Rwt1 Research Paper
Business Research Report
Compensation Strategies
Presented to: Management
Assessment Code: RWT1
Table of Contents
Executive Summary 3
Introduction 4
Research Findings 5
Performance Based Pay 5
Salary 6
Longevity Pay 7
Recommendations 8
Conclusion 8
References 9
Executive Summary
This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards it's employees for the work they do for us each and every day.
Performance based pay is a widely popular approach to compensation where the employers pays the employee based on their job performance. This gives the employees control of how much they make and inspires them to do their best work on a daily basis to maximize their own income. With high productivity and quality performance employers are able to become more competitive and increase profit.
Salary is an easy and constant way of paying the employees of this company. This is a set wage that employees will earn based on their job description. This wage will not change based on their merit or seniority. The stability of this compensation system appeals to employees as they always are aware of how income they will receive. But it also has very little room for growth and opportunity for the employees.
The last form of compensation we can consider for our employees as a company is longevity pay. This is compensation based on the employee's seniority, length of service, or tenure. This can be in the form of annual bonuses on their employment anniversary date, or monthly amounts added to their checks. This provides the employees with motivation to continuing their career and employment with the company.
My final recommendation for the
Compensation Strategies
Presented to: Management
Assessment Code: RWT1
Table of Contents
Executive Summary 3
Introduction 4
Research Findings 5
Performance Based Pay 5
Salary 6
Longevity Pay 7
Recommendations 8
Conclusion 8
References 9
Executive Summary
This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards it's employees for the work they do for us each and every day.
Performance based pay is a widely popular approach to compensation where the employers pays the employee based on their job performance. This gives the employees control of how much they make and inspires them to do their best work on a daily basis to maximize their own income. With high productivity and quality performance employers are able to become more competitive and increase profit.
Salary is an easy and constant way of paying the employees of this company. This is a set wage that employees will earn based on their job description. This wage will not change based on their merit or seniority. The stability of this compensation system appeals to employees as they always are aware of how income they will receive. But it also has very little room for growth and opportunity for the employees.
The last form of compensation we can consider for our employees as a company is longevity pay. This is compensation based on the employee's seniority, length of service, or tenure. This can be in the form of annual bonuses on their employment anniversary date, or monthly amounts added to their checks. This provides the employees with motivation to continuing their career and employment with the company.
My final recommendation for the
References: Abernathy, William B., Ph. D. (2004). debwagner.info. Retrieved from http://debwagner.info/hpttoolkit/pfp_hpt.htm Department of workforce development Dorf, Paul R. (2011). Would performance-based compensation improve your workforce?. Retrieved from http://www.compensationresources.com/press-room/would-performance-based-compensation-improve-your-workforce-.php Grace, Natalie Heathfield , S. H. (2009, March 26). About.com. Retrieved from http://humanresources.about.com/od/glossarys/g/salary.htm Martinovic, S Pinto, J. (2003). Performance-based compensation. Retrieved from http://www.jimpinto.com/writings/compensation.html Richter, Gena uslegal.com. (2002). Retrieved from http://definitions.uslegal.com/l/longevity-pay/ Willsey, Marie