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 recognizing and rewarding our employees for their performance and contributions to the overall company’s success. Because it is a signficiant factor, we need to carefully evaluate the three options in my report.…
"Use Compensation Strategy as a Tool to Motivate Your People." Strategic Human Resource. SBI, n.d. Web. 20 Oct 2012. .…
1. Which of the following is not one of the steps in planning and strategic management?…
The base salary of the employees should have been based on external market data. The incentive program should have been focused on aligning the reward system to the company goals. The employees should be measured on overall performance on different tasks with minimal performance targets. This will help motivate employees and will not compromise with the quality of the products. Supervisors and managers should receive compensation with a long term equity incentives (stock), offered after 2 years employment. The compensation mix strategy should have been used.…
References: Henderson, R. I. (1998). Compensation management: rewarding performance. ( 2nd Ed.). Reston Pub. Co.…
Increasing organizational productivity is important to any organization. “Managers know that simply paying employees more will not result in increased output and improved quality. They frequently find that employees who are overpaid or highly paid relative to others doing comparable work are sometimes less productive than their lower-paid peers or counterparts…Organizations realize that if they are to be more competitive, they must change this “I’m owed it” mentality to an “I earned it” mentality. A major opportunity available to organizations to bring about this change in attitude is to reduce the fixed part of compensation packages and increase the variable part. The variable components consist of all short- and long-term incentives and awards. The kind and amount of incentives and awards must be linked directly to desired employee behaviors, contributions, or results achieved. These incentives and awards comprise a pay-for-performance program “(Henderson, 2006). In other words Holland needs to have a system in place that rewards employees fairly while exciting them to provide the very best customer service to meet the demand of the business. “ Through the use of a fair and stimulating compensation system, Holland Enterprises can motivate their employees to complete their assigned tasks at the standards expected and in return the employee is compensated with a…
for the employees that are suitable for their employees. The laws of benefits and pay…
The manager and team leaders will be communicating with employees on a daily basis to keep them informed of the reward system's details and deadline that they will be required to meet. Employees will be shown respect at all times and encouraged to work harder, at no time will an employee be disrespected because of his/her level of work productivity. Praise and recognition will be the priority of manager when it comes to motivating the employees. Each employee will receive both verbal and written praise from the management team. Managers are expected to do their part with working towards the goals of each department also; no one will be exempt from the rewards program do to unfair treatment within the departments. The managers are expected to conduct themselves in a professional manner at all times, regardless of their feelings toward an individual employee. Any manager who is found to be bias or giving special privileges to an employee will be held accountable for his/ her actions including but not limited to suspension and or termination. Any employee who engages in unprofessional work ethics will be held accountable to his/her actions including but not limited to suspension and or termination. This reward system will be conducted in a honest and…
Compensation and benefits concerns are very important to employees and employers. A lot of the top performing employees are drawn by successful organizations, as well as the organization providing a detail compensation and benefit plan. Now it is time to focus on the performance management structure that will help you succeed in your business. In this document I will focus on different aspects that will help you launch a well-done performance plan. This plan will also help you increase the performance of your associates and prevent a high turn over.…
Traditionally, all incentive plans are “pay-for-performance” plans. They pay all employees based on the employee’s performance (Dessler). Compensation is a primary motivator for employees. People look for jobs that not only suit their creativity and talents, but compensate them both in terms of salary and other benefits accordingly. Compensation is also one of the fastest changing fields in Human Resources, as companies continue to investigate various ways of rewarding employees for performance. It is very important for organizations to make sure that the incentive plans are well structured to need the needs of the employee and in return make the organization profitable. Giving incentive pay to employees that has not earned them destroys the motivation and moral of employees which leads to less productivity. Thanks to public outcry, shareholder outrage, and increased government scrutiny, companies are making some adjustments to their executive incentive programs. At the very least, it gives the appearance of linking pay to performance.…
First, the rewards part is not big enough to attract employees’ attention. All we can see from the case is to give employees points and small percent of salaries. The reward should not limit in monetary reward, if an employee does a great job, manager can increase his/her salary, give monetary reward and promote him/her.…
This new proposal for a new compensation plan will include opportunity to grow, flexible hours to accommodate to their personal needs and employee recognition program (Recognition Rewards Enterprises, 2011). This program will boost employee productivity, decrease the employee turnover, retain qualified employees, and encourage company loyalty. This incentive plan will boost employees motivation, grow, and productivity. This will benefit the company by…
One of the things that Peter learnt after he joined to Hi Tech systems was the importance of having good personal contacts within the company. Peter must follow the competence development of his employees, also all employees should carry out performance management discussions with their superiors. Peter believe that the compensation system work well for China giving to employers a package of bonuses if they fulfill well the tasks. Peter wanted to sent employees clear message that their performance equals what they deliver.…
We had been opt-'fating our company like a family, but maybe we're too big to opemte Ihat way. I think some of our people have gotten lazy, and ourperfonn· anee has suffered. That is why r asked for Ihe design of a new ineentive .compensation plan. We need !O be more compelitive to survive. I Want OUf people to focus on what they can do to imp. ove .company r perfollllanee, and if we're successful, I am quitt willit;lg to share a good proportion of the pro.ceeds of our success.…
After implementing this incentive program production employees complained that the reason of this problem is the slowness of other departments, and also 60% production employees were complained their objections through their Trade Unions. After that TUs called a meeting to its members. 60% employees said that this is not an incentive scheme but just another way of exploiting labor and they suggested a TU action. Then TU representatives met management and informed them that this incentive scheme is not lucrative or equitable. But management said that if they are not in a position to carter to this increase in order in the future, they are in for a heavy loss and as a result they might even consider an employee redundancy plan also. After this meeting trade unions requested some conditions also.…