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HRPD705 Strategic Compensation

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Question:

The Scenario

Your Challenge

You are a top-notch team of compensation professionals employed at a leading compensation consulting firm. Your team is so highly respected that two of your company’s major clients, Duplox Copiers Canada Limited and Zenith Medical Systems Incorporated, are vying for your services. However, because of all your commitments, you will be able to take on only one of these clients, so one of them will be out of luck. Your boss is in the process of deciding which client will get your services and will give you a decision shortly.

Your Mission

Your mission is to analyze your client firm, identify the sources of the problems the firm is facing, recommend any necessary organizational changes, formulate a new reward and compensation strategy, and design and implement a compensation system that will maximize your client’s success. Due to the magnitude of your task, you will complete this project in three phases. At the end of each phase, you will submit a report to your client and give a brief presentation describing your analysis and key recommendations to that point.

In Phase I, you will analyze the current organizational system, identify problems and their causes, propose solutions, outline an effective reward and compensation strategy, develop and apply a job evaluation system for some jobs, and develop a pay-for-knowledge system for other jobs. (Your client has seen pay-for-knowledge plans at other organizations and wants to try one but wants to apply it to only a limited number of jobs to see how it might work.) Currently, your client firm does not use either job evaluation or pay for knowledge; it simply relies on a rather haphazard form of market pricing.

Phase II will involve calibrating your compensation system to the market and applying market data to the pay structures that flow from your compensation strategy, job evaluation system, and pay-for-knowledge plan. The result of Phase II will be a pay structure that provides a pay range for every job at your client firm, including the actual dollar values for base pay, performance pay, and indirect pay that will be provided for each job.

Phase III will involve operationalizing the new compensation system by fleshing out your performance pay and indirect pay plans, adjusting compensation of current employees into your new system, and developing procedures for the implementation and ongoing management of your compensation system.

Develop your reward and compensation strategy. You need to define the type of employee behaviours that your client firm needs, define the role that compensation will play in producing those behaviours, determine the compensation mix, and determine the compensation level.

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My Assignment Help (2021) Strategic Compensation [Online]. Available from: https://myassignmenthelp.com/free-samples/hrpd705-strategic-compensation/reward-and-recognition-strategy.html
[Accessed 13 April 2021].

My Assignment Help. 'Strategic Compensation' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/hrpd705-strategic-compensation/reward-and-recognition-strategy.html> accessed 13 April 2021.

My Assignment Help. Strategic Compensation [Internet]. My Assignment Help. 2021 [cited 13 April 2021]. Available from: https://myassignmenthelp.com/free-samples/hrpd705-strategic-compensation/reward-and-recognition-strategy.html.


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