Compensation and Benefits Strategy

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Wpnzc1

Business Finance

Description

Purpose of Assignment

The purpose of this assignment is to give learners experience developing a total rewards program. Please refer to the resources below to assist with the assignment.

Assignment Steps

Resources: Human Resource Management: Ch. 11; HR-Survey; human resources department for the organization you chose; Supplemental Resources.

Choose your organization or one you know well to use for this assignment. You may use the same organization you used Week 1.

Develop 1,225-word compensation and benefits strategy for the organization.

  • Discuss current trends shaping total rewards for employees in a business industry synonymous with your organization.
  • Evaluate current compensation plans for that industry.
  • Summarize your data in narrative and table format showing diverse levels of responsibility and compensation.
  • Evaluate the market data, job data, and organizational data.
  • Devise a total rewards strategy with recommendations for your organization.
  • Include in table format a list of the compensation components for your plan.
  • Develop a one-page survey you would use as a resource to collect information from employees about the rewards they desire in a reward package for employees. On your survey, include questions about financial rewards and non-financial rewards. Attach the survey as an Appendix. Do not administer the survey.
  • Include an analysis of legislation that may impact decisions made about compensation and benefits.

Format your assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

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Explanation & Answer

Attached.

Running Head: COMPENSATION AND BENEFITS’ STRATEGY

Compensation and Benefits’ Strategy
Name
Course
Tutor
Date

1

COMPENSATION AND BENEFITS’ STRATEGY

Employees, in exchange for the effort they put in getting results and increasing
the production output for their employing company, expect an attractive payment package to
encourage them to work harder and for their upkeep. Employees in the aerospace industry are no
exception. They are very much expectant of the total rewards given the effort that goes into
ensuring things run smoothly within that industry.
For employees to find peace and satisfaction at their places of work, several
things have to be met for work to carry as is expected. First of all, as told by employees
themselves, the monthly take-home is an important aspect based on the positions held. This is an
encouragement to them and it is behind the motivation they put in their daily tasks, therefore
affecting the production rates and results from the same (Laszlo, 2008).
Additionally, the quality of leadership and management within the company is
either a motivation or de-motivation for employees as the employee is only as good as the
employer. An employer with a heart of gold, willing to help employees learn and train the right
way encourages the company growth. Unfortunately, an employer who is not willing to add
value into the life of an employer with expectations of getting good returns could lose his
employees from the start. An employee is also encouraged once they are aware of career growth
in the right direction.
Another contribution to total rewards is flexibility in the way they work. Instead
of going the traditional way by having employees work only within the office environment,
when some tasks can also be completed from home, the employer could decide to be flexible as
long as deadlines are met in good time. This could also include having an extension past the
normal working hours which then could attract bonuses or incentives, which in return is

2

COMPENSATION AND BENEFITS’ STRATEGY
motivating to employees. This can also be based on the employee’s performa...


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