Operation Retain Case Study

How this system works is employees are paid a standardized salary which entitles extra benefits and or bonuses on the side. The main focus of benefits is to focus on stability, health, wellness, and lifestyle. These benefits are there to make the employees life’s more comfortable and enjoyable, not necessarily cash incentives. However, there are cash incentives offered as-well. Incentives are the drivers of employee performance, as short term incentives are cash bonus based on performance, or rather long term incentives being stocks in the company you work for. How we will implement this is through transferring your average paycheck to a salary. Meaning a 40-hour work week at 11.40 is $456 a week before deductions. The math equates to a base salary of 21,888. From there employees will be able to receive benefits or incentives based upon work efficiency. We will have assigned goals to achieve by set deadlines to determine employee efficiency. All employees in this system are inclined to do more work at a more efficient rate since they are now being rewarded further than their salary or prior their hourly wage. This business function being salary based with incentives and bonuses will take a greater toll on management. Management will be deemed in charge of bonuses and benefits. It will be their responsibility to determine whether said employee deserves certain benefits or certain incentives based on their work efficiency. As management takes on a heavier role in the company it is better for the greater good and is a sacrifice they will have to be willing to

Each employee will be paid based on their capabilities rather than on the characteristics of their job. This will provide an incentive for employees to develop their skills and move into other roles.

One of the important aspects of business management is having a proper compensation system. Compensation ensures that the staff of the company obtains the results of their efforts. Compensation is a cost to the enterprise and, therefore, a proper remuneration model must demonstrate its ability to produce returns. Also, since compensation is what the employees get in exchange for their services, the type used must be one that will motivate the employees (Belcourt & McBey, 2015). Henderson printing company is a mid-level company. Therefore, it requires a very critical remuneration system that will help it to survive. This memo explores the compensation models that Henderson printing operates as well as suggests the necessary changes.

From a total rewards perspective, the reorganization allowed the company to develop ways to improve the satisfaction of its employees. Linking pay to performance and other compensation incentives was an asset when recruiting talented technology professionals to come in and build

carefully planned out and considered, the total closure or failure of the organization could be at hand in the near future. In our modern age, employers know that salary is not the only factor that should be considered and that salary alone will not lead to better or more highly profitable workers alone. This is why compensation planning is important and why pay should have some connection between performance and compensation. This is why the human resources department should consider many monetary and non-monetary factors when considering how to properly compensate and motivate employees (Dessler, 2013).

Feedback was provided to assist you in maximizing points earned on this final paper. To properly complete this final project, you must include the feedback provided to apply to this final paper. The purpose of this assignment is to apply your critical thinking skills in completing the employee process from job analysis to compensation based on performance. You are now going to make compensation decisions.

The challenges of an organization can influence the performance of an organization from a satisfaction with pay (Gomez-Mejia, Balkin, & Cardy, 2016, p. 296). The employee salary within an organization is a huge cause for turnover of employees (p. 296). First, the topic of employee salary is of great importance for the current and potential workforce (Lee & Lin, 2014, p. 1577). In addition, employees that have the perception on receiving lower compensation that others within their market will lack in performance and have a desire to leave the organization (p. 1577). In retrospect, the regular evaluation of compensation within the organization is vital to the reduction of employee turnover (p. 1577).

Thus, employers must know how the compensation they offer for critical positions differs with compensation for similar positions at other organizations in the market. Therefore, if an organization is recognized to be a great place to work in terms of factors such as training, resources, technology, work environment, staffing, and scheduling, the organization may be able to pay less than its competitors do within an acceptable range. However, if competitors are viewed more favorably as an employer, on the other hand, the organization will need to use compensation as its strength. Although, any strategy based solely on compensation will not succeed in the long run because a successful strategy combines market-rate compensation and a work environment that is competitively distinguishing and unique (Gering & Conner,

The intent of this assignment is to develop a user-friendly tool that may be applied in the workplace to document Compensation processes and to guide a practitioner in completing the critical steps of each process. The purpose of this assignment is to assist in describing each component of a compensation management system, to develop a practitioner's guide for several of the key compensation management tasks covered in HR511 Total Rewards.

A well-articulated compensation philosophy drives organizational success by aligning pay and other rewards with business strategy. It provides the foundation for plan design and administration and anchors current and future plans to the company's culture and values (Kaplan, 2006, p.32). Recognizing and rewarding achievement is the cornerstone of the company A’s compensation philosophy. The mission of the company is to attract, select, place and promote all individuals based on their qualifications. The company believes that performance-based compensation helps attract, develop and retain talented professionals. In addition to base pay which based upon local market conditions and targeted to be above market, the company provides the following types of potential compensation to reward performance:

This paper will examine setting the stage for strategic compensation and bases for pay. There are three main goals of compensation departments: internal consistency, market competitiveness, and recognition of individual contributions. Internally consistent compensation systems define the relative value of each job among all jobs within a company. (Martocchio, pg. 22, 2011) With this system companies want employees to be paid more based on their qualifications and responsibilities. They believe someone with less experience should be paid differently. To determine such evaluation companies use job analysis in order to provide job descriptions. The job evaluation is to determine pay according to a particular position. Market-competitive

The timeline to implement a transformation to the incentive plans and evaluation structure is dependent on the actual payout and raise period of the company. At Aristocrat, bonus payments and the effective date of pay raise is in December. Furthermore, a mid-year review is conducted at the end of June. Therefore, it is imperative that the planning phase for modifications initiate directly after the completion of the evaluation period so that it does not cause additional issues to the existing processes. After the planning how the changes will be rolled out, the Human Resource department will have to go through an approval process to obtain buy-in from senior management. At that point, they should begin constructing the documentation and processes

They are thinking of implement a strategic compensation plan as well as various other options that will allow its organization to focus on its strategic objectives and develop a comprehensive plan, considering base pay, short- and long-term incentives, benefits and growth opportunities. This kind of planning helps ensure that the compensation system will support the organization's long-and short-term objectives without overlap, which would have more than one pay plan driving the same objectives. The ultimate objective of this process is to ensure that the compensation system and other important facets attract and retain the desired employees and that it motivates them to do those things that support the business plan.

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

Holland Enterprises is on a new strategic direction, to attract and retain the most talented employees and to reduce turn over. Human resource department has came up with a new compensation plan. In the propose compensation and benefits system plan , I will explain a new compensation plan for Holland Enterprises, also I will explain the components of the compensation and benefit system plan in order to attract and motivate employees to be productive . In order for the compensation and benefits system plan to be operational, the package should include a necessary level of compensations to fulfill basic needs, equity with the external labor market, equity within the organization (Henderson, 2006).