Fastcat Pay Strategy Essay

Pay Strategy Alternatives:
In order for FastCat to meet its objectives and increase its performance, it is important for
FastCat to attract and retain top-notch employees. The three main areas that require consideration in designing the right compensation system for FastCat include pay level, pay mix, and the integration of FastCat’s internal and external structures.
Pay Level:
One consideration which must be made in order to select the best compensation system for FastCat is how much FastCat should pay to each of its employees in salaries and wages and how FastCat’s employees are compensated in relation to employees in other companies in its labormarket. A few alternatives that FastCat has in pay-level policies include a pay-withcompetition policy, a

There are several types of pay mix policies which include performance driven, market match, work/life balance, and security. The performance driven pay mix policy focuses largely on compensating employees with benefits, bonuses, and stock ownership programs and less on base pay. The performance driven pay mix policy would work great with a company that is fairly new and has the potential to generate more profits in the long run. The market match pay mix policy matches what the majority of competitors are paying and focuses largely on base pay along with benefits and less on incentives and stock options. The market match pay mix policy would work well with a typical company that has existed for a while and generated a steady amount of revenues. The work/life balance pay mix policy focuses a large amount on benefits and less on stock options, bonuses, or base pay. The work/life balance pay mix policy would work well with a company who could offer its employees several