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Essay / Research Paper Abstract
A 9 page paper examining compensation practices at Southwest Airlines, Starbucks, Microsoft, Bristol-Meyer Squibb, Chubb Group and SAS Institute for how they approach compensation types and totals. It would be difficult to say which of these companies offers the highest level of compensation in terms of job and industry types. The great variation between approaches illustrates the many forms of compensation that companies can offer employees. Bibliography lists 7 sources.
Page Count:
9 pages (~225 words per page)
File: CC6_KShrCompEx.rtf
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Unformatted sample text from the term paper:
overt goals generally include achieving industry leadership or at least membership in their industries top five or so positions. Achieving and retaining such a standing reflects growth over time
and requires astute management of a multitude of factors, not the least of which is maintenance of a highly effective workforce. Longevity as an industry leader or challenger for
a leadership position requires lower-than-average turnover so the organization is not continually addressing the same issues merely to stay in one position. If its corporate attention can be trained
on and stay on long-term growth, then it cannot continually be replacing employees that take knowledge and experience with them when they leave the company. The purpose here is
to examine the approaches to compensation practiced by several successful companies. Chubb Group Dreher and Dougherty (2001) describe the meet, lead and lag
approaches to compensation based on industry averages. Meeting average is just that; leading average translates to higher-than-average compensation and generally focuses on gaining the best performers and most highly
qualified applicants for open positions, as well as retaining the best employees. The lag position can be useful in some settings, but generally it presents more challenges than it
solves. The Chubb Group of Insurance companies follows only industry average, or slightly higher compensation that base average. It seeks to be
and is an employer of choice, however, achieving that position through astute management of total compensation rather than only monetary compensation. Too many companies believe that employee motivation rests
in monetary rewards, without either realizing or acknowledging individuals needs for recognition. Formal studies and informal surveys alike reveal that while managers often will list money as the top
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