Rwt1 Essay-Hr: Compensation Strategies and the Recommended Implementation

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Business Research Report HR: Compensation Strategies and the Recommended Implementation Assessment Code: RWT1 Date: June 20, 2014 Table of Contents Executive Summary 3 Introduction 4 Research Findings 4 Bonus Plans: Incentives to drive employees to success 4 Tuition Assistance: Providing employees the tools to prosper 5 Total Compensation Packages: The value of versatility 6 Recommendations 7 Conclusion 7 References 9 Executive Summary Human Resources has many options available when it comes to determining compensation strategies and what works best for a company. With factors such as cost, what motivates employees to perform, and which non-monetary benefits are most desirable, settling with one particular strategy can be tedious. Breaking up the strategies into distinctive sections can alleviate the enormity of the process and instead help HR to create a more comprehensive package, satisfying a larger percentage of the staff. The purpose of this report is to analyze the below three compensation strategies and recommend which would be beneficial to this company and why they would be favorable. Bonus Plans are beneficial on many levels. They inspire and motivate employees to reach and even exceed their goals, improving the productivity of the company as a whole. By offering more than just monetary bonuses, companies can customize their rewards, allowing employees to choose something they may not purchase themselves. Developing a bonus plan with guidelines is key in keeping a system consistent and fair, allowing any arbitrary guesswork to be abandoned. Tuition Assistance is another highly beneficial perk that many companies offer. By assisting employees in obtaining higher education and/or much needed skills, workers receive schooling, the companies have a more skilled
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