Company Should Institute A Market Competitive Compensation Program Essay

Company Should Institute A Market Competitive Compensation Program Essay

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1. Tomax Corporation has 400 employees and wishes to develop a compensation policy to correspond to its dynamic business strategy. The company wishes to employ a high-quality workforce capable of responding to a competitive business environment. Suggest different compensation objectives to match Tomax’s business goals.
The pay for performance standard is the first place a company should start. This would be a reflection of if you perform, then you are rewarded. This type of standard raises productivity and lowers labor costs due to only paying top dollar for the people driving and contributing to the organization. Included within this compensation strategy, the company should institute a market-competitive compensation program as well. Most employees believe that their compensation should be tied to the effort and results that they produce. A company needs to be careful and plan ahead when designing compensation programs such as these. They should focus more on a bonus type of structure versus just a merit increase. What results is, the high paid employee is paid well enough through...

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