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Essay / Research Paper Abstract
This 18 page paper considers the way in which a compensation strategy may be developed, looking at the different elements of the packages. The paper looks at basic salary or wages, the use of performance assessment, additional benefits such as health insurance, pensions and life cover, bonuses and other social benefits. The bibliography cites 6 sources.
Page Count:
18 pages (~225 words per page)
File: TS14_TEpackcomp.rtf
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Unformatted sample text from the term paper:
motivate them and create loyalty. The compensation package can be seen as a way in which the employers are sending a message of value to the staff as well as
ensure there is a strong psychological contract held in place. There are many elements that need to be considered in the way the package will be offered. The first
element of may consideration may look at the aspect of supply and demand of the type of labour that is needed by the company. In any environment this will impact
on wage rates. Where there is a demand for skills that exceeds the supply the wages will increase and where there is a supply that exceeds the demand wages may
fall, however, there will be market rates ad upper and lower limits on the level of the wages. In this case we have several areas of the company to consider;
the sales and marketing, manufacturing and engineering, and many support staff, such ass admin, HRM, procurement and finance. At each area there is a three layer hierarchy with higher and
middle management and the workers. 2. Financial and Non Financial Compensation The first issue we need to consider is how we will offer compensation. We will assume that
the level of payments for wages or salary is at middle market level, but that there is a desire to motivate employees to higher levels of production and well as
to ensure they are committed and loyal. This may be seen as relevant across the company We will use this money to
provide additional benefits rather than just give a pay rise to the required employees and be competitive in terms of actual salary. This is to use compensation to give more
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