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Posted: July 15th, 2022
Explain the importance of the compensation strategy aligning
In 2000 words and Scholarly references, use the outline below to develop a research paper. Use In text citations and place in APA 6th edition format. All of the question in Red need to be answered in clear and sufficient details.
I. Types of Compensation
A. Direct Compensation
1. Define – Define Direct Compensation
2. Importance of Direct Compensation – Explain the importance of Direct compensation to a professional organization
3. Examples – Provide 2 relevant example of Direct compensation
B. Indirect Compensation
1. Define – define Indirect Compensation
2. Importance of Indirect Compensation – Explain the importance of indirect compensation to a professional organization
3. Examples – Provide 2 relevant example of indirect compensation
C. Role of Compensation – Explain the role of Compensation to an organization. Discuss the percentage of profit it consumes and how it affects behavior
1. Strategic Objectives – Discuss how compensation contributes to the strategic objectives of the organization
2. Role for Organization – Provide an Example of the role of Compensation in a professional organization.
II. Internal Alignment
A. Effect on Organization – Explain the positive and negative effects of
1. Policies – Discuss the importance of organizations policies to support the compensation strategy
2. Performance Evaluation – Explain how the performance evaluation contributes to the internal alignment. Provide an example
B. Buy/ Build Talent – Explain the Difference between Buying and Building Talent for an organization
1. Advantages – Discuss 3 Advantages of Buying and Building Talent
2. Disadvantages – Discuss 3 Disadvantages of Buying and Building Talent
III. Creating Compensation Strategy
A. Pay Model – Explain what a Compensation Pay Model is and provide 2 examples
1. Purpose – – Explain the purpose of the pay models
2. Objective – Discuss the objective of the pay model
3. Techniques – Provide examples of how the pay model is implemented within an organization
B. Influencing Factors – What are 3 factors that will influence the Compensation Strategy of an organization
1. Align with Organization Vision – explain the importance of the compensation strategy aligning with the organization strategic vision
2. Balance – Outline how an organization creates balance with their compensation strategy
3. Competitive with market – Explain 2 market factors that are used to create a competitive pay strategy
C. Pay for Performance – Define and Explain Pay for performance
1. Strengths – Discuss 3 strengths of pay for performance
2. Challenges – Discuss 3 challenges of pay for performance
3. Ethics – Explain the ethics involved in pay for performance and give 1 recent example.
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