Final Paper Attracting and retaining the most talented employees is essential for long-term organizational success. An important component to attracting and retaining such employees is the design and implementation of an effective compensation and benefit system. In the final project, you are to assume the role of a highly regarded human resource consultant hired to review, analyze, and revise the compensation and benefit system utilized by your city's largest employer, Holland Enterprises.
The firm employs 3,500 employees, but since 2007 has lost 25% of its staff. Exit interviews indicate the primary reason a majority of these employees have resigned is because of a compensation and benefit system that is perceived to be unfair and uncompetitive in the marketplace. Focus of the Final Paper Specifically, in your role as a consultant for this organization,
complete a 6-8 page Final Paper on the following:
Discuss how an effective compensation and benefit system contributes to organizational effectiveness.
Discuss the principle components of a typical compensation and benefit system for a large-scale organization.
At a minimum, your compensation and benefit system would include a discussion on: Compensation and benefit philosophy Pay structure architecture (pay grades, pay ranges, and pay width) Ratio of base pay to incentive (bonus) pay Emphases on external equity or internal equity Principle type of benefits to include (example: deferred compensation match, health insurance, vacation and sick leave, etc.) Finally, present your strategy to convince the already skeptical top managers of this organization to increase their compensation and benefit expenses.