MARO Clinic Compensation and Reward Program Essay.
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Prepare a formal report based on the creation of a new compensation and reward program or an innovation to enhance an existing program.
Use creativity in developing the system but make sure the idea is feasible.
Include the following in your paper:
- Executive summary of the new program
- Rationale for the change
- Research that supports the change
- Benefits of the change
- Who would be involved
- Timetable for implementation
5 sources one of which should include my text book: Human Resource Management: Gaining a Competitive Advantage By: Noe, Hollenbeck, Gerhart and Wright, 8th Edition.
Here’s a sample of the essay.
The aim of this report is to examine the compensation problems at MARO Clinic and propose a new compensation and reward system that would benefit not only the company but also the employees. With the constant changes in the business world, gaining a competitive edge makes it necessary for employers to attain and retain employees with the best talents. Re-inventing MARO Clinic’s compensation strategy may ensure that the organization gives the right pay and increases pays promptly to appreciate job performance. When the word compensation is mentioned, what come in mind is simply compensating employees for work done, however, there is much more to compensation and a company’s compensation strategy than payments for job done. The new compensation and rewards program seeks to provide employees not only the salary, but also indirect and direct rewards for their overall contribution to the company. To determine compensation, the company has developed a program that outlines an equitable framework for compensating employees.
This program is a fundamental element of the entire HR process that maintains MARO Clinic’s competitive advantage while upholding its success in the global marketplace. Throughout this report, we shall discuss our compensation and rewards program and outline how to implement the program in three phases. The costs are outlined and the people involved in the implementation process also outlined. As a result, this program ensures a reasonable balance of wages, rewards, and benefits that propel the company’s success in the global labor market.
MARO Clinic, Inc. headquartered in Richmond, was founded in 1882 and brags as an upscale distributor surgical and medical supplies to the acute care segment, and an outstanding provider of various supply chain management solutions. The modern day economy requires that companies uphold profitability, attain, and retain highly talented employees to gain a competitive edge in the global labor market. These goals require strategic planning to effectively deploy specific purposes to produce results such as, creating compensation and benefit plans for its employees. MARO Clinic realizes that compensation and benefits is a vital element of human resource management, which is a crucial segment of management in the entire organization. It has been their philosophy to invest in their teammates that support the basic strategic strategy, goals, and values of the organization. But MARO Clinic lacks the capability to provide an incentive that will continue to motivate its teammates to achieve its purpose.