Designing a variable pay plan

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Reference no: EM13532752

The company wants you to develop a compensation system that might help it address its problems.
Here is the case study: You have been brought in as a compensation consultant for MiniMite Company. Analyze the short case below and recommend a new compensation system that includes variable pay components designed to address the specific problems this organization is experiencing. Describe your recommendations and discuss how your recommendations will help resolve the specific problems.

Designing a Variable Pay Plan

You have been brought in as a compensation consultant for MiniMite Company, which makes high quality electrical distribution devices for commercial applications. The products are relatively quick to produce, with the plant producing several thousand different products a day. The products are relatively inexpensive and the industry is very competitive, so the profit margin on each product is small and all production costs must be kept low. The company has two major problems. First, it has been lagging behind the competition in developing new products. Second, its existing products are more expensive to produce than the competition's equivalent products.

The company wants you to develop a compensation system that might help it address its problems.
Here is the case study: You have been brought in as a compensation consultant for MiniMite Company. Analyze the short case below and recommend a new compensation system that includes variable pay components designed to address the specific problems this organization is experiencing. Describe your recommendations and discuss how your recommendations will help resolve the specific problems.

Reference no: EM13532752

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