Human Resources Management
Evaluate the current compensation philosophy for your organization or an organization of your choosing (from a third-person perspective). Write a three-to-five page paper (not including the title and reference pages). Your paper should be written in a scholarly third-person tone; it should be in APA format. In addition to the introduction and conclusion, your paper should address the following:
Evaluate the organization’s current compensation philosophy and propose ways to enhance or revamp the current compensation philosophy to meet the changing needs of the organization and its employees.
Examine key factors within the internal and external environment including the mission and strategic focus of the organization, as well as the financial and cultural aspects of your organization (i.e., they cannot have a compensation philosophy where they “lead” the market if the organization does not have the financial resources) that should influence this philosophy. The proposed philosophy itself should be no more than a short paragraph.
Identify the key factors that should contribute to the organization’s development based on your proposed organizational philosophy.
Remember to write from a third-person perspective. Do not include wording like “my company’s philosophy is …” Instead include wording like “XYZ Company Name’s philosophy is …” Remember to write about the company and the company’s philosophy; do not refer to you or your connection to the company
An organization’s compensation philosophy refers to a combination of principles that govern decision making concerning worker’s compensation. A compensation philosophy stipulates why an organization makes decisions it does regarding the payment and rewards for its employees. The compensation philosophies differs from one company to another depending on the goals and objectives and the need to build public reputation. Since every company strives to employ and retain the best talent, they would want to spell out the most favorable, suitable, appealing and attractive compensation philosophy for the targeted employee population or community (Achenbaum, 2009). A compensation philosophy is not only a formal laid framework of principles governing compensation but a commitment an organization creates regarding workers compensation…………………..words 1238