Employee Compensation Program And Management

Running head: HRM 1
HRM
Name:
Institution:
Date:

HRM 2
Part A
Head Hunt Consulting
1 Main Street, Ontario Canada, 901210, Hamilton
© 555- 234-3345
E-mail; headhunt [e-mail]
Dear Sir/ Madam
As highly skilled human resource consultants in Hamilton Ontario, we would be pleased to
offer our expertise in employee compensation program and management. Our experience
aligns well with the qualifications that you are seeking as a company for great consultancy. In
particular, as lead consultants for various unions and companies relating to specified projects
on compensation. We offer great services on employee (Açıkgöz, Uygurtürk, & Korkmaz,
2015).
I am certain that as a consultancy we will offer great value addition to your organization
compensation policy. With more than 15 years of experience in Human Resource
management, we are adept in compensation strategies, documentation and benefits to the
administration.in this report we are going to ;
1. Describe the appropriate compensation strategy and philosophy for the company
2. Identify the goals and objectives of having a well planned retirement savings plan.
3. Propose a well-designed benefit plan for both the employees and the company
4. Confirm the benefit of a planned budget and the eligibility of each employee.
The recommendations for a great compensation plan are;

HRM 3
a. The company should use the market rates to determine the pay increases as a
compensation policy. According to listed surveys, consider the annual average
increase of compensation for the entire Hamilton area at between 2.7%-3.0%. this will
ensure that that the company is keeping up with the industry averages and is staying
competitive with other organizations compensation policies (Buffa, & Javadekar,
2018)..
b. The company should also stay informed on the market conditions and the continued
market changes. The company should make sure that the market is following the
projections and has made adjustments as the market conditions indicate.
c. Award increase based on the employee performance. Instead of awarding on a flat
average across the board, the company should consider rewarding greatly the top
performers with a higher than average increase and low performers a lower than
average increase in compensation. This will enhance increased performance also. It
will ensure that the top performers in the organization are compensated above the
average market requirement (Daniel, 2015)..
d. Taking into consideration of the impact of the organization budget. To get the finance
department on board, the compensation strategy should take into account the
organization goals and objective. The market salary data should support the
recommendations for increase or decrease in adjustments.
e. The final recommendations is that the company should consider using compensations
consultants more and more during a compensation planning project due to various
questions that arise in the process of getting an appropriate compensation plan
(Dreassi, A., Miani, & Paltrinieri, 2017)..
Identify the total compensation philosophy for your company and the specific goals for
having a benefit and retirement savings plan

HRM 4
The compensation system is based on compensation. Moreover, in many companies, iodine
compensations often understand incentive cash rewards: bonuses, bonuses, etc A definition of
compensation payments is given. "Compensation payments - supplementary payments and
allowances of a compensatory nature, including for work in conditions deviating from
normal, work in special climatic conditions and in territories exposed to radioactive
contamination, and other compensatory payments (Ganotra, & Niranjan, 2018)..
Compensation - cash payments established for the purpose of reimbursing employees for
costs associated with the performance of their labor or other obligations stipulated by law. In
Labor Code indicates in which cases compensation should be established, which are
mandatory:- for using the employee’s personal car for official purposes;- for the use of
personal property of the employee;- when moving to work in another locality;- donor
workers.
In the literature there are definitions of compensation policy:
Compensation policy of the company is a set of all remuneration used by the organization.
Within this system, there is a rather important division into internal and external rewards.
Compensation policy is a tool to regulate the compensation system (incentive system). It sets
the framework for the compensation system, thanks to which it becomes possible to develop
various kinds of procedures and mechanisms: the formation of basic salaries, the formation of
payroll funds, etc.
Summarizing all the definitions, under the compensation policy we can understand the
totality of the employee remuneration system, depending on the strategic and personnel
policy of the company (Dunstan, & MacEachen, 2016)..