Compensation On Human Resource Strategy Essay - 3707 Words

Compensation Name Institution Contents Compensation’s Role in Human Resource Strategy 3 Introduction 3 Engaging Key Stakeholders to Support the Compensation Strategy 4 The Payoff of a Pay-for-Performance Compensation Strategy 5 Considerations while in designing a Compensation Strategy. 6 Market Competitiveness 6 Mixed Market Position 7 Determining how and when a job gets reviewed due to changes in responsibilities 8 Goals for the Pay-for-Performance System 9 Steps for Designing a Pay-for-Performance System 9 Designing the Survey 12 Real-life example 13 The Case Study of the Dog Shelter Where It’s Bark Was Worse than Its Bite 13 Role of Compensation in HR Strategy 14 Best Course of Action? 14 Compensation Boot Camps 14 Concepts and Definitions 14 Staying ahead of the pack 15 Conclusion 15 References 15 Appendix 16 Compensation’s Role in Human Resource Strategy Introduction Compensation is a main human resource (HR) strategy that is used in organizations in order to manage their employees. Motivation of employees should be a key in any organization to retain skilled employees. It is then important to align compensation systems with the overall HR goals and strategies. Pay and performance systems should not be ignored but properly planned and managed. This area should be taken seriously because hiring of new employees is laborious and costly. Winning back trust of current employees can be demanding in case of any differences. Therefore toShow MoreRelatedMicrosofts Human Resource Management Strategy679 Words   |  3 Pagesï » ¿Microsoft CORPORATION HUMAN RESOURCE MANAGEMENT STRATEGY EXECUTIVE SUMMARY The Company Profile: Microsoft Corporation Importance of Strategic Human Resource Management Talent Management Strategies Compensation and benefit packages for employees Policies and practices for Labor relations management Comparison with the Competitors Conclusion OBJECTIVES OF THE HRM STRATEGY To design effective talent management strategies; including recruitment and selection, motivation and retention, performanceRead MoreHuman Resource Management1155 Words   |  5 PagesHuman Resource Management Importance of Human Resource Planning and Compensation and benefits to employees and their roles in aiding an organization achieve its business strategy. 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