SLIDE 3 Compensation Strategy Essay

SLIDE 3: Compensation Strategy – is a guide used to manage employee salaries and benefits, furthermore motivate employees and appeal to new hires.

The purpose of the program is to encourage staff to achieve maximum performance and to reward them based on the attainment of specified goal levels (Mack, 1993, pg 38+).

SLIDE 4: Compensation Philosophy – is a company’s commitment to how it values employees in regards to compensation. The goal is to attract, retain, and motivate employees.

People want more than pay from the place they work; they want a rewarding work experience, a reward solution to emphasize incentives for everyone in the workforce to keep people focused on business results (Zingheim & Schuster, 2000, pg 15).

SLIDE 5: Incentive

They want their employees to grow and excel to become greater assets for the organization

SLIDE 8: Types of Incentives

• Rewards

• Bonuses

• Merit pay

• Skilled based pay

• Training and Education

SLIDE 9: How it will motivate employees – employees are motivated by monetary incentive.

The program will enhance the interest of the employees and push them to work harder.

Real-time feedback will allow them to set goals and receive continuous feedback from their managers to help them meet those goals and receive incentives.

Employees can motivate each other through this plan, if several employees are performing at high levels and receiving incentives, it motivates others to compete at the same level to receive the same incentives as their co-workers.

SLIDE 10: Fairness of pay structure

The Incentive Compensation plan will be available to all employees making it fair across the board.

There will be a set dollar amount imposed; therefore employees will be paid the same amount

If our employees are putting in the hard work to make the organization successful, they will have the opportunity to be recognized for those