Compensation is a recurring topic of debate and there is an abundance of economic challenges to consider. Global competition for talent continues to force organizations to review their current compensation plans while the global pandemic has pressured companies to develop innovative ways to retain high performers. This includes legal and discretionary benefits along with bonuses that are often referred to as Total Rewards. While exempt employee compensation is frequently tied to organizational performance, non-exempt employees are typically compensated based on individual metrics. Unfortunately, current compensation packages may not always consider the contributions of part-time, temporary, and on-call staff that are relied on to perform essential business functions.
Consider current global economic issues that have challenged traditional compensation plans. As the Human Resources professional for your company, you have been tasked with establishing a Total Rewards strategy. With a staff that is comprised of exempt and non-exempt workers, you will have to consider how employees that must work on-site perceive how they are paid compared to those that can work remotely. While conducting your research, consider how Total Rewards can include employee recognition, flexible schedules, bonuses, and tuition assistance.
How can a company determine what the starting wage should be for any given position?
What factors should be considered for compensation to be considered equitable?
Which mandatory and discretionary benefits should be included and why?
Will benefits and compensation details be kept private or made public?
Embed at least one reference per paragraph.
2 pages in length with sufficient research information.
Use 3rd person, proper grammar, punctuation, and spelling.
Follow proper APA format, including title and reference pages.
Construct complete paragraphs that are 4-6 sentences in length.