Business Research Report on Compensation Strategies
Business Research Report
Compensation Strategies
Assessment Code: RWT1
Student Name: Adrianna Mentis
Student ID: 000272273
Date: July 18, 2014
Mentor Name: Lindsey Box
Table of Contents
Executive Summary 3
Introduction 3-4
Research Findings 4-8 BONUS PLAN 4-5
TUITION REIMBURSEMENT 6-7 BENEFIT PACKAGES 7-8
Recommendations 7
Conclusion 8-9
References 10
Executive Summary The purpose of this report is to review 3 different analyzed employee compensation strategies that could potentially benefit your corporation if accurately executed. As a business you must remember that Employee Compensation is key to identifying as well as rewarding your employees, for their exceptional performance and contributions to the company’s success rate overall. Due to compensation being a significant factor, you must carefully evaluate the three strategies that will be presented in this report. Incorporating a bonus structure is a widely accepted compensation strategy. It provides for an employee who receive a set salary to capitalize their earnings by being rewarded for excellent job performance. Implementing a bonus structure could result in a stable compensation strategy that most employers and all employees are comfortable with. The downside of using this strategy would be having to minimize the ability for growth in annual salary increases, which could result in moral, motivation and productivity decreases. Offering a tuition reimbursement plan is also another popular and well accepted compensation strategy. With this strategy, employees feel as if the company that they invest a minimum of 2080 hours per year cares enough about them to help them pay for a higher education degree. There are many individuals who come to work and give their all with a desire to better themselves. However, due to financial restraints they are unable to. With the implementation of such strategy, you will begin to notice more and more employees pursuing higher education. This overall provides an
Compensation Strategies
Assessment Code: RWT1
Student Name: Adrianna Mentis
Student ID: 000272273
Date: July 18, 2014
Mentor Name: Lindsey Box
Table of Contents
Executive Summary 3
Introduction 3-4
Research Findings 4-8 BONUS PLAN 4-5
TUITION REIMBURSEMENT 6-7 BENEFIT PACKAGES 7-8
Recommendations 7
Conclusion 8-9
References 10
Executive Summary The purpose of this report is to review 3 different analyzed employee compensation strategies that could potentially benefit your corporation if accurately executed. As a business you must remember that Employee Compensation is key to identifying as well as rewarding your employees, for their exceptional performance and contributions to the company’s success rate overall. Due to compensation being a significant factor, you must carefully evaluate the three strategies that will be presented in this report. Incorporating a bonus structure is a widely accepted compensation strategy. It provides for an employee who receive a set salary to capitalize their earnings by being rewarded for excellent job performance. Implementing a bonus structure could result in a stable compensation strategy that most employers and all employees are comfortable with. The downside of using this strategy would be having to minimize the ability for growth in annual salary increases, which could result in moral, motivation and productivity decreases. Offering a tuition reimbursement plan is also another popular and well accepted compensation strategy. With this strategy, employees feel as if the company that they invest a minimum of 2080 hours per year cares enough about them to help them pay for a higher education degree. There are many individuals who come to work and give their all with a desire to better themselves. However, due to financial restraints they are unable to. With the implementation of such strategy, you will begin to notice more and more employees pursuing higher education. This overall provides an
References: Bowers, T. (2003, April 15). Members describe bonus plans that actually work. Retrieved from TechRepublic / U,S,: http://www.techrepublic.com/article/members-describe-bonus-plans-that-actually-work/ Ueda, D. (2014). Types of Bonuses . Retrieved from Salary.com: http://www.salary.com/types-of-bonuses/ VIRTUAL HR DEPARTMENT – COMPENSATION AND BENEFITS: BONUS PLANS. (2014). Retrieved from Canadian Supply Chain Sector Council: http://www.supplychaincanada.org/en/VHRD-bonus_plans Jensen, A. (2014, May 3). Do Tuition Reimbursement Programs Benefit the Employer? Retrieved from Andrew Jensen Efficency, Growth& Marketing: http://www.andrewjensen.net/do-tuition-reimbursement-programs-benefit-employer/ J.E.Cornett,Demand Media. (2014). Cost to Employers for Tuition Reimbursement Programs. Retrieved from Chron: http://smallbusiness.chron.com/cost-employers-tuition-reimbursement-programs-15726.html Morley, F. P. (n.d.). How to Implement and Manage an Employee Wellness Program. Retrieved from xpertHR: http://www.xperthr.com/how-to/how-to-implement-and-manage-an-employee-wellness-program/5529/ Torres, R. (2014, May 16). Implement Strategy To Your Benefits Plan. Retrieved from FBInsure: http://www.fbinsure.com/blog/implement-strategy-your-benefits-plan Giddens, T. (2012, January 19). Implement Year Round Benefits Communication. Retrieved from Small Business Trends: http://smallbiztrends.com/2012/01/implement-year-round-benefits-communication.html