Holland Enterprises Compensation and Benefit System Student’s Name Institutional Affiliation Holland Enterprises Compensation and Benefit System Introduction Business success in the highly competitive trade environment requires that an organization put their best foot forward by establishing an unmatched strategic framework to spur exponential growth. The human capital is an important resource that drives the trajectory of a thriving business as it plays a pivotal role in delivering the desired results. Any organization that gets it right concerning managing the best team through the employment of an unbeatable compensation strategy delivers a significant component towards the improvement of performance. A suitable compensation and benefits system inspires the employee's resolution to offer the best performance. A compensation and benefits system is expected to respond to the dynamic nature of contemporary business practices and expectation of improving the quality of the human resource component. The ability to create value and attainment of compensation strategy and design. New York: McGraw-Hill. Gomez-Mejia L. R. & Balkin D. B. (1992). Compensation organizational strategy and firm performance. Cincinnati OH: South-Western Pub. Co. College Division. Martocchio J. J. (2001). Strategic compensation: A human resource management approach. Upper Saddle River NJ: Prentice Hall. Van De Voorde K. & Beijer S. (2015). The role of employee HR attributions in the relationship between high‐performance work systems and employee outcomes. Human Resource Management Journal 25(1) 62-78. Stone D. L. & Deadrick D. L. (2015). Challenges and opportunities affecting the future of human resource management. Human Resource Management Review 25(2) 139-145. Bal P. M. & De Lange A. H. (2015). From flexibility human resource management to employee engagement and perceived job performance across the lifespan: A multisample study. Journal of Occupational and Organizational Psychology 88(1) 126-154. Kaur S. & Vijay M. R. (2016). Job Satisfaction–A Major Factor Behind Attrition or Retention in Retail Industry. Imperial Journal of Interdisciplinary Research 2(8). [...]
Attracting and retaining the most talented employees is essential for long-term organizational success. An important component to attracting and retaining such employees is the design and implementation of an effective compensation and benefit system. Assume the role of a highly regarded human resource consultant hired to review, analyze, and revise the compensation and benefit system utilized by your city’s largest employer, Holland Enterprises. The firm employs 3,500 employees, but since 2010 has lost 25% of its staff. Exit interviews indicate the primary reason a majority of these employees have resigned is because of a compensation and benefit system that is perceived to be unfair and uncompetitive in the marketplace. Present to the management a revised compensation and benefit strategy. Your proposal should include: Description of how an effective compensation and benefit system contributes to organizational effectiveness. Explanation of the principle components of your revised compensation and benefit system for a large-scale organization as well as a recommendation for each component. Provision of a clear and convincing argument to the already skeptical top managers of this organization to increase their compensation and benefit expenses. At a minimum, your compensation and benefit system would include the following components: Compensation and benefit philosophy Pay structure architecture (pay grades, pay ranges, and pay width) Ratio of base pay to incentive (bonus) pay Emphases on external equity or internal equity Principle type of benefits to include (example: deferred compensation match, health insurance, vacation and sick leave, etc.) Paper must be 7 pages in length, exclusive of Title Page, References Page, Appendix, References, Exhibits, etc . Formatted according to APA style as outlined in the approved APA style guide (including title page and reference list). Must address the topic of the paper with critical thought. Must include an introductory paragraph with a succinct thesis statement. Must conclude with a restatement of the thesis and a conclusion paragraph. Must utilize a minimum of 5 scholarly references in addition to the course text.