Reference no: EM133010561
Utopia Cosmetics is a dynamic, fast-growing company that manufactures and sells a range of cosmetics for girls and women in the 15 - 35 age group. Consistent with its target market, the company employs an all-female sales, promotions and marketing team of 117 women.
Company records show that these 117 women have an average age of 26.3 years. 73% are not married and only 11% have children. 88% have at least a bachelor's degree and 68% are recent new home owners or plan to purchase a home within 12 months. Personality assessments conducted by an external consulting group reveal that the women have a strong sense of independence; place great importance on personal appearance and value style, sophistication and are ambitious. They have a high need for achievement; desire choice and seek recognition and career advancement.
The company now wishes to hire a further 33 young women over the next 12 weeks to join the sales, promotions and marketing team to meet growing demand for its products. Other critical strategic objectives include retaining the young, female talent they currently have and getting employees through company training programs more quickly. The company has three core values that underline everything it does: Creativity; Cooperation; Originality.
There are also some external environmental factors the company must consider as it seeks to expand. There is a new competitor in the market; it is a well-financed subsidiary company of an iconic women's footwear retailer. This new cosmetics company is paying an average of 9% more than Utopia for its sales, promotions and marketing staff. Utopia cannot match this. Secondly; much data is coming to light that young men and women are prioritizing work/life balance when looking for a new job or deciding whether to remain with their current employer. It is their number one concern a recent work study concluded. Thirdly, the pool of potential candidates lives in the city; a 30 minute drive (without traffic) from Utopia's offices at an industrial park. There are jobs available in the city with other companies.
Question:
Imagine that you are advising Utopia Cosmetics on implementing a winning compensation and benefits strategy that reflects the company's internal and external environments to attract the staff they need. What would you advise they do in terms of pay, rewards, bonuses, incentives and recognition?
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Describe different training program
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What are some ways that training would be done differently
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Implementing winning compensation and benefits strategy
: Utopia Cosmetics is a dynamic, fast-growing company that manufactures and sells a range of cosmetics for girls and women in the 15 - 35 age group.
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How many share of common stock outstanding for torre company
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