Hrm 430 Course Project

2720 WordsDec 15, 201311 Pages
Compensation and Benefit Strategy of an Organization Jane Q. Student DeVry University Professor Dibenedetto June 23, 2013 Abstract: The aim of this paper is to examine the compensation challenges within Owens & Minor and create a compensation strategy that will benefit not only the company, but the employee. With the constant change in today’s business world, to have a competitive advantage makes it difficult for employers to attract and retain the most talented employees. Identifying the company’s compensation strategy ensures the organization offers the right pay and manages the pay increases to retain top talents. When we hear the word compensation we think about compensating an employee for their work performed, but there…show more content…
Owens & Minor has always invested in the well-being of its teammates and the culture of this company is reflective of its mission, vision, and values. The organization believes that “teammates are the company’s greatest asset and the culture focuses on these things. First is letting teammates know that we care very much about them. When people know you care, they will move mountains for you. They will almost always strive to exceed your expectations. Second is letting teammates know they make a difference regardless of the position they hold in the company. If a teammate feels that what they do contribute to the success of the company, they are extremely happy and productive” (“Our Culture,” 2012). Many companies are cutting back to survive the constant changes of this economy and because of that employee compensation is challenging to provide an adequate amount that gives an incentive to the top talents. Within Owens & Minor incentives such as, a merit increase is one of the compensation programs designed to reward its employees for their performance, but there is an absence of reward for their progress because teammates are only awarded yearly on their anniversary date depending on the grade they receive. A teammate must receive a satisfactory or higher to receive a raise from the company during their appraisal as they reflect on their past achievements and weaknesses throughout the year. The lack of a compensating

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