Water Front Industrial Dispute

375 Words2 Pages
2. How to develop a total compensation strategy. Step 1: Assess total compensation implications * Competitive dynamic Emphasize on how the organization plan to compete and survive in the industry. Therefore, the company should have the ability to cope with the turbulent competitive dynamic and focus on important factors in the environment today such as changing customer needs, competitors’ actions, changing in labor market conditions, changing laws and globalization. * Culture values The pay system mirrors the company’s image and reputation. So a pay system the values that guide an employer’s behavior and underlie its treatment of employees * Social and political context Context refers to a wide range of factors, including legal and regulatory requirement, cultural differences, changing workforce demographics and expectations. These factors will affect compensation choices. * Employee needs Emphasize on employees need and wants in order to meet their satisfaction. Employees join the organization, make investment decisions, interact with customers, design new product and assemble components. Therefore, organization should know how to better satisfy individual needs and preferences. * Union preferences Pay strategies need to be adapted to the nature of the union management relationship because unions have different interest. In addition, compensation deals with unions can be costly to change. Step 2: Map a total Compensation Strategy Often use in marketing to clarify and communicate a product’s identity. A strategic map offers a picture of a company’s compensation strategy and clarifies the message that the company is trying to deliver with its compensation system. It is involve the elements in the pay model such as objectives, alignment, competitiveness, contribution and management. Step 3: Implement This step,

More about Water Front Industrial Dispute

Open Document