Compensation Management: Achieving Tesco's Vision and Mission

This report analyzes and evaluates the use of flexible benefits plans in Tesco to achieve its mission and vision. It discusses the importance of compensation management in motivating and retaining employees, and highlights the benefits and objectives of implementing flexible plans.

Compensation Management.

Table of Content
INTRODUCTION...........................................................................................................................4
Main body .......................................................................................................................................4
1 Description :..............................................................................................................................4
2 Flexible benefits plan ..............................................................................................................5
3 Flexible compensation plan help organisation to achive vision,mission and objectives..........6
4 Important objectives of flexible plan to ensure successfullness .............................................8
SUMMARY.....................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Compensation management refers to the work that employees of company have done for
extra monetary benefits in salary such as bonus, incentives to attract individual to perform
effectively for achievement of organisational goals. Tesco is the large organisation with450,000
employees that are working together across 6800 stores located at different areas for expansion
and growth of business's in the industry. It was founded in 1919 by Jack Cohen in Hackney,
London that operates in retail industry in order to meet daily needs and preference of people
living in UK. It deals in various products such as supermarket, convince shop and hypermarket
that is established to provide better and qualitative products and services to customers. Tesco
vision is to be highly valued business's and build strong brand image by serving customers,
communities and shareholders in the best possible manner. Whereas its mission is to ensure that
customers are provided the best services and product to retain their satisfaction level and loyalty
within organization (Chen, Chou and Lee, 2020).This report analysis and evaluate flexible plans
that can helps in achievement of Tesco mission and vision.
Main body
1 Description :
Tesco is one of the biggest retailer brand in UK and the third largest retailer company in
world when measured by revenue generation factor. Tesco has high quality standards in all
products and services offering in stores and online websites portals which has largely enhanced
the brand reputation and equity levels. The company successfulness among customers has
largely affected the goodwill of brand on world level which has built the company structure
diversified into high innovative portfolio of products and services. The vision of Tesco is to
reach competitive market share in retail industry by delivering strong quality standards to
customers and diversify the business strategies into new sectors of economy to reach new
segments of customers. Tesco is public -limited retail company listed on London Stock
Exchange and has large number of stores all over the world where Europe and Asia are the main
target markets. There are 6800 shops and stores worldwide found by data analysed recently
where the products categories ranges from grocery food items, furniture, home décor and other
items related to eatery products and also the necessary items of people (Ellul, Pagano and
Scognamiglio, 2020).

Misson of company is to serve all customers with high quality standards products and
services and to enhance production capabilities as compared to other competitors. The retail
giant believes in keeping all employees motivated and retained for long term with strong
working conditions, ethical business practises and strong training of technical skills by larders.
There are 450,000 employees working in all stores of company who serve the customers with
strong personal skills, to establish comfortablee shopping experience for them. HR professionals
working in company are highly devoted to provide training and development session to all
employees working in production department for enhancing their capacities, maintaining strong
feedback services by company (Farjun, 2020).Tesco posses large established goodwill among
global market-share and customers have strong trust among the reliability of products and their
efficiency standards. Compensation manage and flexible benefit plans are innovative methods to
keep employees motivated and committed towards company management.
2 Flexible benefits plan
Flexible benefits plan enable employees to choose high benefits from package of
programmes offered by leaders in company which may include health insurance, pension plans
and reimbursements plans. Tesco lays high focus in providing flexible benefits plans to all
employees working in stores and management where the company maintains strong ethical
training sessions and also provide them with extra incentives and allowances.
 Flexible benefits plan enable employees to choose particular benefit from all categories
which suits their preferences strongly and also provides them with opportunities to
enhance their performance levels with strong motivation driven from benefits. The
monetary benefits given by leaders in production departments motivate them to enhance
their skills to high standards and learn new potentialities (Haque and Ntim, 2020).
 Health insurance coverage and life insurance from flexible benefits plans are strong
paradigms where Tesco focuses highly to keep employees safe in production departments
and maintain clean working conditions for them. Employees feel strong safety in their
jobs with health insurance and life insurance plans which motivate them to keep their
services in high quality standards and reach the company set goals with strong efficiency.
 The tax reduction in salaries of employees are strong factors which can be implemented
in flexible benefit plans by leaders and managers in company which will highly motivate
employees to work efficiently. The employees in Tesco are give high importance as they

are the real face value of brand directly coming in contact with customers in stores and in
online portals. Tax reduction in salaries are strong initiatives which can benefit company
employees extensively on various paradigms.
 Health screening is also an important factor of flexible benefits plans which enhances
employee motivation extensively as by providing medical check-ups by healthcare and
doctors in production departments Tesco can maintain strong health of employees.
Employees safety concern are highly important, completion of which brings strong
retention in workforce. Doctors visits and seminars sessions will enable company to keep
health standards in check and also motivate them to work efficiently in company with
strong performance (Ma, Jiang and Yuan,2020).
 Childcare vouchers area also one of the most innovative factor of flexible benefits plans
which keeps employees working in company whoa re having children highly motivated.
Tesco by maintaining care and vouchers to people who are parents can enhance employee
motivation levels extensively, medical insurance of children can be provided which
motivates employees largely. Childcare centres in Tesco can be built fir employees who
have small children in their family, this initiative in Flexible benefit plan will enable
company to enhance their employee contribution largely and strong reattainment is built
among employees strength. The flexibility benefit plans introduction with childcare
vouchers and other facilities to maintain strong ethical practises will motivate employees
working in Tesco to be productive in their functionality.
 Vacation days is also one of the most innovative factor which can be implemented in
flexible benefits plan in Tesco by HR professionals in management which will make
employees highly motivated at work. The company employees strongly look forward to
holiday opportunities on festivals and other occasions by company management, there are
high percentage of employees who choose this option in Flexible benefits plans. Tesco
can introduce new initiatives to take employees to production areas and fields for
enabling them practical knowledge of competitiveness in industry (Mishra,2020).
3 Flexible compensation plan help organisation to achive vision,mission and objectives.
Tesco by implementation of Flexible benefits plans can reach high goals in performance
standards and achieve the set vision, mission and objectives with strong efficiency performance
by employees. The employees working in company are the real face value of brand which has

high functionality and responsibilities in the management of production, marketing and other key
departments of company. Tesco by maintaining strong flexible benefits plans for employees in
company can reach strong performance standards in delivering customers the products and
services. The various benefits which company can gain from flexible benefits plan are as
follows:
 Employees commitment in company management is built through employee benefits plan
which makes them highly motivated to contribute towards production arenas and friendly
organizational culture makes them highly motivated to reach the set benchmarks. The
various benefits in form of monetary factors are important paradigms which employees
commonly seek from HR departments in company. Tesco by providing employees with
monetary benefits and incentives along with performance appraisals on various occasions
highly motivate them to bring the production outputs with high quality standards. The
vision of goal to establish competitive edge in production department in comparison to
other retail brands can be highly achieved by advanced skills employees working
collectively (Peterson,2020).
 Tesco by providing friendly working environment to employees in workplace and giving
them holidays opportunities in the flexible benefit plan they can be kept highly motivated
and retained in company for longer periods. High retention factor is positive parameter of
company performance levels which also impacts the HR funds of recruitment, training.
The brand mission to attract large customer base in market share can be achieved by
strong customer satisfaction services delivered by highly skilled employees. Tesco
objectives to provide strong ethical working condition to employees and maintain strong
retained percentage of workforce.
 Tesco objectives are to provide strong online market availability where the customers
feedback and grievances should be addressed with high efficiency. Flexible benefits plans
also include incentives on high performance by employees and further training sessions
which motivate employees strongly. Tesco can reach large customer base and high
profitability margins by high performance delivery through strong interpersonal sills of
employees which highlights the brand value and enhances the goodwill among
customers. Promotion services by advance technical skilled employees who have the
latest knowledge of new trends in customer preferences can highly contribute to company

performance enrichment in the retail industry (Shkoler and Kimura,2020). Employees can
also be encouraged and motivated by the recognition of their efforts and
accomplishments by leaders through evaluation of their online services to customers.
Leaders can build parameters to check their performance and services on online portals
and how they maintain strong relations with customers while they purchase Tesco
products on websites.
 Medical insurance and life insurance coverage keeps employees safety factors in-check
where the parameters of ethical practises taking place in Tesco highly motivates
employees to maintain commitment with their leaders and management. This factor also
highlights that Tesco brand highly focus on employees safety standards who work in
production departments. Company's global image is enhanced when the employees are
happy working in company and there is strong loyalty towards management. Tesco can
gain strength in its workforce by strong employees' contribution to company management
performance and high delivery of company goals. Medical assurance and the facilities
provided by company to maintain strong health of employees enable company
management to be responsible towards health standards of workers and their leader.
4 Important objectives of flexible plan to ensure successfullness
Tesco can initiate some innovation in flexibility benefits plans which will make long term
success in implementation of healthcare programmes and other criteria highly effective.
 HR professionals in Tesco must maintain strong working records of employees and
evaluate their performance in regarding departments, through which efficient employees
can be given high performance appraisals and incentives. The flexible benefit plan must
be implemented with strong parameters of growth where employees service and
completion of responsibilities must be highly valued by their leaders and HR
professionals. The plan must have compensation factors for employees who have strong
learning potentialities and strong interpersonal skills while working with team members.
This will enhance their motivation highly and motivate them to take strong guidance
from their leaders and superior.
 Market researching knowledge among employees is a strong key asset for production
team as when the employees are having advance knowledge of the latest trends and
scientific capabilities the overall performance of company grows. Tesco leaders in

company must held brainstorming sessions and provide platforms to employees to
showcase their talents and sills. Tesco can highly train employees through
implementation of training sessions as it will keep employees motivated and encouraged
to reach the set company goals with high efficiency. Training sessions will upgrade their
technical skills and knowledge of working in production department which will also
motivate them to reach new arenas of self-growth.
 The flexibility benefit plan by HR professionals must have strong compensation factors
for employees, annual incentives and long term succession plans parameters which will
keep them motivated in company. The leaders in team must conduct evaluation of
employees on regular basis by monitoring them and guiding on their pitfalls, this will
encourage them to reach the set targets with high speed and efficiency standards. The pay
structure must be innovative and there should be revaluation of competencies between
team members and their performance levels while particular periods through which the
HR and leaders can construct their salaries incentives and appraisals. Perks, bonus pay,
tip income can be structured in the flexible stability plan be leaders and HR professionals
by which employees can be determined and motivated to reach new standards of
performance.
SUMMARY
From the above report it can be concluded that compensation management is essential for
influencing and motivating employees to work hard for achievement of organizational goals.
Tesco is globally recognized brand where the company has long established goodwill among
consumers due to large availability of stores and high promotional services through online and
offline platforms. Employees working in company are highly valued as the face of brand as they
are directly in contact with customers at stores and shopping networking sites. This report
concludes Tesco has strong flexibility benefit plans in company where the operational structure
constructed by HR professionals are highly dynamic and innovative to provide them with
platforms to showcase their talents and skills. This report concludes with various parameters
where company can enhance the mission and vision, objectives and other paradigms of its
flexibility stability plans where it can enhance employees contribution extensively. Tesco HR

professionals give high importance to employees motivational level as the company values
human resources strength and the workforce abilities to maintain strong performance enrichment.
It can also be explained from above analysis that company by introducing various flexible plans
for work of employees can bring coordinate and influenced them to increases their productivity
and performance for growth and success of business. It can use various incentive, bonus to yield
better result from lazy and inactive employees within firm so that company can render qualitative
and standard services and products to people living in UK. At last, it can be explained that
flexible plans helps in reducing labour turnover and absenteeism of employees in Tesco that
helps company in gaining competitive advantages in the industry. Employees make additional
effort to meet various changes and minimize wastage and increase productivity so company can
meet it desired vision and mission (Thakur, Kothiya and Bera, 2020).This report also conclude
employees satisfaction at workplace is very important to maintain their commitment levels, trust
in management and enhance their potentialities extensiveness. Tesco maintains strong
cleanlinesses in production department of company and other factory outlooks of company and
stores where employees can enrich their potentialities with strong working conditions. The report
concludes health insurance and medical check-up facilities are some important for companies to
develop in their flexibility benefits plans to motivate employees in company and enhance their
reliability factor towards company. These factors make employees commitment towards
company highly strong and motivate them to be retained in workforce for longer periods.

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