Time Warner compensation plan
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Evaluate the compensation plan available at Time Warner. The evaluation should discuss the strategic successes and failures of the compensation with regard to the following topics:
1. The strategic value of the plan as a source of competitive advantage
2. The internal alignment structures of the plan
3. The external strategies used to execute the plan
4. The use of incentives in the plan
5. The role of benefits in the plan
6. The processes and structures used to manage labor costs
7. The means of communicating the plan to the employees
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1. The strategic value of the plan as a source of competitive advantage
There is tremendous strategic value of the plan as a source of competitive advantage. First, let us consider the top management. In the year 2006, Dick Parsons, the chairman and chief executive officer received a compensation of $22.5 million in comparison to $16 million he received in 2005. This compensation was related to performance and during the year 2006, the Time Warner's stock increased by 26 percent!
At employee level the company offers its employees an "All Can Excel" program. The participating employees can nominate each other for the award. The awards can be "en-cashed" for products in Time Warner store. This strategy of Time Warner has helped motivate employees, improve customer service, increase productivity and boost revenues.
2. The internal alignment structures of the plan
The internal alignment process structures of the plan are based on two actions. One of keeping the organization flat and the other of recognizing employees are used to align the structure of Time Warner. Layers of middle management have been reduced. In addition, the progress of every employee is measured meticulously through performance appraisal program. Along with the monitoring of the employees, the employees are recognized and appreciated. Employees are regularly thanked for exceptional performance.
The overall responsibility of internal alignment and structure of compensation plan is the Compensation and Human Development ...
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