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Essay / Research Paper Abstract
This 5-page paper focuses on some concepts that pertain to strategic compensation, and linking such compensation to the goals and objectives of a company. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTstrgoa.rtf
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Unformatted sample text from the term paper:
work for an honest days pay" or the idea of "another day, another dollar." However, as human resources has grown from being simply a cog in a corporate machine to
a valuable asset to a company, compensation more and more is being developed not only to pay an employee for his or her efforts on the job, but also to
help the workforce meet corporate goals. In this paper, well examine how strategic compensation ends up fitting into corporate goals, as such compensation not only rewards employees, but also has
a solid role in attracting and maintaining a quality workforce. And, as study after study has acknowledged, a quality workforce means ultimately happier customers and a stronger bottom line.
What we also need to understand about todays compensation strategic planning is that were no longer necessarily involved in a manufacturing economy as
we were some 50 to 100 years before. As a result, this can make measuring results for compensation somewhat more difficult, but not impossible. Later on in this paper, well
go into a bit of an explanation about measuring results in a knowledge-and-skills based economy, which is what were currently in. But before doing so, lets take an overall look
at linking strategic compensation programs to improved efficiency and effectiveness among employees. To better understand the link between initiating a strategic compensation
program and linking it to corporate goals, lets examine the case of United Shareholders Association (Santone et al, 1993). During 1991, this organization paid its chief executive an increased salary
of seven percent (Santone et al, 1993). Despite that however, the corporations profits actually fell seven percent (Santone et al, 1993). As can be understood, this somewhat perplexed management. In
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