Compensation and Benefit System – Attracting and retaining the most talented employees is

Compensation and Benefit System – Attracting and retaining the most talented employees is

Final Paper

Attracting and retaining the most talented employees is
essential for long-term organizational success. An importantcomponent to
attracting and retaining such employees is the design andimplementation of an
effective compensation and benefit system.

Assume the role of a highly
regarded human resource consultant hired to review, analyze, andrevise the
compensation and benefit system utilized by your city’s largestemployer,
Holland Enterprises. The firm employs 3,500 employees, but since2007 has lost
25% of its staff. Exit interviews indicate the primary reason amajority of
these employees have resigned is because of a compensation andbenefit system
that is perceived to be unfair and uncompetitive in themarketplace.
Present
to the management a revised compensation and benefit strategy. Yourproposal
should include a discussion of:

How an effective compensation and benefit system contributes to
organizational effectiveness.
The principle components of your revised compensation and benefitsystem for
a large-scale organization as well as a recommendation for eachcomponent.
A convincing argument to the already skeptical top managers ofthis
organization to increase their compensation and benefitexpenses.

At a minimum, your compensation and benefit system wouldinclude
the following components:

Compensation and benefit philosophy
Pay structure architecture (pay grades, pay ranges, and paywidth)
Ratio of base pay to incentive (bonus) pay
Emphases on external equity or internal equity
Principle type of benefits to include (example: deferredcompensation match,
health insurance, vacation and sick leave, etc.)

Guidelines for Writing the Final Paper

Paper must be six to eight double-spaced pages in length, exclusiveof Title
Page, References Page, Appendix, References, Exhibits, etc.
Formatted according to APA style as outlined in the approved APAstyle guide
(including title page and reference list).
Must address the topic of the paper with critical thought.
Must include an introductory paragraph with a succinct thesisstatement.
Must conclude with a restatement of the thesis and a conclusionparagraph.
Must utilize a minimum of four scholarly references.

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