Top Ratings for Compensation and Benefits
Write a 2-page analysis of 10 top employers based upon their compensation packages, and make recommendations of standards you think your company should follow when considering benefits and compensation packages. By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria: SHOW LESS Competency 1: Evaluate the components that comprise an effective total compensation program. Prioritize top employers based upon their compensation and benefits. Analyze characteristics of top employers for compensation and benefits. Explain recommendations for a company to follow to achieve excellence in compensation and benefits. To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community. In your opinion, why should organizations openly communicate their pay systems to their employees? What is an effective method to use to achieve this? Describe your experiences related to this and indicate whether you have worked in an environment in which pay systems were communicated effectively to the employees. For many people, today’s pay issues have become synonymous with ethics issues. Where is the ethical bottom line in compensation policy? What would be an ethical standard or statement as a model for any company? Consider the global nature of our economy. Pay and bonuses are the things that get talked about most, yet they are also the things about which we are asked to keep quiet. If a total compensation policy is solid, why would you not want to be honest and tell your employees and customers exactly what you are doing? How much should managers communicate about the total compensation program of a company? Who should be included in that discussion? Clients? Shareholders? What do you think? Research any one of the top employer lists frequently posted by top news publications or industry journals, which you can search for using the Internet. Once you have found the information, complete the following: Read the top 25 employers on the list. Note how many of these employers made the list because of their compensation and/or benefits policies, and also note the specific compensation-related policies that were mentioned. Log which policies were mentioned. Based on your research about top employers, prepare an analysis of your findings in a report that includes the following: Prepare a chart listing at least 10 of the top employers, their ranking on the list, and the compensation or benefit that was cited as a reason for being a top employer. Next, review your list of employers. Can you make any determination from that list? Is there a pattern that makes for a top employer in compensation and benefits? What characteristics do you view as being more important than others? Conclude with a recommendation for your current or desired HR manager. Explain what standards you think are critical to becoming recognized as a top employer with excellent compensation and benefits policies. In other words, create the standard you think your company should follow. Justify your recommendations. Your report should be no more than 2 pages. Be sure to use proper APA style in citing and referencing your sources.