Philosophy of Compensation
Whether employees realize it or not, an organization’s compensation plan says a great deal about its mission, values, and strategy. Indeed, by analyzing specific compensation decisions and practices within an organization, one can typically observe an actual philosophy of compensation.
Using the guidelines below, write your own “Philosophy of Compensation” paper.
Articulate your own philosophy or view of compensation as a practice AND support your philosophy with references from the text plus the five “required resources” (below). In-line-cite to demonstrate where you use your sources. Keep in mind this is your own original thinking, supported by what you have learned.
Your paper should be 6-8 pages in length (not including title page and works cited), use Times New Roman 12-point font size and conform to APA formatting guidelines. Your paper must demonstrate your understanding of, and ability to apply, relevant compensation concepts within the paper.
Address the following compensation concepts and strategies by answering 6 questions and conclude with a 1-page CWV (Q7) to earn full credit for this assignment:
1. How should a compensation plan reflect an organization’s mission statement and core values? Cite an example using a real company.
2. How should an organization’s compensation approach align with organizational strategy?
3. How should pay and benefits be distributed throughout the organization?
4. How should individual performance be recognized via compensation?
5. How should the compensation approach impact employee recruitment and retention?
6. To what extent might a compensation plan be impacted current world economic, governmental, and legal conditions?
7. Christian Worldview: Do you see any overlap between Biblical principles of compensation concepts and strategies presented in this course? If so, describe them clearly and support your answer with a scripture. If not, defend your position.
Required Resources:
· Salary Information salary.com. (Links to an external site.)
· Society for Human Resources Management shrm.org (Links to an external site.)
· S. Department of Labor, Bureau of Labor Statistics http://www.bls.gov/home.htm (Links to an external site.)
· WorldatWork, the Professional Association for Compensation, Benefits, and Total Rewards http://www.worldatwork.org (Links to an external site.)
· Workers Compensation Research Institute http://www.wcrinet.org (Links to an external site.)
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