The Importance and Role of Compensation Strategy in the Human Resources Department Essay

Executive Summary The following paper concerns compensation strategy. As a member ofthe human resources department, one of my primary job functions is to hireemployees and make recommendations to the company decision makers on how toimprove the hiring and retention process. Compensation strategy can bothincrease the quality of the applicant pool as well as improve theorganization's turnover rate. A good compensation strategy will increase job satisfaction as wellas increasing employees' company loyalty. All of these factors willincrease employee motivation to complete their job responsibilities and dowhat's best for the company. The report details the difference between wage and salary beforedelving into some of the lesser-known aspects of compensation strategy. Thereport explores benefit packages, commission, and perks giving examples ofeach and how they will affect the employee's work in the organization. After examining several compensation strategies, severalrecommendations are made regarding the direction of the company in formingits own unique compensation strategy. The recommendation concerns offeringcertain things to all employees of the company, such as fully-featuredhealth insurance and a retirement plan while offering other things to onlycertain departments within the company, such as offering commission to oursales department in order to increase motivation to sell. An organization without its employees is nothing. While executive andhigh-ranking decision makers within a company are responsible for decidingthe overall direction and strategy of the organization, the employees andmanagers are the ones who actually carry out this direction and areultimately responsible for a plan's success. This is why organizationsplace such a large importance on the hiring process. Choosing the righttype of candidate for a particular position can mean the difference betweenunprecedented success and utter failure. However, even when a great deal oftime and consideration goes into the entire hiring process, often timesqualified, hard-working employees are hard to come by. This is normally attributed...

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