Attracting and retaining the most talented employees is essential for long-term organizational success. An important component to attracting and retaining such employees is the design and implementation of an effective compensation and benefit system.
Assume the role of a highly regarded human resource consultant hired to review, analyze, and revise the compensation and benefit system utilized by your city�s largest employer, Holland Enterprises. The firm employs 3,500 employees, but since 2007 has lost 25% of its staff. Exit interviews indicate the primary reason a majority of these employees have resigned is because of a compensation and benefit system that is perceived to be unfair and uncompetitive in the marketplace.
Present to the management a revised compensation and benefit strategy. Your proposal should include a discussion of:
�How an effective compensation and benefit system contributes to organizational effectiveness.
�The principle components of your revised compensation and benefit system for a large-scale organization as well as a recommendation for each component.
�A convincing argument to the already skeptical top managers of this organization to increase their compensation and benefit expenses.
At a minimum, your compensation and benefit system would include the following components:
�Compensation and benefit philosophy
�Pay structure architecture (pay grades, pay ranges, and pay width)
�Ratio of base pay to incentive (bonus) pay
�Emphases on external equity or internal equity
�Principle type of benefits to include (example: deferred compensation match, health insurance, vacation and sick leave, etc.)
�Must utilize a minimum of four scholarly references
No comments:
Post a Comment