FastCat Phase 1
FASTCAT
FastCat: Phase 1
“High-Five” Compensation Package
1 October 2013
In Phase 1 of the FastCat Compensation Case, our team has included our recommendations regarding strategies, objectives, the formation of an internal structure, and an implementation plan that will allow a seamless transition from FastCat’s previous compensation structure, which was nearly non-existent, to the proposed structure our team of compensation specialists is proposing.
INDEX
Executive Summary Pg. 2
Recommended Strategy and Objectives Pg. 3-6
Recommended Internal Structure—Job Based Pg. 6-9
Recommended Implementation Plan Pg. 9-12
Summary Pg. 12
Appendix Pg. 13-29
Executive Summary
As business professionals, specifically in the area of compensation, our team has been given the task of designing, implementing, and ensuring a compensation package that will endure for years to come for the FastCat organization. During the creation of this compensation package, many aspects of the job were taken into account to determine a structure that was not only optimal for day-to-day operations, but also a structure that improves the lives of all who come in contact with it. In order to put a face to the compensation package, as a team, we determined to name it “High-Five.” As you could probably guess, “High-Five” is comprised of five objectives: decrease the percentage of employees who want to leave FastCat by half, decrease labor expense, make known the way pay is determined to the employees so no confusion exists, implement a rewards program for employees, and overall improve the business as a whole. This compensation program will improve the lives of every employee at FastCat, which is why this new compensation program will become one of FastCat’s competitive advantages.
In order to accomplish all of these objectives, we recommend a tightly formed hierarchical structure. With a tightly formed hierarchical structure all employees know exactly what his or
FastCat: Phase 1
“High-Five” Compensation Package
1 October 2013
In Phase 1 of the FastCat Compensation Case, our team has included our recommendations regarding strategies, objectives, the formation of an internal structure, and an implementation plan that will allow a seamless transition from FastCat’s previous compensation structure, which was nearly non-existent, to the proposed structure our team of compensation specialists is proposing.
INDEX
Executive Summary Pg. 2
Recommended Strategy and Objectives Pg. 3-6
Recommended Internal Structure—Job Based Pg. 6-9
Recommended Implementation Plan Pg. 9-12
Summary Pg. 12
Appendix Pg. 13-29
Executive Summary
As business professionals, specifically in the area of compensation, our team has been given the task of designing, implementing, and ensuring a compensation package that will endure for years to come for the FastCat organization. During the creation of this compensation package, many aspects of the job were taken into account to determine a structure that was not only optimal for day-to-day operations, but also a structure that improves the lives of all who come in contact with it. In order to put a face to the compensation package, as a team, we determined to name it “High-Five.” As you could probably guess, “High-Five” is comprised of five objectives: decrease the percentage of employees who want to leave FastCat by half, decrease labor expense, make known the way pay is determined to the employees so no confusion exists, implement a rewards program for employees, and overall improve the business as a whole. This compensation program will improve the lives of every employee at FastCat, which is why this new compensation program will become one of FastCat’s competitive advantages.
In order to accomplish all of these objectives, we recommend a tightly formed hierarchical structure. With a tightly formed hierarchical structure all employees know exactly what his or