Business Finance
BHR3352 Columbia Southern Compensation Purpose and Strategy Document

BHR3352 Human Resource Management

Columbia Southern University

Question Description

Compensation Purpose and Strategy Document

The purpose of this assignment is to choose a compensation philosophy that is appropriate for your chosen firm and articulate a rationale for this selection. There are two aspects to this assignment. First, describe the risks and benefits with leading, meeting, and lagging the market in overall compensation and benefits. Next, choose the appropriate strategy (lead, meet, or lag) for your firm, and provide rationale about why this is appropriate. There is a minimum requirement of 500 words for the compensation purpose and strategy document. Consider some of the following factors in your assignment: 1. Payroll expenses are usually the highest expense at most firms. If you lead the market, this expense can be taxing. 2. If you are pursuing top talent in human capital rich industries (e.g., software engineering), lagging the market may keep you from competing for market share against your competitors. 3. If you meet the market, paying average will generally not attract top talent, and in addition, you will not have the labor-cost savings of a lag-the-market strategy. Any sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations in APA format.

Final Answer

Hey buddy. Please find attached. In case you need any edits, feel free to ask.

Running head: COMPENSATION STRATEGIES

Compensation Purpose and Strategy
Name
Institution
Instructor
Date

1

COMPENSATION STRATEGIES

2

Compensation Purpose and Strategy
When deciding on a compensation strategy that can be applied by any organization,
decisions should be informed by whether the chosen strategy is one that can maximize on the
company capability in attracting and retaining its best talent and best-qualified employees.
Additionally, remuneration should not only be competitive but also be within the abilities of the
said organization (Anthony, Perrewe, & Kacmar, 1993). Various approaches have been
suggested for guiding companies on the right strategy, one that can work well with the given
organization. It may be achieved by analyzing how similar organizations are compensating and
then use the information as a baseline; there are also professionals that can be consulted on the
same, and developing pay packages which are informed by the marketplace rates (...

Alphabet (20544)
UT Austin

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