Reference no: EM133460901 , Length: Words Count:1000

Assignment -Implement a Compensation Strategy

This assignment relates to the following Course Learning Requirements:

Objective of this Assignment: To demonstrate knowledge and understanding of the process of implementing a compensation strategy within your organization and the deliberate steps that you will lead to ensure success.

For this assignment, read the following scenario:

For more than 10 years you have been a human resources manager at a recently-unionized tool manufacturing company. Your company is home to more than 50 employees, ranging from machinists to metal fabricators, to accounting and inventory clerks. Your firm has built a reputation of quality, and the relationships of your long-time employee team with customers are a key pillar of your client service strategy, as well as the willingness of most clients to pay above market norms for your products. Simply put, your products are high-quality, your team is solid, and so is your reputation. Challenges the organization faces include the need to consider performance pay for unionized workers. Everyone at the company has the same benefits package and it seems to be "ok" however no one has ever checked how their benefits compare to other firms or how employees feel about their benefits. Many employee have been with the company for a long time and are aging. Workforce demographics must be considered now and for the future and this may affect your compensation strategy.

Given the recent unionization of your workforce, you are formalizing processes and systems, and you recently conducted an inventory of compensation system considerations, and have since successfully chosen a compensation system. You have also established an aligned pay system to market positions with your new collective agreement, which includes provisions for performance pay for unionized workers. As a follow-up, you have implemented a performance pay framework for your administrative team.

It is launch time, and you are building the launch strategy, plans and metrics that will demonstrate your success in implementing your compensation strategy.

For Preparation:

1. Create an 800 to 1000 word (not including cover and reference pages) rationale that outlines the key factors of why the company must implement the chosen compensation strategy in order to be sustainable, competitive and legally-compliant.
2. Create a critical path that outlines your proposed implementation timeline and key deliverables at each step. This must include, but not be limited to, integrating key projects from past assignments in the course. Describe each step, giving details on how you see this unfolding in practise at this particular company. Include a summary of your implementation plan, tying together as many course concepts as possible.
3. Create a set of 5 metrics (measurable indicators) that your team will use to ensure that the chosen system is achieving the goals that you set out to realize. Explain how each metric links directly to a goal of your plan.