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Attracting
and retaining the most talented employees is essential for long-term
organizational success. An important component to attracting and
retaining such employees is the design and implementation of an
effective compensation and benefit system.
Assume the
role of a highly regarded human resource consultant hired to review,
analyze, and revise the compensation and benefit system utilized by your
city’s largest employer, Holland Enterprises. The firm employs 3,500
employees, but since 2007 has lost 25% of its staff. Exit interviews
indicate the primary reason a majority of these employees have resigned
is because of a compensation and benefit system that is perceived to be
unfair and uncompetitive in the marketplace.
Present to the management a revised compensation and benefit strategy. Your proposal should include a discussion of:
- How an effective compensation and benefit system contributes to organizational effectiveness.
- The
principle components of your revised compensation and benefit system
for a large-scale organization as well as a recommendation for each
component. - A convincing argument to the already skeptical top
managers of this organization to increase their compensation and benefit
expenses.
At a minimum, your compensation and benefit system would include the following components:
- Compensation and benefit philosophy
- Pay structure architecture (pay grades, pay ranges, and pay width)
- Ratio of base pay to incentive (bonus) pay
- Emphases on external equity or internal equity
- Principle type of benefits to include (example: deferred compensation match, health insurance, vacation and sick leave, etc.)
