Compensation Management
I need someone to do this ASAP! No plagiarism. Must contain at least 500 words. Assertions for each thread must be supported with at least 2 citations in current APA format.Quality and punctual work!
Here is the textbook:
Martocchio, J. (2015). Strategic Compensation: A Human Resource Management Approach. Upper Saddle River: Pearson Education, Inc. (textbook)
A. Identify 1 issue or idea from the Module/Week 4 Case Study assignment that you might have answered differently if you had the knowledge from the Module/Week 5 readings.
B. For the readings assigned this module/week, choose 1 key topic (Components of Discretionary Benefits) from the sub-headings in the table of contents. Briefly summarize the topic and find at least 2 scholarly sources that support or re-direct the topic
Here is the case study:
Abstract
As part of a growing start up firm, Nutriment must hire the right candidates for their positions to ensure that the company remains dedicated to its objectives. Therefore, their head job hunter Jack, faces a herculean task of identifying the candidates who are right for the available positions and developing the right payment structure which will motivate the new workforce. Jack must therefore employ excellent strategies to ensure that there is talent retention within the company and create pay policies which will lead to increased employee loyalty.
Key words: Remuneration, pay policies
As a technological firm which is seeking to attract skilled scientist drawn from a very competitive niche. Nutriment company top head hunter should seek to create pay policies which will encourage most scientist's to be able to leave their current jobs and work for the company. Therefore, he should ensure that he develops a payroll budget and ensure that the wages paid to the new employees are evaluated and priced according to the market conditions. Further, the compensation strategies should be benchmarked against the financial position of the company to ensure that the company remains afloat, profitable and immune to economic shocks in the market (Goffee & Jones, 2013). Further, the pay strategies should also be targeted towards ensuring that there is talent retention within the company since the company deals with research and facilitate excellent working relationships among the employees by providing excellent working conditions. Jack should therefore consider some of the factors analysed below while developing the payment structures for the new employees.
Some of the strategic considerations which should be made in developing the pay structure includes benchmarking the value of each job in the company and using internal equity methods to ensure that the jobs are paid according to the value they generate to the company (Maron, 2014). Further, market pricing and external factors like the competition offered by rival firms should be some of the factors and strategies to be employed when the payment's structures for the company are being developed. By adopting these factor's, the company will be able to offer satisfactory remuneration benefits to attract the highly skilled employees need for the available positions. Further, they will also be able to absorb the best talent available in the market and remain afloat and profitable by establishing excellent relationships among the employees since the company is a start-up (Bruce, 2012).
In addition, by benchmarking the value of each job and suing internal equity methods to determine pay grades, the company will be able to create excellent salary structures which will ensure that the operating expenses for the company are minimal and ensure that a large percentage of the monies are directed to research and development thus increasing the competency of the company. In addition, since the company is funded by research funds and grants, adopting these strategies will ensure that the company remains with enough operating capital to foot all their expenses and generate enough profits to accelerate growth of the company (Goffee & Jones, 2013).
Jack should select a pay policy which matches the remuneration benefits offered to other employee's working at different organizations in the same capacity. This is because this type of payment policy will attract the right clientele for the job and it will also ensure that all the applicants are qualified and competent enough while at the same time possessing the right skills which match the requirements of their specific capacities. In addition, since the field of research and acquiring scientists will be very competitive, this type of payment plan will ensure that the company attracts the right pool of scientists who are interested in further enhancing the research capabilities of the company (Castillo, 2016). In addition, this type of payment scheme will also offer great rewards since all the employees will have the feeling that they are being rewarded in equal terms like their peers in the market.
Further, this type of payment scheme will ensure that the company does not use excess capital in operating expenses as compared to if Jack adopts a lead pay policy. This will therefore cushion the company from economic shocks due to increased overheads which will stifle research in the company. Further, by adopting a pay policy which matches the market, the company will attract the right fit which will ensure that there is employee's loyalty in the company thus enhancing talent retention. Further, the company will not be forced to always hike their wages when in order to stave off the competition from firms which might be interested in their lead scientists (SHRM, 2015). In addition, to ensure that the payment plan selected is solid, Jack can create a structured formula plan which will award employees bonuses and incentives if they are able to attain a certain percentage increase in revenues or new innovations created in the market (Maron, 2014).
Since the Nutriment company is a start-up business which heavily relies on grants, their head job hunter jack will have to employ the strategies analysed above. Further Emily and Harold should play an active part in creating the pay structures in the company to ensure that they attract the right candidates with excellent skills and they should also factor the idea of benchmarking and using internal equity measures to ensure that their resources are not depleted and also ensure that they offer excellent rewards and remuneration benefits which will lead to enhanced talent retention (Bruce, 2012).
References
Bruce, S. (2012). Should You Meet, Lead, or Lag the Market? - HR Daily Advisor. HR Daily Advisor. Retrieved 24 September 2016, fromhttps://hrdailyadvisor.blr.com/2012/07/23/should-you-meet-lead-or-lag-the-market/
Castillo, C. (2016). Researchers: What Is the Structure of a Successful Startup?. Stanford Graduate School of Business. Retrieved 24 September 2016, fromhttps://www.gsb.stanford.edu/insights/researchers-what-structure-successful-startup
Goffee, R. & Jones, G. (2013). Creating the Best Workplace on Earth. Harvard Business Review. Retrieved 23 September 2016, from https://hbr.org/2013/05/creating-the-best-workplace-on-earth
Maron, N. (2014). The best revenue models and funding sources for your digital resources | Jisc. Jisc. Retrieved 23 September 2016, from https://www.jisc.ac.uk/reports/the-best-revenue-models-and-funding-sources-for-your-digital-resources
Planning & Design: Compensation Philosophy: What are the advantages or disadvantages of a lead, match or lag compensation strategy?. (2015). SHRM. Retrieved 25 September 2016, from https://www.shrm.org/resourcesandtools/tools-and-samples/hr-qa/pages/cms_024253.aspx