Assignment: Compensation Philosophy
Evaluate the current compensation philosophy for your organization or an organization of your choosing (from a third-person perspective). Write a 3 to 5 pages paper. In addition to the introduction and conclusion, your paper should address the following:
a. Evaluate the organization's current compensation philosophy and propose ways to enhance or revamp the current compensation philosophy to meet the changing needs of the organization and its employees.
b. Examine key factors within the internal and external environment including the mission and strategic focus of the organization, as well as the financial and cultural aspects of your organization (i.e., they cannot have a compensation philosophy where they "lead" the market if the organization does not have the financial resources) that should influence this philosophy. The proposed philosophy itself should be no more than a short paragraph.
c. Identify the key factors that should contribute to the organization's development based on your proposed organizational philosophy.
Remember to write from a third-person perspective. Do not include wording like "my company's philosophy is ..." Instead include wording like "XYZ Company Name's philosophy is ..." Remember to write about the company and the company's philosophy; do not refer to you or your connection to the company.
In addition to the text, cite at least two scholarly references to support your discussion.
Textbook: Martocchio, J.J. (2017). Strategic compensation: A human resource management approach (9th ed.). Pearson.
Format your assignment according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.