*****Hello writer, please respond to my classmate about their discussion post. I have their discussion post copied and pasted under the discussion question. I put the discussion question so you know what question the classmates is answering******Instructions from Professor:
Strategic Compensation Analysis [WLOs: 1, 2] [CLOs: 1, 2]
Organizational leaders must ensure their compensation packages are fair and competitive. A strategic compensation analysis can help organizations attract prospective employees and retain and motivate current ones. Leaders should assess how they want to effectively position the organization within their current market and decide whether they want to expand opportunities to international candidates.
Create a compensation philosophy for your organization. This philosophy will explain how the organization will position itself in the market and attract and retain top talent. Explore how it aligns with the organization’s culture. Explain how the organization will continue to evaluate and enhance the total rewards programs offered.
Your initial post should be at least 275 words. Use at least one scholarly source in your response to support your ideas.
******CLASSMATES DISCUSSION POST: *******
Hello Professor and class,
Explain how the organization will position itself in the market and attract and retain top talent.
Successful compensation strategies are fundamental to any organization’s prosperity. Compensation refers to the financial and non-financial rewards provided to employees in exchange for their contributions to organizational goals (Martocchio, 2019). These rewards include salaries, bonuses, benefits, and other perks. Picardi (2020) explains that a well-designed compensation system holds a key role in attracting and retaining talent, boosting employee engagement, and driving organizational success (Mello, 2019; Picardi, 2020). To be effective, it must align with corporate strategies, market trends, and individual performance, fostering a positive and supportive work environment.
My employer, Superior Moving Service, Inc., (SMS) is committed to attracting and retaining top talent through a competitive and comprehensive compensation strategy. Benchmarking compensation against industry standards ensures the company remains a preferred employer in the moving industry (Milkovich et al., 2019). The SMS approach integrates a total rewards system that includes base hourly, or salary pay, performance-based incentives, health benefits, and professional development opportunities which enhances employee engagement and satisfaction. One key element of the compensation philosophy is the pay-for-performance model, which ties compensation to individual and organizational success. Martocchio (2019) explains that performance-based pay drives productivity and engagement. Moreover, SMS prioritizes equity and fairness by conducting semi-annual pay audits to ensure unbiased compensation decisions are utilized in a diverse and inclusive working environment.
To help retain top talent, SMS encourages employee engagement through career development and recognition programs (Mello, 2019). For instance, higher levels of engagement are linked to increased retention and productivity. Engaging and keeping employees productive during slowdowns helps SMS retain employees. Also, the organization maintains adaptability by reviewing compensation practices to align with evolving market trends and strategic goals, ensuring long-term sustainability.
Explore how it aligns with the organization’s culture.
The SMS compensation philosophy aligns with its culture of service excellence, inclusivity, and continuous improvement. Offering industry leading competitive pay and a rewards package, the company reinforces its commitment to employee well-being and shared success. The pay-for-performance model fosters accountability and innovation, rewarding individual contributions while promoting teamwork; therefore, adopting a comprehensive approach to pay structure by providing enhanced, flexible benefits tailored to the unique needs and preferences of each employee (Mello, 2019). Furthermore, career development and recognition programs enhance employee engagement, reflecting the organization’s focus on growth and employee empowerment that drives retention and long-term success.
Explain how the organization will continue to evaluate and enhance the total rewards programs offered.
The company will continuously evaluate and enhance its total rewards programs through regular benchmarking, employee feedback, and market analysis. Semi-annual compensation reviews will compare both monetary and non-monetary rewards to local, regional, and national industry standards to ensure competitiveness (Martocchio, 2019). Employee surveys and focus groups will gather insights on satisfaction and evolving needs, enabling adjustments that align with workforce expectations (Blanchard & Thacker, 2019). By maintaining flexibility and responsiveness, SMS ensures its total rewards programs remain effective in attracting, retaining, and mentoring its talent.
-Tony
References
Blanchard, P. N., & Thacker, J. W. (2019). Effective training: Systems, strategies, and practices (6th ed.). Chicago Business Press.B
Martocchio, J. J. (2019). Strategic compensation (10th ed.). Pearson Education.
Mello, J. A. (2019). Strategic human resource management (5th ed.). Cengage Learning.
Milkovich, G. T., Newman, J. M., & Gerhart, B. (2019). Compensation (13th ed.). McGraw-Hill Education.
Picardi, C. A. (2020). Recruitment and selection: Strategies for workforce planning and assessment. SAGE Publications, Inc.