Creating compensation system for organization

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Reference no: EM132250987

When designing a compensation system for an organization, it is important to have a compensation philosophy which serves as a framework for making decisions about various components of the system.

Tasks:

One question to be addressed is how can your compensation program help the organization be successful (e.g., be able to attract and retain talented workers needed to be competitive in the marketplace)?

Some options for consideration include:

Being an “employer of choice” in the industry

Offering top salaries

Putting more emphasis on benefits and less on salaries

Establishing “pay for performance” systems

Offering flexible in work hours, shifts, work rules, dress code, professional development/education policies

Offering designer benefits

ESPP (Employee Stock Purchase Plans)

What factors you think should be considered when creating a compensation system for an organization and why.

Reference no: EM132250987

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