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Pages:
10 pages/β‰ˆ2750 words
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Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
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Date:
Total cost:
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Topic:

Designing a Compensation and Benefit System Analysis

Essay Instructions:

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.
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 2010 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.
Present to the management a revised compensation and benefit strategy. Your proposal should include:
Description of how an effective compensation and benefit system contributes to organizational effectiveness.
Explanation of the principle components of your revised compensation and benefit system for a large-scale organization as well as a recommendation for each component.
Provision of a clear and convincing argument to the already skeptical top managers of this organization to increase their compensation and benefit expenses.
At a minimum, your compensation and benefit system would include the following components:
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.)
Guidelines for Writing the Final Paper
Paper must be 2500-3500 words in length, exclusive of Title Page, References Page, Appendix, References, Exhibits, etc .
Formatted according to APA style as outlined in the approved APA style guide (including title page and reference list).
Must address the topic of the paper with critical thought.
Must include an introductory paragraph with a succinct thesis statement.
Must conclude with a restatement of the thesis and a conclusion paragraph.
Must utilize a minimum of eight scholarly references in addition to the course text.
Carefully review the Grading Rubric (Links to an external site.) for the criteria that will be used to evaluate your assignment.

Essay Sample Content Preview:

Designing a Compensation and Benefit System
Student’s Name
Institution
Designing a Compensation and Benefit System
Human resources are a fundamental part of any organization. They offer their skills, knowledge, and time to an organization and are compensated for their services. Organizations, thus, need to have an effective compensation and benefit system to ensure that employees are well compensated. As revealed by Weathington and Weathington (2020), a compensation and benefits system is a structured way of rewarding employees for their services to an organization. This paper aims to propose a more effective compensation and benefit system for Holland Enterprises, which has been facing challenges in retaining its human resources due to what employees perceive as low pay and unfair compensation and benefits. Designing and implementing an effective compensation and benefit system is instrumental in attracting and retaining the best employees, thereby promoting organizational success.
Role of a Compensation and Benefit System in Organizational Effectiveness
An effective compensation and benefits system must consider both the needs of employees and the organization. According to Weathington and Weathington (2020), companies must consider what they stand to gain by hiring and retaining an employee and what they might lose if the employee was working for a rival company. There are many benefits associated with having an effective compensation and benefits system. One, an organization attracts and retains the best talent (Weathington & Weathington, 2020). Employees are interested in working for organizations that value their input and compensate that input fairly. When job-hunting, individuals look for companies that have the most competitive compensation. This includes both monetary compensation, such as salaries and wages, as well as non-monetary compensation, such as flexible working hours. As Dagogo and Ogechi (2020) indicate, attracting and retaining the best talent ensures that an organization has the right human resources who can use their skills and competencies to achieve the organization’s goals.
Two, an effective compensation and benefits system meets the needs of employees (Suri, 2016). When the needs of employees are met, be it through paid time-offs or competitive bonuses, employees become more willing to meet the needs of the organization in return. They become highly motivated to achieve the organization’s goals because they are encouraged by what they are getting in exchange for their services to the organization. This is especially important among the millennial and Generation-Z workforce who according to Schroth (2019), have different needs that should be met for them to be effective in the workplace.
Three, it improves employee satisfaction. According to Suri (2016), most employees want to be paid what they are worth and when this happens, their job satisfaction levels increase considerably. There are many positive outcomes associated with job satisfaction, all of which can be linked to increased organizational effectiveness. For instance, high job satisfaction levels reduce employee absenteeism, which then increases organizational effectiveness because every employee is showin...
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