potential to move up the pay scale by attaining more education, increasing their skill level, being accountable and having good communication with customers. During employee orientation, new hires will be provided both verbal and written education with
Team F | FastCat | Compensation and Rewards | | Spring 2011 | Intro FastCat’s priority is to increase revenue and the new pay structure will accomplish that goal in the long run. The new, cost containment, policy rewards, among other things, behavior aligned with FastCat’s objectives. This in turn will increase revenue, innovation, and customer satisfaction. This new system will need to be assessed over time to make improvements. Choosing a multiple job structure with a person-based
As mentioned above, the three factors of the Hay Method were applied to all of the jobs in FastCat to develop the two pay structures. Know-how consists of the cognitive abilities required for a job, such as planning, communication, and knowledge. This particular factor is important in all jobs at FastCat. When determining the ratings for each job title, we evaluated the education level required for the job as well as the level of experience and job knowledge required. For example, the Software
FastCat Compensation Plan Phase I February 10, 2013 Presented By: The Compensation Group Table of Contents Executive Summary 2 Recommended Compensation Plan Objectives 3 Strategy for Internal Alignment 4 Job-based Plan 5 Compensable Factors 6 Internal Structure 11 Picture of Internal Structure 12 Execution/Manual 21 Rationale/Evaluation of Recommendations 22 Executive Summary FastCat's mission is to exceed customer's expectations of value, dependability
Analyses Fastcat Summary Data As summary for the company, there is achievement on meeting some objective There are three objectives of that were initially set by the management as well as the union for the company. The objectives are used to know the kind of achievements that have been made by the company. The key objectives of the research were made to find out the:- 1. Maintain business strategy 2. Increase employee morale through rewarding 3. Increase the intrinsic Looking at the specific objectives