ms6510 wk3 assignment ranju lewis

Assignment 2: LASA 1—Designing Compensation Systems

When designing a compensation system for an  organization, it is important to have a compensation philosophy which  serves as a framework for making decisions about various components of  the system.

Tasks:

One question to be addressed is how can your  compensation program help the organization be successful (e.g., be able  to attract and retain talented workers needed to be competitive in the  marketplace)?

Some options for consideration include:

• Being an “employer of choice” in the industry
• Offering top salaries
• Putting more emphasis on benefits and less on salaries
• Establishing “pay for performance” systems
• Offering flexible in work hours, shifts, work rules, dress code, professional development/education policies
• Offering designer benefits
• ESPP (Employee Stock Purchase Plans)

Write an 8–10-page report discussing what factors you  think should be considered when creating a compensation system for an  organization and why. Include the organization you work for (past or  present) and describe the organization’s current compensation system.  What would you change?

Make sure you write in a clear, concise, and organized  manner; demonstrate ethical scholarship in accurate representation and  attribution of sources; display accurate spelling, grammar, and  punctuation.