Rwt1 Compensation Strategy Essay

carefully planned out and considered, the total closure or failure of the organization could be at hand in the near future. In our modern age, employers know that salary is not the only factor that should be considered and that salary alone will not lead to better or more highly profitable workers alone. This is why compensation planning is important and why pay should have some connection between performance and compensation. This is why the human resources department should consider many monetary and non-monetary factors when considering how to properly compensate and motivate employees (Dessler, 2013).

I chose three jobs of COO (Chief Operating Officer), HRIS (Human Resource Information Systems) Manager, and Customer Service Representative, and I studied these three jobs’ salary in Boston MA. COO is paid the highest, its median annual salary is $455,864. Then is HRIS Manager with a median annual salary of $113,583. Customer Service Representative gets the lowest payment, $35,250 as a median annual salary. This rank is exact what I expected, because COO requires much higher educational level and years of experience than the other two, and Customer Service Representative is only an entry level job.

For the most part, a company’s compensation policy aims to ensure that employees are compensated in a fair and competitive manner. However, the compensation objectives employed by different companies can vary widely. This is especially true when taking into account wages vs. skills, competitor salaries, pay-for-performance, and other elements of compensation, like overtime, incentives, etc. (Snell, Morris, & Bohlander, 2015).

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

There are several advantages to using a total rewards approach to compensating the workforce. The top five are described in the text. The following paragraphs discuss the facets of the Geico total rewards program that align with these advantages:

The reading course material required for this class, and the information reviewed throughout the course are the foundation for the content of this Guide. Each of the five key compensation processes will be reviewed in the context of:

2. Formulate a total rewards strategy to encompass the fundamentals of compensation and the regulatory environments.

The key components to developing effective Reward Strategy is to ensure that there are clearly defined goals to meet business objectives, that the reward programme meets the needs of both the organisation and its employees, and to ensure that this is then supported by effective HR policies. In order to ensure these criteria are met there are a number of factors which influence how reward strategy is developed which include both internal factors within the organisation itself, as well as external factors outside the organisation.

The six features of an effective total rewards program include: focusing on alignment, taking the employees views into account, measuring / managing costs, the greater use of incentive based pay, having effective communication / education and managing the reward program. The combination of these factors is helping firms to more efficiently monitor the sales force.

This paper will examine setting the stage for strategic compensation and bases for pay. There are three main goals of compensation departments: internal consistency, market competitiveness, and recognition of individual contributions. Internally consistent compensation systems define the relative value of each job among all jobs within a company. (Martocchio, pg. 22, 2011) With this system companies want employees to be paid more based on their qualifications and responsibilities. They believe someone with less experience should be paid differently. To determine such evaluation companies use job analysis in order to provide job descriptions. The job evaluation is to determine pay according to a particular position. Market-competitive

Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.

Our team was commissioned to perform a salary survey for the leadership and membership of the APICS. We surveyed a sample of the APICS and received responses from 1,973 members on their individual compensation and the demographic and business factors that may have an impact on that level of compensation. The demographic factors surveyed included: age, gender, years of experience, education, and certifications. Business factors included the job type, the level of each member’s managerial responsibility, and number of employees in each responder’s company. We will present a summary of the survey results as well as a recommendation for consideration. Tables to support the analysis are referenced in the summary and can be

Compensation and Benefits: This requires analytical, negotiation and problem solving skills to assess the overall package in relation to industry norms and present insights to management.

- Is there a good balance between fixed and variable pay, short and long-term objectives?

The purpose of this report is to determine a company’s optimal managerial strategy, and analyze and critique the ‘fit’ of an organization’s compensation and rewards strategy with their optimal strategy. The employer selected for this report is Four Seasons Hotel Limited.