In Unit III, we will examine Hiring, Compensation, and Retention. In a nutshell, compensation and employee motivation complement each other. Modern day organizations make every effort to retain and motivate employee to perform at the highest level. Keeping good employees is a must in todays highly competitive global marketplace. Two components of compensation include direct (wages, etc.) and indirect financial payments (paid vacation, etc.). Human resources play an integral role in educating management on important factors involving compensation and motivating employees.
Below is a great video on compensation management: https://www.youtube.com/watch?v=9-ILd9w2vng
Reminder: Submit your Unit III Essay explaining new compensation strategy for mid-level manager position you need to fill. Address all questions noted in the assignment.
For this assignment, write an essay explaining your new compensation strategy for the mid-level manager position you still need to fill. Your audience is the chief executive officer (CEO) and other supervisors in your organization. In this essay, include the items listed below.
After a brief introduction, explain how equal employment opportunity laws impact the organizations compensation strategy.
Compare and contrast the advantages and disadvantages of pay-for-performance and competency-based pay. What strategy would you recommend for your organization, and why?
Explain how various motivational theories can factor into your development of a multi-generational compensation package for your whole organization that includes indirect benefits. Be sure to give specific examples of how different generations of applicants or employees will be affected.
Explain your proposed compensation package, which should include direct and indirect benefits and how the package will affect hiring and retention. Be sure to specifically identify how much you will pay the mid-level managers, and indicate how it compares to your state and the federal minimum wage. You can search the Internet for sites that list comparable pay data. You should identify a low, medium, and high pay range for the mid-level manager.
Explain how you will assess the effectiveness of the compensation strategy a year from now.
Your essay will contain a one-page appendix in which you will create a chart of your compensation strategy. This chart should have three columns, which should address the areas listed below:
legally mandated benefits,
direct benefits (include how much you will pay the mid-level managers), and
Your essay will be a minimum of three pages in length, not counting the appendix, title page, or references page. You must use at least two sources to support your essay. Adhere to APA Style when constructing this assignment, and make certain to include in-text citations and references for all sources that are used. Please note that no abstract is needed.