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5 pages/β‰ˆ1375 words
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Check Instructions
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Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
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Topic:

Effective Compensation Plans

Essay Instructions:

Take a moment to familiarize yourself with the assignment instructions and scoring guide. Make sure you understand the instructions and how you will be evaluated on the assignment. Ask your faculty member about any questions you have.
This assignment is a research-based paper. You will need to conduct independent research on what constitutes effective compensation plans, ones that attract, retain, and motivate employees. Here is some helpful information to help you get started on your research:
Access Basic Search: Strayer University Online Library or iCampus University Library Research.
You may also use Google Scholar or government websites, such as the U.S. Small Business Administration.
Wikipedia and personal blogs do not quality as quality resources. You may find these resources helpful for your research:
PayScale.
Salary.com.
Be sure to check out the Data and Learn tabs.
U.S. Small Business Administration.
Click on Manage Your Business.
Click on Hire and Manage Employees.
Virtual Writing Center (VWC)
You may find the information in Strayer's Virtual Writing Center (VWC), a valuable resource that can help you to avoid plagiarism by showing you how to properly integrate and cite sources in your assignment.
To access the VWC:
Click on Library in the left-hand panel of the course.
Click on the Virtual Writing Center tab at the top of the page.
The VWC offers handouts and short videos on a range of topics that might help you with writing your research paper, such as: Avoiding Plagiarism.
What It Is and How to Avoid It.
Summarizing, Paraphrasing, and Quoting from Sources.
Summarizing, Paraphrasing, and Quoting.
Incorporating Sources into Your Writing.
** In this assignment, you will use your textbook and the independent research you conduct to determine the components of an effective compensation plan, one that includes more than just base salary. Specifically, you will write a 4–6 page paper in which you:
Research the components of an effective compensation plan.
Determine the most beneficial ratio of internally consistent and market consistent compensation systems.
Be sure your narrative is in your own words.
Research the methods companies use to assess employee satisfaction with their pay structure.
Outline how companies determine whether their employer-sponsored retirement plans and health insurance programs are competitive.
Recommend two high value discretionary benefits to employees.
Be sure to include your rationale for selecting these high value discretionary benefits as opposed to others. Integrate at least three quality resources using in-text citations and a reference page in your assignment.
Note: Wikipedia and similar websites do not qualify as quality resources.
The previous week's assignment preparation activity provides some suggested resources to help you begin your research. It also provides resources on avoiding plagiarism, appropriately integrating sources into your assignment, and using the Strayer Writing Standards.
Format your assignment according to the following formatting requirements:
This course requires the use of Strayer Writing Standards (SWS). For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course.
The preferred method is for your paper to be typed, double-spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
Include a cover page containing Include a cover page containing the assignment title, your name, your professor's name, the course title, and the date. The cover page is not included in the required page length.
Include a source list page. Citations and references must follow SWS format. The source list page is not included in the required page length.
The specific course learning outcome associated with this assignment is:
Determine the components of an effective compensation plan, including discretionary benefits.
***I have attached a document with the websites for this paper***

Essay Sample Content Preview:

Business Management Paper
Student’s Full Name
Professor’s Name
Institution Name
Assignment Due Date
Introduction
Human labor is a necessity in a working business environment. The labor force or services form an integral part of any company's growth and development. To have loyal and fruitful work labor requires an organization to motivate its employees and provide them compensation packages. Having the employees is not enough: Retaining them is another uphill task an organization has to face. Many business setups have trained their employees to become valuable assets over other competitor companies. Employees are being poached by other companies which provide better salary and a better compensation plan. When hiring new employees, organizations should consider retaining their workforce and gaining their loyalty and trust. By earning their loyalty, it will become difficult for them to leave in the future. By Retaining and motivating employees, an organization has to create an attractive compensation plan.
An Effective Compensation Plan
In any business institution, the practices carried out by the human resource must be competent enough to retain employees. The compensation strategy is a crucial ingredient that any organization must-have. Every employee wants money to live a comfortable life. Therefore, money proves to be an essential factor when it comes to employees leaving an organization. In a competitive business environment, money can encourage any employee to leave an organization. Possessing an attractive compensation plan will act as a critical tool when retaining an employee. Allowances, increments, incentives, and rewards are some of the things that make up a compensation plan which must be attractive (Mandhanya, 102). To create a compensation plan, an organization has to research its competitors.
To develop an attractive compensation plan, a company has to research what other organizations offer. Each labor force is required to be paid and compensated fairly for the work done. An organization must understand what other companies in the same market environment offer in wages and other benefits. An organization is also required to research the industry standard for compensation in any particular job field. An organization also needs to research each job position compensation package, therefore understanding the minimum requirement of benefits offered in each job position (Mandhanya, 102). The compensation provided to the employees should be attractive enough to make employees stay at the organization. Any particular organization's human resource has to provide a suitable compensation strategy that will somehow meet the employee's expectation, therefore retaining them. The compensation plan needs to include an attractive salary, bonuses, and other benefits such as vacations.
Components of an Effective Compensation Plan
Money is an instrumental factor when it comes to an effective compensation plan. A good salary always motivates the employees to a great extent. By an organization providing an excellent financial incentive proves to boost the morale and loyalty of the employees. Some countries have already indicated that a low-paying job leads to dissatisfaction of the employees. The go...
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