Compensation Plan Outline

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Business Finance

Compensation Management BUS409

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Using the same company you researched in Assignment 1, evaluate the company’s compensation plan to determine how it could be improved. Write a six to eight (6-8) page paper in which you: 1.Evaluate the existing compensation plan to determine if it is the most appropriate for your company. Explain your rationale.. 2.Determine the most beneficial ratio of internally consistent and market consistent compensation systems for the company you selected.. 3.Evaluate the current pay structure used by your company and assess the recognition of employee contributions.. 4.Make two (2) recommendations for improving the effectiveness of the discretionary benefits provided by the company you selected.. 5.Evaluate the types of employer-sponsored retirement plans and health insurance programs provided by the company you selected and compare them to that company’s major competitors.. 6.Use at least three (3) quality references. Note: Wikipedia and other websites do not qualify as academic resources.. Your assignment must follow these formatting requirements: •Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.. •Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.. The specific course learning outcomes associated with this assignment are: •Evaluate the effectiveness of traditional bases for pay (seniority and merit) against incentive-based and person-focused compensation approaches.. •Compare and contrast internally consistent and market-competitive compensation systems.. •Evaluate the role of benefits in strategic compensation.. •Use technology and information resources to research issues in compensation management.. •Write clearly and concisely about compensation management using proper writing mechanics..

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Using the same company GOOGLE, evaluate the company’s compensation plan to determine how it could be improved. Write a six to eight (6-8) page paper in which you: 1. Evaluate the existing compensation plan to determine if it is the most appropriate for your company. Explain your rationale. 2. Determine the most beneficial ratio of internally consistent and market consistent compensation systems for the company you selected. 3. Evaluate the current pay structure used by your company and assess the recognition of employee contributions. 4. Make two (2) recommendations for improving the effectiveness of the discretionary benefits provided by the company you selected. 5. Evaluate the types of employer-sponsored retirement plans and health insurance programs provided by the company you selected and compare them to that company’s major competitors. 6. Use at least three (3) quality references. Note: Wikipedia and other websites do not qualify as academic resources. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length. The specific course learning outcomes associated with this assignment are: • Evaluate the effectiveness of traditional bases for pay (seniority and merit) against incentive-based and person-focused compensation approaches. • Compare and contrast internally consistent and market-competitive compensation systems. • Evaluate the role of benefits in strategic compensation. • Use technology and information resources to research issues in compensation management. • Write clearly and concisely about compensation management using proper writing mechanics.
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Running head: COMPENSATION PLAN

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Google’s Compensation Plan
Student’s Name:
Institution:

Google’s Compensation Plan
Introduction

COMPENSATION PLAN

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Google is one of the largest technology firms in the world with a complex compensation
plan that helps it fulfill all its objectives in the industry. However the firm uses different internal
systems to determine the level of compensation each individual employee deserves based on how
they contribute to its performance in the industry. In this regard, the firm follows the
recommendations of a compensation committee to determine what each individual employee
deserves based on one’s contributions at a specific period. Similarly, it offers stocks, holiday
benefits and other workplace incentives apart from salary increases to its competent workers.
Therefore, its healthcare and retirement benefits allow it to retain its employees for a longer
period. In this essay, the discussion analyzes Google’s compensation strategies to determine their
effectiveness in relation to its business activities in the industry.
Effectiveness of the Plan
The existing compensation strategy in Google does not allow the company to negotiate
with recruits and other existing employees on the payment packages they are offered. However,
new recruits have to demonstrate they are earning higher than the figure and benefits offered
before the company’s human resource professionals consider a review. Crucially, the
organization uses its analysts to design standard packages for employees based on the roles,
position and the workstation that a worker will be based in. In this regard, the firm’s
compensation practices are influenced by the overall packages it offers its recruits and existing
employees based on their experience, achievements and contributions (Morabito, Sack, & Bhate,
2017). Therefore, analysts enable the firm to assess the market rate for a particular position and
the best offer an employee should get to attain better results in a particular workstation.
The current compensation plan is not effective for the organization because it fails to
appreciate the input of recruits and existing workers. In some instances, highly qualified

COMPENSATION PLAN

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employees deserve to be rewarded for their skills and sacrifices ...


Anonymous
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