Mantis Enterprises Compensation Options
Business Research Report
Mantis Enterprises Compensation Options
Assessment Code: RWT1
Student Name:
Student ID:
Date: 2/17/2014
Mentor Name:
Table of Contents Executive Summary ....................................................................................................................................... 3
Introduction .................................................................................................................................................. 4
Research Findings ......................................................................................................................................... 5
Performance Based Bonus System ........................................................................................................... 5 …show more content…
It provided financial flexibility and allows for a stronger connection between management and employees. In order for it the program to flourish, the bonus amounts must be substantial enough to keep employees interested.
The final compensation package considered was the tuition reimbursement program. We found that the retention rate is high during the times in which the employees are utilizing the program.
It could provide a more professionally mature workforce, but would need regular review.
After reviewing the research, we have decided that the spot bonus system is the best fit for the company, as it allows for the most financial flexibility and still carries the potential to satisfy employees enough for retention.
We recommend three action items for the company to get started:
- Financial review: determine funds the company can allocate to the program
- Management training: develop guidelines and train managers to run the program
- Quarterly reporting and evaluation: ensure the program is running efficiently
We strongly believe that this plan will aid the company in achieving a higher rate of employee retention while remaining financially stable during our growth …show more content…
Given its popularity, it was imperative that a thorough study of a performance based bonus system be considered. Likewise, with a tuition reimbursement program, it is becoming increasingly popular among firms and we performed our due diligence by researching it. Both systems serve other firms well under certain circumstances, however, at this time it is decided that the spot bonus system will be a better fit for Mantis Enterprises. Because we are in a growth phase, we need absolute flexibility in our compensation package, and the spot bonus system provides this for us.
We believe that spot bonus system will benefit the company in many ways. Because of the
Company’s high rate of employee turnover, it was apparent that compensation above regular salary was needed in order to retain employees. The spot bonus system, if executed properly, will help to keep employees happy and will reduced the amount of turnover. This will lower recruiting, hiring and training costs. It is also a superior choice compared to other researched options for its financial flexibility and capacity to grow and change with the company.
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Mantis Enterprises Compensation Options
Assessment Code: RWT1
Student Name:
Student ID:
Date: 2/17/2014
Mentor Name:
Table of Contents Executive Summary ....................................................................................................................................... 3
Introduction .................................................................................................................................................. 4
Research Findings ......................................................................................................................................... 5
Performance Based Bonus System ........................................................................................................... 5 …show more content…
It provided financial flexibility and allows for a stronger connection between management and employees. In order for it the program to flourish, the bonus amounts must be substantial enough to keep employees interested.
The final compensation package considered was the tuition reimbursement program. We found that the retention rate is high during the times in which the employees are utilizing the program.
It could provide a more professionally mature workforce, but would need regular review.
After reviewing the research, we have decided that the spot bonus system is the best fit for the company, as it allows for the most financial flexibility and still carries the potential to satisfy employees enough for retention.
We recommend three action items for the company to get started:
- Financial review: determine funds the company can allocate to the program
- Management training: develop guidelines and train managers to run the program
- Quarterly reporting and evaluation: ensure the program is running efficiently
We strongly believe that this plan will aid the company in achieving a higher rate of employee retention while remaining financially stable during our growth …show more content…
Given its popularity, it was imperative that a thorough study of a performance based bonus system be considered. Likewise, with a tuition reimbursement program, it is becoming increasingly popular among firms and we performed our due diligence by researching it. Both systems serve other firms well under certain circumstances, however, at this time it is decided that the spot bonus system will be a better fit for Mantis Enterprises. Because we are in a growth phase, we need absolute flexibility in our compensation package, and the spot bonus system provides this for us.
We believe that spot bonus system will benefit the company in many ways. Because of the
Company’s high rate of employee turnover, it was apparent that compensation above regular salary was needed in order to retain employees. The spot bonus system, if executed properly, will help to keep employees happy and will reduced the amount of turnover. This will lower recruiting, hiring and training costs. It is also a superior choice compared to other researched options for its financial flexibility and capacity to grow and change with the company.
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