Reference no: EM131951034

Overview:

Prepare a 1-2-page guiding principles document for staff compensation at a new company.

For the human resource (HR) manager, the focus is on designing policies that consistently reflect the company's business image. Being incongruent is simply not a winning strategy. If a company chooses to be the best in field, it automatically requires its policies to be the same. One of the major roles for human resource practitioners in this process is to ensure that the compensation polices reflect the organization's image. If a company strives to be the best in the field and attract and retain top talent, the compensation strategy must be designed accordingly.

Instructions:

Imagine that you are the HR manager for a new company just opening its doors in your community. The owners have asked you to prepare a vision for compensating the staff. They do not want specific policies but rather guiding principles that will help them collect data and write specific HR policies later.

Complete the following:

- Describe the type of business, the number and types of employees (such as exempt and non-exempt), and the customer base you will use as your example company for this assessment, as well as the state and city or area of the state where your company is located.

- Identify a business strategy that is most appropriate for the company, and include an analysis of why you believe this is the case.

- Discuss the appropriate business response, HR program alignment, and compensation system for this new business.

- Create a list of essential guideposts for developing a total compensation policy. In your vision, include statements that can be made public to your customers and employees.

- Consider whether your vision will be strategic in a strong economy, as well as in an economic downturn. Will you be able to adapt your vision during various economic conditions?

- Describe an HR program aligned with the business strategy chosen for the new company.

- Describe how other existing businesses in your community affect the compensation vision and strategy of this new company. You can reference the Overview of BLS Wage Data by Area and Occupation Web page from the Bureau of Labor Statistics Web site (cited in the Resources) to help you research information for your response.

Your analysis should be 1-2 pages long. Be sure to use proper APA style (6th edition) and formatting.