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prepare a vision for compensating the staff

Visioning Before Strategizing
Imagine that you 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:

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 appropriate business response, HR program alignment, and compensation system for this new business.

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List of essential guideposts:

The organization's compensation policy will be administered fairly and equitably. The compensation plan will strengthen the tie between pay, performance and organizational success, and its employees' total compensation (salary and benefits) will be competitive with market. The company will provide the infrastructure to enable on-going reward and recognition of outstanding performance.

To attract the type of talent needed to achieve and maintain a leadership position in our sector of the chain restaurant industry, the total compensation opportunity should be at or above the median for similar companies ...

Solution Summary

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 appropriate business response, HR program alignment, and compensation system for this new business.

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