Assignment Overview:
To understand how to design a comprehensive compensation strategy, you will apply your learning to the selected case study.
Instructions:
Continue using the same company from Case Study 1 and 2 analysis.
- Record your name, the date, and the company name you have chosen for your case study on the title page of your paper.
Take time to read and review Chapters 9-13 to answer these questions.
Answer the following questions for the case study you have chosen. Read all aspects of your case study carefully. Please make sure you address each question thoroughly and clearly. Each question should be at least 2-3 paragraphs to illustrate your understanding. Review the grading rubric before writing your paper.
Review the answers you have already provided to each of your assignments for your case study. Consider how you answered the questions regarding your business strategy, your compensation objectives, your company's values, the factors that shape your company's external competitiveness, and your competitive pay policy, as well as your internal pay structure and hierarchy. You have essentially begun the process of designing your company's total compensation policies.
With the information you have already built about your company, answer the following questions to complete your total rewards design:
1) What behaviors do you want to reinforce in your company? Why are these behaviors important? How will you link behaviors to performance?
2) What type of pay mix would you design for your company?
a) Discuss base pay increases (merit, COLA, promotions) that would best fit your company. What (if any) would you implement and why (How will this improve performance)? What are the implications for the company and its ability to pay?
b) Discuss individual variable pay incentives that would best fit your company. Be specific. What (if any) type would you implement and why (How will these incentives improve performance)?
c) Discuss team incentives that would best fit your company. Be specific. What (if any) type would you implement and why (How will these incentives improve performance)?
3) What type of performance appraisal would best fit your company and why?
4) What benefits would be important to your employee population? What and how would you offer them and why?
5) What other total rewards strategies would you like to implement in your company that have not been identified above that would best fit your unique organization?
Requirements:
- Submit a Word document in APA format (double spaced with references and APA in text citations).
- Maximum 6 pages in length, excluding the Title and Reference pages.
- At least two resources.
Be sure to read the criteria below by which your work will be evaluated before you write and again after you write.