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Find recent journal articles and publications that provide current insights into each of these three perspectives:
• What do you think are the most important strategic compensation issues in the modern workplace?
• Why are these particular issues a challenge in today's workplace?
• How have major compensation issues changed in the last 10 years?
Write an analysis to compare and contrast these different perspectives and analyze how each of these three perspectives contributes to the pay strategy of an organization.
Support the paper with at least five (5) resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included. The paper should demonstrate thoughtful consideration of the ideas and concepts that are presented in the course and provide new thoughts and insights relating directly to this topic.
Use current APA standards.
Length: 5-7 pages
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The response provides you a structured explanation of major compensation issues . It also gives you the relevant references.
The most important strategic compensation issues are the competition to keep experienced and capable industry professionals, especially in the management and executive levels. The performance and reward system is an effective way to retain the company's top performers and grow profits. At technical levels also there are struggles to recruit and retain top talent. The key issues are attracting competent high quality employees, rewards that must be paid for performance, encouraging employee retention, and the use of perks/benefits. Consider an example from the food processing industry. If General Mills requires a production manager for one of its plants, it needs a person with the right qualifications, and having experience in working in a food processing plant of a large company. There are several competitors of General Mills but if it seeks a manager who knows how to comply with international standards they must seek person who has experience in the plants of its competitors. Competing with firms such as Kellogg's, and Kraft for high-performing employees is far difficult than competing for their market share. Each company has strategies in place for retaining their key personnel. Each employee is rewarded through compensation, commission, bonus for loyalty, attractive health insurance benefits, paid holidays, and guaranteed paid vacation time. Attracting employees from competitors is difficult. A key vacancy can force a large company to lose competitive advantage.
These particular issues are a challenge in today's workplace. Consider an important issue that of encouraging employee retention. There are several strategies used to improve retention. Each poses a challenge. Higher compensation is perceived to improve organizational climate bringing greater flexibility, efficiency, and performance (1). The employees must be provided career development opportunities and a chance to grow. In addition, they must be given regular feedback on how they are performing. Also, the employees must be given a chance to contribute directly to the organization and be recognized for doing so. Moreover, they should be given a good compensation package, there must be scope for salary increase, benefits should be tailored to their individual needs, and flexible work schedules should be offered. Each of these requirements has challenges for the HR and the organization. In ...
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