Reference no: EM133136002
You will choose an organization with which you are familiar and provides a description of the company, its background, and describe their compensation strategy.
You will focus on mapping compensation strategies. It should be noted that strategy maps provide a useful visual reference in creating a compensation strategy that is focused and clearly understood by employees and managers. Using your job or responsibilities, use the strategy mapping concept to provide a picture of your company's compensation strategy using the following 5 decisions contained in the pay model: objectives, alignment, competitiveness, contributions and management.
Objectives:
Prominence: How important is total compensation in the overall HR strategy? Is it a catalyst, playing a leading role? Or it is less important, playing a more supportive role compared to other HR programs. One example is Microsoft, where compensation is very prominent versus Bristol-Myers Squibb, where it is more supportive.
Alignment:
Describe in terms of flexibility, degree of internal hierarchy, and how well compensation supports career growth. Example: Microsoft and BMS use payment to support promotions and flexible work design. But in the internal hierarchy, Microsoft is oriented to the individual as opposed to BMS's focus on teams.
Competitiveness:
Describe how total salary is relative to what competitors offer (how much?) and the importance of incentives relative to base salary (what forms?). The importance of work-life balance achieved through benefits and services should also be included.
Contributions:
Focus on the basis of salary increases -- individual and/or team performance -- and the mix of pay forms (base salary, incentives, merit, bonus, stock options).
Management:
Describe in terms of ownership (the role of non-HR managers in managing pay), transparency (openness and communication about pay), technology (software support for managing pay), and degree employee choice and personalization.
Note: Please add references.