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Essay Available:
Pages:
8 pages/β‰ˆ2200 words
Sources:
3 Sources
Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 34.56
Topic:

Ford Motor Company Compensation Strategies and Practices

Essay Instructions:

Use the Internet to research a publicly traded company for which you would like to work.
Write a six to eight (6-8) page paper in which you:
1. Briefly describe the company you researched, its compensation strategy, best practices they are applying, and compensation-related challenges they are facing.
2. Analyze how your company applies compensation practice to determine the positive or negative impact to the company and its stakeholders.
3. Examine the ways in which laws, labor unions, and market factors impact the company’s compensation practices. Provide specific examples to support your response.
4. Evaluate the effectiveness of traditional bases for pay at the company you researched.
5. Use at least three (3) quality references. Note: Wikipedia and other Websites do not qualify as academic resources. 
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
• Analyze how compensation practice can be applied to positively impact an organization and its stakeholders.
• Examine the ways in which laws, labor unions, and market factors impact companies’ compensation practices.
• Evaluate the effectiveness of traditional bases for pay (seniority and merit) against incentive-based and person-focused compensation approaches.
• Use technology and information resources to research issues in compensation management.
• Write clearly and concisely about compensation management using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills. Please ensure all questions are fully addressed and the paper flows. 

Essay Sample Content Preview:

Compensation Practice
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Introduction
Companies face difficult economic climates and increases in the cost of benefits, therefore, making them cautious of their compensation policies and strategies. Companies offer the best compensation strategies in order to motivate, attract and retain the best employees they have. This essay will explore Ford Motor Company and analyse its compensation practice, compensation approaches, and compensation challenges in the company’s compensation management.
Ford Motor Company
This automotive company is the second largest multinational automotive company after General Motors Company in the U.S. Henry Ford started the company in 1903 and in 1956, it became a publicly traded company, but with the Ford family having 40% of the voting rights in the Special Class B shares (Baker, 2015). Its headquarters are in the Dearborn town of Michigan, Detroit in the U.S. The company manufactures and distributes commercial vehicles, automobiles and luxury cars under its brand Ford and Lincoln (Yang, 2014). Ford Motor Company has a sound governance policy that enables it to have a flexible compensation method. Determination of the compensation considers taxes, compensation policies and strategies, guiding principles, performance-based incentive plans, pay equity and management recommendation (Ford Magazine Press, 2014).
Ford Motor Company Compensation Strategies and Practices
The company has a compensation committee that delegates on matters concerning compensation strategies, principles and plans. Their compensation strategy in relation to all salaried employees, involves challenging and rewarding work and employee career growth and development, so that the company employment relationship is improved. The compensations offered to their employees are consistent and are affordable to the company. The compensation strategy rewards performances and contributions that employees make to the success of the business. Compensations will be used to reward, motivate and attract employees and reward any achievements of business results through providing incentive programs and competitive pay. Some of the compensation practices that Ford employs are the provision of employees with protection from appalling losses and security of their income. Other benefit programs are inclusive of annual bonus opportunities, long term equity compensations, and performance-based-equity compensations (Ford company, 2015).
Ford Motor Company Compensation Challenges
The company has faced several compensation challenges over the years. The department of human resource reengineers all the packages every year because the renowned cars that they make are very technical in nature. Another challenge is the retention of their skilled employees since the market for these employees are very high. Ford`s competitors are in need of these workers in order to gain some competitor advantage. This makes it very hard to motivate and retain their employees, so the company has had to design flexible compensation packages in order to retain their best employees (Ford Magazine Press, 2014).
In addition, Ford is a multinational company and there are international c...
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