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.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
• Competency 1: Evaluate the components that comprise an effective total compensation program.
o Describe a company for which a vision will be created.
o Identify a business strategy aligned with a company.
o Create guiding principles for developing a comprehensive compensation policy.
o Assess the adaptability of compensation guiding principles to different economic conditions.
o Describe an HR program aligned with a business strategy for a new company.
o Explain how existing businesses in a company's community affect the business strategy and compensation vision of the company.
• Competency 2: Evaluate the components and implementation of base-pay programs.
o Describe a compensation system aligned with a business strategy for a new company.