Compensation Strategies Used By Coca Cola (Research Paper Sample)
Use the Internet or the Strayer Library 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:
Briefly describe the company you researched, its compensation strategy, best practices they are applying, and compensation-related challenges they are facing.
Analyze how your company applies compensation practice to determine the positive or negative impact to the company and its stakeholders.
Examine the ways in which laws, labor unions, and market factors impact the company's compensation practices. Provide specific examples to support your response.
Evaluate the effectiveness of traditional bases for pay at the company you researched.
Use at least three (3) quality references. Note: Wikipedia and other websites do not qualify as academic resources.
Compensation Strategies Used By Coca Cola
Compensation Strategies Used By Coca Cola
Compensation denotes the financial and non-financial benefits given to workers by their employers for completing the given assignments. Organizations use diverse policies in their reparation formats, which are affected by diverse interior and exterior forces. Reimbursement incorporates payouts such as windfalls, overtime payment, trade commissions and gratitude remuneration benefits (O’Brien & Kessler, 2014). This paper seeks to examine the compensation strategy employed by Coca Cola Company. Numerous external and internal forces guide the strategy employed by Coca Cola with trade unions playing the biggest role of these forces. Coca Cola Company has been selected owing to its strong financial capability in the market as well as its capability to adapt to the diverse financial trends in the market.
Asa Candler founded the Coca Cola Company in 1892 in Atlanta Georgia. Since its inception, the company has been focused on the manufacturing and marketing of soft beverage drinks. The Coca Cola Company has grown tremendously to become the biggest manufacturer and retailer of soft beverage drinks in the world. The phenomenal growth of the company is linked to the adoption of different structural, strategic and the manufacturing of new products. In order to survive in the highly competitive market, Coca Cola has invested in the welfare of its employees. This investment has been in the form of various compensation strategies that have made the company one of the most lucrative to work in. The Coca Cola Company has a presence in close to 200 nations and boasts close to 130,000 employees.
The Coca Cola Company has developed compensation benefits that are designed to reward employees for their steadfast sustainable commitment to the organization’s development. The compensation package developed by Coca Cola is aimed towards attracting the best talents to drive the company’s growth. The strategy is meant to ensure that there is an association between the compensation and the long-term goals of the company. One of the strategies employed in the recent past by the company is giving higher salaries for employees with perceived good performances. Apart from the high pay that most business executives enjoy, there is also the awarding of stocks, non-monetary compensation, reparation, and windfalls as well as the preference rewards. In the recent past, the company has been focused on ensuring that its employees are healthy, something that saw the company develop a compensation strategy towards the health of its employees. The company came up with a pilot program to motivate its employees to better their health by developing medical programs for its employees working at the head office in Atlanta. This was done by setting up a medical center where the employees would be tested for all probable diseases. The company met the payment for the tests in an attempt to ensure that its employees did not miss work for health related issues. Apart from enhancing the health of its employees, this compensation strategy helped in increasing productivity at the company as it meant that employees did not miss work for illness related issues. However, the biggest compensation strategy adopted by the Coca Cola is the use of performance-based pay to motivate productivity (O’Brien & Kessler, 2014).
Even though the compensation strategies employed by Coca Cola have been hailed as the best in the market, they have faced a number of challenges. The biggest challenge for these strategies has been the opposition from labor unions for employees within the organization which feel that there is a big disparity between the top level compensation and the lowe...
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