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New business vision for compensating the staff

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Imagine that your are the HR Manager for a new firm just opening its doors in your community. The owners have asked you to prepare a vision for compensating the staff. They do not want specific policies, but guiding principles that will help them collect data and write specific HR policies later. Complete the following:

Describe the business in a paragragh (make it up)

Create a list of essential guideposts for developing a total compensation policy. In your vision, include statements that can be made public to your customers and employees. Also consider whether your vision will be strategic in good business climates as well as downturns.

Discuss the appropreate business response, HR program alignment, and compensation system for this new business.

With references.

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Solution Preview

Description of Business: The business is a research and advisory firm providing outsourced market research and business advisory services to companies in a wide range of industries. The company undertakes contract research work pertaining to business/market research, financial and investment related research. The company has a strong pool of qualified and experienced market researchers with MBA and related business degrees.

List of essential guideposts for developing total compensation policy:

Vision/Philosophy: The main purpose of developing a vision statement or philosophy is to create a positioning of the company for competitive pay levels and to articulate organization's commitment to motivating and rewarding performance of the performing employees via the total reward system.

Our Vision will ...

Solution Summary

HR: New business vision for compensating the staff, guideposts for a policy