Learning Memo #2:
The Compensation Package
Fraser International College
March 19, 2013
A vice-president of marketing is one of the top professionals in Telus who supervises, directs and develops strategies for all marketing programs. A compensation Package should includes salaries, profit-sharing and bonuses, paid annual leave, and nonmonetary benefits. Generally a vice-president receives a base salary, as well as other forms of compensation, because this role often plays a critical part in an organization's overall success. Others such as bonus and profit-sharing, are typically based the marketing team's and organization's overall performance.
According to reports, Telus has some of the highest-paid executives of any company in BC, as we all know, money and benefit are key component of a complete compensation package and are often the reason potential talent joins the organization. To develop a compensation package for a vice-president, I prefer competency-based reward than others. First of all, membership-based reward does not conform to compensation of vice-president because today's company needs new insights, new ideas and new tools, so seniority does not mean the best. Furthermore, membership-based reward does not directly motivate performance and work dynamic. Secondly, job status-based reward is matched because vice-president requires more skills and effort, and has more responsibility. Vice-presidents of marketing needs high competency to acquired new knowledge and skills, and they have to learn a variety of knowledge about different jobs to help them make better decisions about the company. This is focus at the individual level, the fixed salary in the compensation package for a vice-president $300,000 per year. Team and organization levels are more appropriate for estimating bonus of Vice-president than individual level, because Vice-presidents’ performance can only be displayed when...
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