Investigate John Lewis's Compensation Strategy
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Added on 2020-09-17
Investigate John Lewis's Compensation Strategy
Added on 2020-09-17
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Investigate John Lewis'scompensation strategy
TABLE OF CONTENTS1. EXECUTIVE SUMMARY.........................................................................................................42. INTRODUCTION.......................................................................................................................12.1 Company overview...............................................................................................................12.2 Overview of the issues faced by John Lewis........................................................................12.3 Aims and objectives..............................................................................................................13. ANALYSIS OF THE ISSUES FACED BY JOHN LEWIS.......................................................23.1 The current use of pre departure training:.............................................................................23.2 External Competitiveness:....................................................................................................23.3 Internal Equity:......................................................................................................................23.4 Executive compensation:......................................................................................................33.5 Recognising and rewarding employees:................................................................................33.6 One size fits one:...................................................................................................................34. RECOMMENDATIONS ............................................................................................................44.1 Customised training:.............................................................................................................44.2 Budget allocation:.................................................................................................................44.3 Develop salary ranges:..........................................................................................................44.4 Compensation audits:............................................................................................................54.5 Benefit Package:....................................................................................................................54.6 Performance Management System:.......................................................................................54.7 Legal Compliances:...............................................................................................................54.8 Structured Administration:....................................................................................................65. RISK AND CONTINGENCIES..................................................................................................65.1 Contingencies in customised training:..................................................................................65.2 Risks in Budget allocation:...................................................................................................65.3 Risk in developing salary ranges:.........................................................................................75.4 Contingencies related to Compensation audits:....................................................................75.5 Risks inclined with benefit packages:...................................................................................75.6 Contingencies lies with Performance management system:.................................................85.7 Contingencies related to Legal Compliances:.......................................................................8
5.8 Contingencies related to structured administration:..............................................................86. CONCLUSIONS..........................................................................................................................87. REFERENCES..........................................................................................................................10
1. EXECUTIVE SUMMARYThis report consider the current market scenario of John Lewis and its compensationstrategies. This report also include the study and evaluation of all the compensation strategiesused by John Lewis to attract new talents and retain its employees. This report also consists ofissues faced by John Lewis in its compensation strategies. There are also recommendations andsuggestions made by myself on the basis of my research. This report also includes the risks andcontingencies in my recommendations. John Lewis is facing issues because of constant changes in the market conditions. Thecompensation strategies of John Lewis are not that effective in terms of satisfying theiremployees. Considering this, this report has included various measures to improve thecompensation strategies adopted by John Lewis. This report also include measures to satisfy theemployees of John Lewis, and why there is a downfall in the satisfaction level of employees atJohn Lewis. This report also include the new market threats which are currently faced by JohnLewis, like the entry of Amazon the e-commerce giant of United States of America into theBritish food home delivery market.
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