Rwt1 Compensation Strategy Essay

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Business Research Report Compensation Strategies ABC Manufacturing Presented to: Western Governors University Assessment Code: RWT1 Table of Contents Executive Summary 3 Introduction 4 Research Findings 5 Market Based Pay Structure 5 Traditional vs. Broadband Strategies 6 Total Rewards Strategy 7 Recommendations 8 Conclusion 9 References 10 References (continued) 11 Executive Summary There are three compensation strategies that we looked at in depth within this paper. 1) Market Based 2) Traditional vs. Broadband 3) Total Rewards…show more content…
3. Total Rewards Strategy – This structure is very complex, yet comes with a lot of flexibility to allow for growth and internal satisfaction. The pitfalls with this structure come with the implementation, which could be treacherous and difficult to convey to our employees. The strategy that we choose should be: o Equitable o Perceived as fair and we should be able to defend our position o We should be able to afford the compensation plan o Legal o In line with our policies and culture Research Findings While gathering the research for this paper I came across numerous compensation strategies. As with anything in life, we find a lot of possibilities, however there were three main structures that jumped to the forefront. 1) Market Based Pay Structure 2) Traditional Strategy vs. Broadband; these two are similar in design (which is why we must look at these two side by side) in some areas and have major differences in others 3) Total Rewards Strategy. Let’s take a look at all three in depth. Market Based Pay Structure In today’s current market, according to the salary structure survey performed by WorldAtWork and Deloitte Consulting LLP (October 2012), the

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