Assignment:
Purpose:
To assess "Multi-Products Corporation" as an organization using the concepts in chapters 1-6 in your textbook and recommend a reward and compensation strategy. You will need to understand the organization and the people, the strategic and behavioural framework, components of the compensation strategy, performance pay choices to formulate and recommend the reward and compensation strategy.
Assignment Sections:
Using the concepts in your textbook, analyze "Multi-Products Corporation" (page 481-482) of Appendix in Strategic Compensation in Canada, 6th Edition and prepare a recommendation that includes responses to each of the following:
1. Using your own words, briefly outline the background - presentation in bullet form is acceptable. Explain the managerial strategy that you recommend be adopted by this organization and elaborate on each of the five contextual variables that influenced your recommendation.
2. Recommend how structural variables should be implemented into the organization to drive consistency with the managerial strategy that you recommended. One variable is the reward system. Elaborate on the different parts of the reward system you have recommended and discuss the pros and cons of each part.
3. Identify the employee behaviour that "Multi-Products Corporation" should seek and recommend how to generate this behaviour in the workforce.
4. Explain how base pay should be offered as one element of the compensation mix for production staff. Support your recommendation with three reasons.
5. Recommend an organizational performance pay plan for "Multi-Products Corporation". Describe two key elements of this plan.
6. Recommend one loyalty and one social reward for "Multi-Products Corporation". Support your recommendation with two reasons for each reward.
7. Using the five-step compensation strategy formulation process, Page 189, formulate a strategy. Briefly describe your rational for each step.
8. Identify the indirect pay plan that you would recommend for this organization. Justify each of the benefit offerings.