Essay on Rwt1 Wgu Business Report
2499 WordsJul 3, 201310 Pages
Business Research Report
Evaluating Compensation Strategies
Assessment Code: RWT1
Table of Contents
Executive Summary……………………………………………………………………… 3
Introduction……………………………………………………………………………… 4
Research Findings……………………………………………………………………….. 4 Finding Number 1……………………………………………………………….. 4 Finding Number 2……………………………………………………………….. 5 Finding Number 3……………………………………………………………….. 6
Recommendations………………………………………………………………………. 7
Conclusion………………………………………………………………………………. 7 References………………………………………………………………………. 9
Executive Summary
Within this business report, I have analyzed three different employee compensation strategies that I feel could be well executed within our organization. Employee compensation is key to…show more content… My research below will start with salary compensation which can easily be defined as a set monetary amount that an employee receives for the work that they do based on their specific job classification/coding only. I’ll follow that with performance-based compensation which pays and rewards employees based on their individual performance which allows for individual growth. Lastly I’ll provide research on longevity pay which focuses on additional pay or wage adjustments based solely on an employee’s length of service. It is crucial to understand each of these strategies and how they will impact our organization if they were to be implemented.
Research Findings
I’ve completed extensive research on various compensation strategies within similar types of organizations and have arrived at three specific strategies that our organization should consider adopting: · Salary Compensation · Performance-Based Compensation · Longevity-Based Compensation 1. Salary
General salary compensation refers to an amount of money that you pay an employee for the work they do without consideration for quantity or quality of the work performed (Entrepreneur Media, Inc., 2013).
By law, employers must compensate employees for work that is completed. If an employee is compensated by a salary, employees are compensated differently from those that may have an hourly compensation rate. Employees that are hourly employees get paid