Prepare a vision for compensating the staff
Visioning Before Strategizing
Imagine that you are the HR manager for a new firm just opening its doors in your community. The owners have asked you to prepare a vision for compensating the staff. They do not want specific policies, but guiding principles that will help them collect data and write specific HR policies later. Complete the following:
Create a list of essential guideposts for developing a total compensation policy. In your vision, include statements that can be made public to your customers and employees. Also consider whether your vision will be strategic in good business climates as well as downturns.
Discuss the appropriate business response, HR program alignment, and compensation system for this new business.