The 's Compensation System, A Dual Structured, Job Based Plan

1529 WordsDec 1, 20157 Pages
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. In Phase II of FastCat’s compensation system, a dual focus on the base pay and providing incentives for their employees was recommended. It is ideal for FastCat to match the market to maintain their competitiveness. This pay policy is most suitable because it will maximize FastCat’s ability to attract and keep good employees, while still being within the company 's ability to pay its expenses. Also, this pay structure will link pay to performance. This will assist FastCat with improving their employee engagement, motivation, rewarding performances, and increasing productivity. Balancing the profitability of the company with the pay structure of their employees will greatly regulate the future success of FastCat. Strategy on External Competitiveness The overall compensation strategy for FastCat consists of three aspects: pay level, pay mix, and how to integrate internal and external structure. The pay level generally refers to the average pay of the entire company. The choice

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