WAge
1) a) Select a familiar company or analyze the approach your college uses to pay teaching assistants or faculty. Infer its compensation strategy using the five dimensions (objectives, internal alignment, externally competitive, employee contributions and management).
Firepond, Inc. Firepond, Inc. provides multi-tenant, on-demand software that automates and simplifies the process companies use to sell products and services in the United States. It offers Configure, Price, Quote (CPQ) software-as-a-service that automates sales processes, enhances order accuracy, and accelerates sales cycles. The company also provides professional services, which include consulting, implementation, and training services. It also provides technical support services, such as data maintenance, enhancement, and end-user support services. It serves high technology, transportation, construction machinery, agricultural equipment, and service companies.
Objectives
*Focuses on innovation
*Demonstrate respect for individual talent and limitless potential of a highly motivated team
* Encourage high standards of excellence, original thinking, a passion for the process of discovery, and a willingness to take risks
*Reward fresh ideas, hard work, and a commitment to excellence
Internal Alignment
*Pay differences that foster a collegial atmosphere
*Reinforce high expectations
Externally Competitive
*“Pay what others are paying”---they implemented a standard salary to all their employees
Employee Contributions
*Bonus pool based on Firepond financial performance; individual share of pool based on individual performance
Management
*Goal-focused, team-oriented, and self-managed
b) What business strategy does it seem to “fit” (i.e. cost cutter, customer centered, innovator of something else)?
Firepond, as a technology company, seems to “fit” in an Innovator business strategy. Because this company focuses on new products that will bring
Firepond, Inc. Firepond, Inc. provides multi-tenant, on-demand software that automates and simplifies the process companies use to sell products and services in the United States. It offers Configure, Price, Quote (CPQ) software-as-a-service that automates sales processes, enhances order accuracy, and accelerates sales cycles. The company also provides professional services, which include consulting, implementation, and training services. It also provides technical support services, such as data maintenance, enhancement, and end-user support services. It serves high technology, transportation, construction machinery, agricultural equipment, and service companies.
Objectives
*Focuses on innovation
*Demonstrate respect for individual talent and limitless potential of a highly motivated team
* Encourage high standards of excellence, original thinking, a passion for the process of discovery, and a willingness to take risks
*Reward fresh ideas, hard work, and a commitment to excellence
Internal Alignment
*Pay differences that foster a collegial atmosphere
*Reinforce high expectations
Externally Competitive
*“Pay what others are paying”---they implemented a standard salary to all their employees
Employee Contributions
*Bonus pool based on Firepond financial performance; individual share of pool based on individual performance
Management
*Goal-focused, team-oriented, and self-managed
b) What business strategy does it seem to “fit” (i.e. cost cutter, customer centered, innovator of something else)?
Firepond, as a technology company, seems to “fit” in an Innovator business strategy. Because this company focuses on new products that will bring