Rwt1 Research Paper - 2304 Words

Business Research Report Compensation Strategies Presented to: Management Assessment Code: RWT1 Table of Contents Executive Summary 3 Introduction 4 Research Findings 5 Performance Based Pay 5 Salary 6 Longevity Pay 7 Recommendations 8 Conclusion 8 References 9 Executive Summary This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards its employees for the work they do for us each and every day. Performance†¦show more content†¦An understanding of the different methods is necessary in order to be profitable and to inspire quality production. Research Findings From extensive research, using a variety of relevant and credible resources, there are three compensation systems that should be considered: Performance Based Pay Salary Longevity Pay 1 Performance Based Pay A Performance-Based Pay system is an increasingly popular compensation method used by organizations to increase productivity. A goal for all companies is to try and remain competitive and control costs, this is a reason for performance-based pay systems becoming more popular. This type of system attempts to link compensation to performance. (Gena Richter, 2002) These systems are directly tied to organization or individual performance and are most effective when based on objective measures of quantity or quality of performance. If we wish to have a direct impact on work motivation, it must be linked directly to the performance of desired behaviors. In order for to put this type of system into place, performance evaluations must be conducted regularly , as well as training and development for those with performance that isnt quite up to par. These additional resources will be necessary for our organization if we implement a performance based pay system. (William B. Bernathy, Ph. D., 2 004) Pay for performance compensation plans are widelyShow MoreRelatedRwt1 Research Paper2173 Words   |  9 PagesBusiness Research Report New product line recommendations Table of Contents Executive Summary 3 Introduction 4 Research Findings 4 Finding Number 1 4 Finding Number 2 5 Finding Number 3 5 Recommendations 5 Conclusion 6 References 7 Executive Summary The company has recently decided to expand its product line to include a product that is a deviation from our traditional offerings. The expansion presents two potential outcomes. 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