Final Draft Strategic Competition 2 22 Essay

Submitted By sweetkandy18
Words: 1479
Pages: 6
Open Document
Learning Team Paper: Strategic Competition
Webster University
Managing Human Resources-HRMG 5000
Professor Ortega

Abstract The purpose of this case analysis is to provide analysis of various types of pay and benefit packages to enable companies to recruit and maintain employees and executives. In addition, this case analysis will aim at analyzing various pay systems and their effects on productivity and other components of the business.

In order for Paul to compare with the other area employers in terms of wages and benefits, he should background research of each company to see what they are offering to their employees. Once he have complied this information he then should schedule a town hall meeting with his employees after he cleared it with the board members. The town hall meeting would be for him to be able to gather the voice of the employee’s opinion of what are they looking for in a job at Plastec as far as wages and benefits. Once he receive this feedback then Paul should research what the economy is looking like in terms of healthcare coverage and costs, pensions, incentives, vacation and personal days, tuition funding program, and better wages. Most employees would love if there is an annual raise every year even if it is 1% raise. An incentive for the employees could be yearly short term incentive could be a great way to show appreciation to the employees or have an employee appreciation event for their employees. Besides money employees are more likely to stay where they are appreciated than to go somewhere where they will not be appreciated. Family is also a big factor in Plastec employees’ life so why not offer then about 160 combined hours of vacation and personal time paid to spend with their loved ones each year. Also offer them other options as far as flex options in case of emergencies, which will happen, they could take a few hours off and make them hours up on another day or that same day. Paul should also make sure he gets his employees a very impressive healthcare coverage package that they could select from with some reasonable pricing. The company should also match what the employee puts in pension up to 6% that would be a reasonable amount. In terms of the tuition funding program in order for the company to flourish they should set it up to where the employees can attend school and they would pay 8,000 per year and reimburse book payment to employees. This would help the employee to grow within the business and also save the company time and money from having to hire someone from the outside and then having to training on the company’s business and policy’s. Variable pay would be great motivation to get the team members at Plastec to stay with the company until retirement. It is always a best practice for a company to strategically offer benefits that compete with those of their competitors. Employees want to feel as though their hard work is being rewarded and that they are being compensated with pay incentives when they contribute work that is beyond their basic job requirements. Variable pay is always one of the best incentives to promote team success, employee excellence, and goal achievement. In order to create the desire and drive for employees to exceed their personal and team goals, benefits such as variable pay are necessary. Plastec could motivate their machine operators to stay with the company by offering bonuses for meeting goals and quotas monthly, quarterly, or annually. Outlining an incentive compensation plan will give employees a specific goal to reach in order to earn a specific amount in bonuses per month, per quarter, or per year. This will increase productivity and strategically increase the success of the team. Employees have proven to be money motivated due to personal and family needs and will work much harder when given a good reason to do so. Employees have financial needs such as purchases that they may want to make as well as
Show More

Related Documents: Final Draft Strategic Competition 2 22 Essay

Environmental Scan Final Essay

Environmental Scan Algonquin College Hub MKT2209 November 6, 2014 Written by: Chris Hammar, Jonathan Cornwaite, Graeme Lacey, Jameson Andrews and Madison Creaco Table of Contents Introduction 2 Competitive Factors (Madison Creaco) 2 Demographic Factors (Chris Hammar) 3 Economic Factors (Graeme Lacey) 5 Technological Factors (Jonathan Cornthwaite) 6 Social Factors (Jameson Andrews) 8 Conclusion……………………………………………………………………………………....10 Bibliography………………………………………………………………………………….…11 Individual…

Words 7828 - Pages 32

Strategic Management and Amazon Essay examples

TMA 05 Block 4 Collaborative analysis Contents Part 1 External analysis (group A) 2 Internal analysis (group B) 4 Stakeholder analysis (group C) 10 Corporate-level strategy analysis (group D) 14 Competitive-level strategy analysis (group E) 17 Part 2 Critical assessment of the analysis 23 Part 3 Evidencing of contribution to groups 28 Part 4…

Words 9568 - Pages 39

Essay on Compensation: Management and Retention Strategy

the discussion. HR Forum calls have focused on issues identified by participants as key areas of interest. The first series of HR calls were related to leadership development and retention strategies. The current series of calls centers around the strategic role played by HR in development financial organizations. HR Managers from financial institutions located in South and Southeast Asia, Southern, Western and Eastern Africa are part of the calls, and we would like to thank them for the valuable insights…

Words 7119 - Pages 29

Greek: Marketing and Case Study Components Essay

/Wed., 2-3 p.m. REQUIRED TEXT: Cravens & Piercy, Strategic Marketing (ISBN: 978-0-07-338-100-8), 9th edition, 2009, McGraw-Hill. Online text available for purchase at: www.coursesmart.com. Readings Packet--to be provided to students by Professor. PREREQUISITE: Principles of Marketing (660.250). COURSE OBJECTIVES: 1. To provide students with hands-on experience formulating, implementing and controlling a strategic marketing program for a given product-market entry through case analysis. 2. To…

Words 4266 - Pages 18

Mergers & Acqusitions Essay

Defence – Acquisition of a competitor Capital Markets Scale 2. Understand the Research phase of M & A and the role of the adviser Research Undertaken prior to M & A activities Strategic Direction 1. Industry 2. Geography 3. Competitive Environment 4. Competencies Required Indentify the Target Commercial Considerations 1. Strategic Fit 2. Availability 3. Management Financial Considerations 1. Values vs Price 2. Earning and Returns 3. Funding 4. Synergies Research Undertaken…

Words 5399 - Pages 22

Essay about Mintzberg 5 Ps of Strategy

The Strategy Concept I: Five Ps for Strategy* Human nature insists on a definition for every concept. The field of strategic management cannot afford to rely on a single definition of strategy, indeed the word has long been used implicitly in different ways even if it has traditionally been defined formally in only one. Explicit recognition of multiple definitions can help practitioners and researchers alike to maneuver through this difficult field. Accordingly, this article presents five definitions…

Words 9158 - Pages 37

Professional Portfolio Plan Essay

Diploma in Strategic Management and Leadership Assignment 1 Part A– Professional Portfolio Table of Contents Professional Portfolio 4 Introduction 4 Section 1 4 Section 2 4 Section 3 4 Section 4 4 Section 5 4 Section 6 4 Section 1- Learning Plan 5 Step 1 – Appraisal 5 Where am I now? 5 Step 2 – Planning 5 Where am I going? 5 Step 3 – Development 5 How will I get there? 5 Step 4 – Reflection 5 How will I know when I have got there? 5 Section 2 - Skills Audit…

Words 7977 - Pages 32

Symposium: Leadership and Leader Development Essay

Information Service (NTIS). FINAL DISPOSITION: This report may be destroyed when it is no longer needed. Please do not return it to the U.S. Army Research Institute for the Behavioral and Social Sciences. NOTE: The views, opinions, and findings in this report are those of the author(s) and should not be construed as an official Department of the Army position, policy, or decision, unless so designated by other authorized documents. REPORT DOCUMENTATION PAGE 1. REPORT DATE 2. REPORT TYPE 3. DATES COVERED…

Words 7670 - Pages 31

Vice President of the United States Essay

WildeWear Corporation. Table of contents In the beginning 3 Time Out for Thinking #1 3 WildeWear the company 3 Time Out for Thinking #2 5 Serjit’s change challenge 6 Time Out for Thinking #3 7 Kevin’s change proposal 8 Time Out for Thinking #4 9 The WildeWear Board of Directors meeting 10 WildeWear Corporation Change Management…

Words 7421 - Pages 30

Essay about Flare Fragrance Inc

Executive Summary This marketing plan isprepared for the case study of Flare Fragrance Inc which operates in the U.S women fragrance market, currently its growth to maturity stage.External analysis has identified political, economical, social, technological and naturalfactors affecting the fragrance market. Most significant being declining U.S fragrance market and trend of tradingof luxury brands to mass alternative, post 2008 financial crisis.Industry analysis identified the U.S fragrance industryto…

Words 4624 - Pages 19