Human Resource Managers (Compensation and Benefits) play vital role in determining key aspects of decisions taken during strategy creation on compensation. The key premise is that the way employees are compensated can be a source of sustainable competitive advantage. TWO alternative approaches namely, “best practices” and “best fit” approaches are common and applied by compensation and benefit managers in their decision-making on strategy creation on compensation.
Based on the above scenario, analyse the approach your company (or any other company of your choice) uses to pay staff. Infer its compensation strategy using the five issues (objectives, alignment, competitiveness, contributions, and management).
Answer your assignment according to the following format:
- Define and briefly explain the terms “compensation”, “best practices” and “best fit”.
- Describe the Compensation Strategy of your company or company of your choice:
- Background of organization
- Current practice at the company.
- Responsibility of compensation administration.
- Analyze and infer the issues of Compensation Objectives, Internal Alignment, External Competitiveness, Contributions, and Management.
4. Citation and referencing in APA format. (3 marks) (Total: 30 marks)
Do you need a solution for this and other similar questions? You can get that by choosing any of the below options: