Discuss the below:
Compensation Management
1. Why is strategic compensation important for the long-term success of a company? Provide detailed steps that company should take to create a long-term strategic compensation plan.
2. List and describe the seven types of monetary compensation.
3. List and explain the differences between discretionary and legally required (mandated) benefits. Why do companies need to provide both to employees?
4. List and explain the five different stakeholders of a company's compensation system.
5. You are the Total Rewards Director for your organization. Over the past few years employees have been leaving to work for competitors. The CEO has expressed that she wants to conduct an organization wide review of the company's current compensation strategy. The company now uses a seniority pay rewards system. The CEO wants to know if they should change to a merit pay strategy in order to make the company more competitive.
Prepare a memo to the CEO outlining your recommendation as to whether or not the company should continue to use the seniority pay system or change to a merit pay system. Be specific as to what model would be the best option for your company, and why. Include pros and cons of your options and conclude with your recommendation. The company is not unionized and is privately held. You do not have to factor in a collective bargaining agreement.
6. Explain the four categories of performance appraisal plans. Determine which of these plans you would prefer at your own organization. Explain your choice.
7. What actions can an organization take to link employee performance measurement to identified business goals? Describe specific steps, and how they connect pay for performance
8. Choose three external compensation forces and explain their influence on the design and execution of an organization's compensation strategy .
9. Discuss the advantages and disadvantages of the seniority pay system and the merit pay system. Which one do you think is better, and why? Are there certain employers that should favor one or the other? Which one have you worked with before?
NEED IN-TEXT CITATION WITH THIS REFERENCE:
Martocchio, J. J. (2013). Strategic compensation: A human resource management approach (7th ed.). Upper Saddle River, NJ: Prentice Hal