Assignment
Overview
Write a 2-page analysis of 10 top employers based upon their compensation packages, and make recommendations of standards you think your company should follow when considering benefits and compensation packages.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
• Competency 1: Evaluate the components that comprise an effective total compensation program.
o Prioritize top employers based upon their compensation and benefits.
o Analyze characteristics of top employers for compensation and benefits.
o Explain recommendations for a company to follow to achieve excellence in compensation and benefits.
Context
Often the market will select a company's market position through word of mouth from current employees, former employees, or local press coverage through a best employer list. Taking a more proactive approach to managing a market position is the strategy of choice for most employers.
Tracking turnover rates, inflation, and economic indicators all play into the formula, as does a sense of the market and a company's image and reputation. The numbers and trends tell a huge story. Interpreting that story is the difference between a superior compensation plan and ineffective one.
Most would agree that a policy is effective if it meets the standard of attracting and retaining a desired staff, stays within the laws of the market, and does not wreak havoc on the bottom line. But, what of the individual? Should the employee's position be a factor in that equation? Should other outside, unsolicited opinions play a factor in the effectiveness equation?
How will you communicate your policy and standard to the employees of the organization? Will you make your message public to your consumer? These are the final questions that connect the complete package of managing compensation and benefits.
Questions to consider
To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
• In your opinion, why should organizations openly communicate their pay systems to their employees? What is an effective method to use to achieve this? Describe your experiences related to this and indicate whether you have worked in an environment in which pay systems were communicated effectively to the employees.
• For many people, today's pay issues have become synonymous with ethics issues. Where is the ethical bottom line in compensation policy? What would be an ethical standard or statement as a model for any company? Consider the global nature of our economy.
• Pay and bonuses are the things that get talked about most, yet they are also the things about which we are asked to keep quiet. If a total compensation policy is solid, why would you not want to be honest and tell your employees and customers exactly what you are doing?
• How much should managers communicate about the total compensation program of a company? Who should be included in that discussion? Clients? Shareholders? What do you think?
Suggested Resources
The following optional resources are provided to support you in completing the assessment or to provide a helpful context. For additional resources, refer to the Research Resources and Supplemental Resources in the left navigation menu of your courseroom.
Library Resources
The following e-books or articles from the Capella University Library are linked directly in this course:
• Giddens, T. (2011). 5 tips for clearly communicating employee benefits. The American City & County, 126(10).
• Lovewell, D. (2011). A totally rewarding strategy. Corporate Adviser, 39-42.
Course Library Guide
A Capella University library guide has been created specifically for your use in this course. You are encouraged to refer to the resources in the BUS-FP4043 - Compensation and Benefits Management Library Guide to help direct your research.
Bookstore Resources
The resources listed below are relevant to the topics and assessments in this course and are not required. Unless noted otherwise, these materials are available for purchase from the Capella University Bookstore. When searching the bookstore, be sure to look for the Course ID with the specific -FP (FlexPath) course designation.
• Newman, J. M., Gerhart, B., & Milkovich, G. (2017). Compensation (12th ed.). New York, NY: McGraw-Hill.
Instructions
Research any one of the top employer lists frequently posted by top news publications or industry journals, which you can search for using the Internet. Once you have found the information, complete the following:
• Read the top 25 employers on the list.
• Note how many of these employers made the list because of their compensation and/or benefits policies, and also note the specific compensation-related policies that were mentioned.
• Log which policies were mentioned.
Based on your research about top employers, prepare an analysis of your findings in a report that includes the following:
• Prepare a chart listing at least 10 of the top employers, their ranking on the list, and the compensation or benefit that was cited as a reason for being a top employer.
• Next, review your list of employers. Can you make any determination from that list? Is there a pattern that makes for a top employer in compensation and benefits? What characteristics do you view as being more important than others?
• Conclude with a recommendation for your current or desired HR manager. Explain what standards you think are critical to becoming recognized as a top employer with excellent compensation and benefits policies. In other words, create the standard you think your company should follow. Justify your recommendations.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.