This document discusses strategic compensation decisions and developing a total compensation strategy. It uses Whole Foods as an example to illustrate how a company considers objectives, internal alignment, external competitiveness, employee contributions, and management when making compensation choices. It then outlines a four-step process for formulating a compensation strategy: 1) assess implications, 2) map a strategy, 3) implement, and 4) reassess. Key aspects addressed include competitive dynamics, culture/values, social context, employee preferences, and unions. The goal is to clarify a company's compensation message and implement a system that can be reassessed over time.
This ppt will be helpful for HR students in C & B for referring ch-9 Pay for performance : The evidence from Milkovich.
The plans for pay for performance hasnt been uploaded.
This topic isn't available easily on google.
Total rewards is a concept that describes all the tools available to an employer that may be used to attract, motivate, retains and engages the employee.
Total rewards may also refer to the function or department within HR that handles compensation and benefits, or the combined intrinsic and extrinsic rewards (or value) that an employee perceives.
This ppt will be helpful for HR students in C & B for referring ch-9 Pay for performance : The evidence from Milkovich.
The plans for pay for performance hasnt been uploaded.
This topic isn't available easily on google.
Total rewards is a concept that describes all the tools available to an employer that may be used to attract, motivate, retains and engages the employee.
Total rewards may also refer to the function or department within HR that handles compensation and benefits, or the combined intrinsic and extrinsic rewards (or value) that an employee perceives.
pay for performance system implementation in Healthcare sectorFatima Aftab
this project is based on the implementation and execution of p4p in hospitals specially focus on the productivity of nurses.I got an A grade i hope this will be beneficial for all the students as well as business professionals and recruiters.
pay for performance system implementation in Healthcare sectorFatima Aftab
this project is based on the implementation and execution of p4p in hospitals specially focus on the productivity of nurses.I got an A grade i hope this will be beneficial for all the students as well as business professionals and recruiters.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
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The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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For more information, visit-www.vavaclasses.com
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
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What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
3. 2-3
Example: The Strategic Compensation
Decisions Facing Whole Foods
■ Objectives: How business strategy and should
compensation support be adaptive to the
cultural and regulatory global environment?
Whole Foods’ Objectives
– Increase shareholder value through profits and
growth
– Go to extraordinary lengths to satisfy and delight
customers
– Seek and engage employees who are going to help
the company make money
4. 2-4
Example: The Strategic Compensation
Decisions Facing Whole Foods (cont.)
■ Internal Alignment: How differently should the
various types and levels of skills and work be
paid within the organization?
Whole Foods’ Approach
– Store operations are organized around eight to ten
self-managed teams
– Egalitarian, shared-fate philosophy – executive
salaries do not exceed 14 times the average pay of
full-time employees
– All full-time employees qualify for stock options,
and 94 percent of the company's options go to
non-executive employees
5. 2-5
■ External competitiveness: How should total
compensation be positioned against our
competitors? What forms of compensation
should we use?
Whole Foods’ Approach
– Offer a unique deal compared to competitors
– Provide health insurance for all full-time employees
– 20 hours of paid time a year to do volunteer work
Example: The Strategic Compensation
Decisions Facing Whole Foods (cont.)
6. 2-6
Example: The Strategic Compensation
Decisions Facing Whole Foods (cont.)
■ Employee contributions: Should pay increases
be based on individual and/or team performance,
on experience and/or continuous learning, on
improved skills, on changes in cost of living, on
personal needs, and/or on each business unit’s
performance?
Whole Foods’ Approach
– every four weeks, assess the performance of each
team
– Top teams get an extra $1.50 to $2.00 an hour in the
next pay period
7. 2-7
■ Management: How open and transparent should
pay decisions be to all employees? Who should
be involved in designing and managing the
system?
Whole Foods’ Approach
– “No-secrets” management; every store has a book
listing the previous year's pay for every employee
including executives
– “You Decide” – employees recently voted to pick
their health insurance rather than having one
imposed by leadership
Example: The Strategic Compensation
Decisions Facing Whole Foods (cont.)
11. 2-11
Step 1: Assess Total Compensation
Implications (cont.)
■ Culture/values
– A pay system reflects the values that guide an
employer's behavior and underlie its treatment of
employees
■ Social and political context
– Context refers to legal and regulatory requirements,
cultural differences, changing workforce,
demographics, expectations etc.
– Affects compensation choices
– Lobbying is also part of compensation strategies
12. 2-12
Step 1: Assess Total Compensation
Implications (cont.)
■ Employee preferences
– How to better satisfy individual needs and
preferences
■ Union preferences
– Pay strategies need to be adapted to the nature of the
union-management relationship
– Unions' interests can differ
– Compensation deals with unions can be costly to
change
13. 2-13
Step 2: Map a Total Compensation
Strategy
■ Mapping is used in marketing to clarify and
communicate a product's identity
■ Offers picture of a company’s compensation
strategy based on the five choices in the pay
model
■ Clarifies the message the company is trying to
establish with its compensation system
■ Maps do not tell which strategy is the “best”,
providing rather framework and guidance
14. 2-14
Steps 3 and 4: Implement and Reassess
■ Step 3
– Involves implementing strategy through the design
and execution of compensation system
■ Step 4
– Reassess and realign, closes the loop and recognizes
that the strategy must be changing to fit changing
conditions
– Involves periodic reassessment