Compensation Improvement Company ABC the Goal of Term Paper

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Compensation Improvement Company ABC

The goal of this review will be to examine the overall objectives of the pay model for ABC corporation, a small manufacturing plant that specializes on developing nanosecond electronic components for select suppliers. As a job analyst my position requires that I evaluate each position in the company and ensure that a compensation structure is developed that is in line with the strategic goals and objectives of the organization which include having the workforce reflect the diversity in the community.

The use of automation and high tech systems has enabled the workforce to remain relatively low, less than 100, and may even substantially reduce the workforce in the upcoming years. The number of employees that must be reduced may be limited if employees are offered alternative forms of compensation rather than pay based incentives, which will decrease the overall financial burden on the company at large. Thus the compensation plan must altered so that it is rich in incentives other than those that are pay based only for employees. Incentives for employees will include motivational rewards such as a vacation for two for the employee of the year.

The compensation model should be based on a merit-based pay system even though it is currently not. A merit-based pay system typically works well with small companies that are able to reward individual employees for exceptional contributions and performance.

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Performance appraisals will be critical to the success of this type of compensation plan. Performance appraisals can be conducted on an annual basis, enabling employees to receive added compensation for performance that exceeds the average competency levels established by supervising managers.

In addition the compensation plan must include an annual job analysis and job evaluation. Employees will be asked to submit a detailed synopsis of what they perceive their job function to be. Employees will also be shadowed so that managers can determine the scope of an employees job function comparable with other similar jobs in the industry. This will help establish a standard of pay that correlates with other industry standards. A job analysis and evaluation will be particularly important as high tech systems and automation technology are incorporated into the organizational framework in the upcoming years. Employee work functions will have to be continually monitored and upgraded to reflect actual duties and work requirements.

Because the company is small in size, it is possible to also survey employees to gain their insight regarding the current compensation structure. The structure is currently based on a performance-based….....

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