Develop a compensation plan for an organization

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Reference no: EM131888522

Question: Performance and Compensation (1,100 words not including ref.)

Develop a compensation plan for an organization that promotes both internal and external pay equity.

Implement a system of selecting human resources that is both valid and reliable.

Discuss the elements of job analysis and job evaluation.

Identify the components of direct and indirect compensation.

Conduct structured interviews for the selection of human resources.

A strategic purpose for a well-blended compensation program, one that includes various types of direct compensation, is gaining employee commitment and productivity. One of the most effective tactics for this strategy is designing a process for linking individual achievement to organizational goals.

Prepare a report to senior leaders addressing the following:

• Explain the concept of tying performance to organizational goals.

• Describe the different types of individual and group-level performance measurements.

• What are the advantages and disadvantages of individual versus group-level performance recognition?

• Discuss the options an organization has to link individual or group monetary rewards to organizational success.

• Develop recommendations for how to implement, monitor, and evaluate such a program.

Reference no: EM131888522

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