• Home Page
  • Capratek's Reward Pl A Case Study

Capratek's Reward Pl A Case Study

Improved Essays
Show More
This paper explores the beginning stage of developing a total rewards plan. CapraTek is increasing their business efforts to Mamohet, Illinois. This paper demonstrates and reflects on the practical and contextual considerations for the upcoming project. Evelyn and myself have mt with internal stakeholders to further discuss details of new plan and recommend some suggestions to improve the process. The information provided in this paper will identify strategic and tactical decisions that CapraTek should contemplate. The company’s key stakeholders include employees, the leadership team, and government entities. Additionally, CapraTek must analyze key laws that have influence on compensation. Lastly, key compensation areas and issues with the …show more content…
Strategic decisions help guide the activities of companies in the market, while tactical decisions support the fulfillment of strategic decisions (Martocchio, p. 9). CapraTek should ensure that its new compensation plan aligns with the company’s goals and strategic plan. Based on the interviews with key stakeholders, everyone agreed that recruiting top talent was most important. With the newer facility, CapraTek will be attracting a younger workforce such as Millennials and Generation Xers. It will not be enough for the company to hire employees, but it will be especially important to train and retain them. Additionally, the company should consider implementing a merit pay system. With merit pay the program assumes that employees’ compensation overtime should be determined, by the differences in job performance (Martocchio, p. 57). It is not ideal for every employee to receive a bonus or pay increase. With a merit pay system employees are award based on individual achievements in the …show more content…
With a new location in progress, the company is also planning to revamp their current compensation and reward package for employees. The organization must first identify their strategic and tactial decisions, research current stakeholders, and determine key compensation areas and issues. Senior leaders, of the organization, really want to focus on recruiting top talent. Once top talent is recruited the company can focus on training and retaining these employees. The current demographic within Mahomet is mainly Millennials and Generation Xers, therefore CapraTek must research the current market to evaluate key areas and issues with compensation that might arise. Within the total rewards plan, the organization must address benefits, paid time off, work life balance, and company incentives. Additionally, some issues that might arise with the program include budget restraints, understanding what motivates employees, and remaining competitive with the

Related Documents

  • Improved Essays

    Lincoln Electric Company's Culture
    • 883 Words
    • 4 Pages

    Lincoln Electric Company's Culture

    Just because you are merit rated and have a bonus, if you really don 't want to work hard then you 're not going to. You will accept your 90 points or 92 or 85 because, even with that, you make more money than people on the outside.” (Sharplin, 1989, p. 13) The better they performed, the bigger the bonus payment. This motivated the employees to continually produce at the highest level possible, so that they could earn the highest bonus…

    • 883 Words
    • 4 Pages
    Improved Essays
    Read More
  • Improved Essays

    Benefits Of Xcel Energy And Hershey Company
    • 1032 Words
    • 5 Pages

    Benefits Of Xcel Energy And Hershey Company

    Employee benefits are one of the largest investments a company makes. “Benefits make up an important component of the employment relationship, providing employees with financial protection, access to health care and programs to support work/life balance” (Kwon, J. and Hein, P., 2013 page 32). Although employers are careful in creating and managing the benefit program, they often failed to look at the other benefit programs. As a result, the employers may not get the highest return for the overall spending for implementing the benefit programs.…

    • 1032 Words
    • 5 Pages
    Improved Essays
    Read More
  • Decent Essays

    Techfite Corporate Culture Case Study
    • 596 Words
    • 3 Pages

    Techfite Corporate Culture Case Study

    TechFite, known for its technological innovations in the areas of recreational equipment, has recently opened a new facility in Dellberg. Techfite prides itself for its efforts to maintain a “culture of workplace collaboration,” leadership development, employee empowerment, corporate decision making, and takes pride in its community involvement. In an effort to maintain a corporate culture conducive to increased productivity, improved employee morale, and increased societal influence, I propose the following policies be adopted, which will have tremendous impact on the culture of TechFite as a whole: • Institution of a ceiling on bonuses paid out to top executives, with the additional funds being diverted to opening more full time positions, benefits, and community action programs. • Establishment of 50% more full-time positions with health coverage, retirement benefits, and family leave programs.…

    • 596 Words
    • 3 Pages
    Decent Essays
    Read More
  • Decent Essays

    Mitron Pay System
    • 435 Words
    • 2 Pages

    Mitron Pay System

    The person focused pay system at Mitron has allowed the organization to become very successful which lead to its competitive edge above other competitors. The idea surrounding the person focused system was established in effort of meeting the needs and wants of consumers. Person focused systems are great because they allow employees to receive incentives and pay according to how well they perform on the job. There were several advantages of the person focused pay system at Mitron. One being the fact that employees are paid for the knowledge and skill sets they bring into the organization.…

    • 435 Words
    • 2 Pages
    Decent Essays
    Read More
  • Decent Essays

    Hennein County Case Study
    • 64 Words
    • 1 Pages

    Hennein County Case Study

    3. Compensation changes were established and HR business partners conducted market surveys for job classes for recruitment and retention that provided pay comparison data. This enabled the organization to develop compensation programs to attract and retain employees. As a result, Hennepin County has a competitive advantage to compete with corporate recruitments. In addition, this strategy motivate employees to perform their best and retain…

    • 64 Words
    • 1 Pages
    Decent Essays
    Read More
  • Improved Essays

    The Importance Of Program Exploration In The Western Health System
    • 797 Words
    • 4 Pages

    The Importance Of Program Exploration In The Western Health System

    Providing incentives, recognizing achievements, and soliciting employee input(3) being the most notable. Incentives included good salaries and benefits and was a factor for all managers, not just those elevated to the A-Club, while those invited to the A-Club were both examples of a recognized achievement within the organization, and as touched upon earlier, given the option to give their own input to the head leadership. This case study did not offer the same motivation for those invited within the A-Club to those left out of it. While the program would be very effective for the managers who were included, strong motivational theories to strengthen them, it would prove most harmful to anyone else, otherwise. In the end, to be given the power to shape their job environment and other rewards for performance acts as a heavy motivator, it does not do anything for the other employees that have been discluded from the A-Club and overall harming the…

    • 797 Words
    • 4 Pages
    Improved Essays
    Read More
  • Decent Essays

    Incentive Compensation Plans
    • 280 Words
    • 2 Pages

    Incentive Compensation Plans

    The article focuses on the need for health care boards to reassess their executive incentive compensation plans. It discusses the transformation of care delivery and payment, the growth in prevalence of incentive compensation arrangements among nonprofit health care organizations, and the relationship between employee engagement and satisfaction and financial performance. The article discusses how more executive pay is being put at risk, and board are expanding the type of measure they use to evaluate executive performance. Financial performance is integral to the ongoing viability of the organization and its ability to invest in the future to meet its mission. Boards can benefit from reviewing the areas of performance their executive…

    • 280 Words
    • 2 Pages
    Decent Essays
    Read More
  • Improved Essays

    Compensation And Employees : Compensation Philosophy
    • 868 Words
    • 4 Pages

    Compensation And Employees : Compensation Philosophy

    Compensation can be a strategic tool for organizations to attract, retain, and motivate their employees. More than a wages and salary earned by employee, compensation also includes benefits provided. An official statement specifying a company’s standpoint on compensation is known as compensation philosophy. According to the article, “It essentially explains the “why” behind employee pay and creates a framework for consistency.…

    • 868 Words
    • 4 Pages
    Improved Essays
    Read More
  • Decent Essays

    Fair Compensation Essay
    • 387 Words
    • 2 Pages

    Fair Compensation Essay

    When organizations invest in its employee’s compensation it ensures a reasonably fair return (Kanungo, Mendonca, 1988). Compensation will be viewed as fair by the employee if it is designed with a job analysis, job description, and pay structure. Pay is one component of a compensation plan. A competitive salary plays a part in how satisfied employees are within the organization. When employees are satisfied with the pay received for performance the employee will not look for another job with the competition.…

    • 387 Words
    • 2 Pages
    Decent Essays
    Read More
  • Improved Essays

    Total Compensation Strategy In The Walt Disney Company
    • 1099 Words
    • 4 Pages

    Total Compensation Strategy In The Walt Disney Company

    Businesses would be able to better to retain those with the greatest talent if they can pay based upon the individual and his market value. Pay needs to move from a determination based upon job descriptions to being based upon a person’s professional development activities. Total compensation includes pay, recognition, promotion and development opportunities, and non-monetary benefits (Milkovich, 2010). The Walt Disney’s Company strategy incorporates a compensation strategy that rewards performance. This includes individual merit increases and the performance objectives to be met in order to receive them.…

    • 1099 Words
    • 4 Pages
    Improved Essays
    Read More
  • Improved Essays

    Case Study Of L. L Bean And Aflac Insurance
    • 891 Words
    • 4 Pages

    Case Study Of L. L Bean And Aflac Insurance

    The case study is based on two companies that are L.L. Bean and Aflac Insurance. The case study is related to the use of total rewards by companies in order to support the organization’s missions and values, which achieve strategic outcomes. The base company is Aflac to understand and get the idea about the compensation and benefit structures, which achieve organizational outcomes. Discussion Company uses its own products or services to enhance the total compensation for its employees Aflac offers its products to its all dedicated employees without any cost; for instance proposing employer-paid life insurance, which Aflac paid company supported accident protection insurance and cancer policy. Aflac dedicate its resources to determinations,…

    • 891 Words
    • 4 Pages
    Improved Essays
    Read More
  • Improved Essays

    Organizational Culture And Culture: The Lincoln Electric Company
    • 755 Words
    • 4 Pages

    Organizational Culture And Culture: The Lincoln Electric Company

    The Lincoln Electric Company is a great example of how founders shape the organizational culture and still remain in effect today. The personal values of the founder were mainly guided by Christian ethics; including ensuring all stakeholders are served well, such as customers, employees and stockholders, which will ultimately drive increase productivity and profit (Sharplin, n.d.). As these values continue to show benefits, especially profitability, for all parties involved, the organizational cultural remains largely unchanged and never depended on a specific religious orientation (Sharplin, n.d.), which is especially positive with globalization of past decades and a multi-religious population. This might against expectations given the time…

    • 755 Words
    • 4 Pages
    Improved Essays
    Read More
  • Improved Essays

    Cheesy Pizza Company Reward Practices
    • 1379 Words
    • 6 Pages

    Cheesy Pizza Company Reward Practices

    In the perspective of cost-benefit; benefits can be planned for and costs can be controlled managed. (Lawler, 1983) states that usually, reward systems tend to be a substantial cost factor. The Design Factors of Reward Systems i. An Organization’s Intended Market…

    • 1379 Words
    • 6 Pages
    Improved Essays
    Read More
  • Improved Essays

    Starbucks Total Rewards Case Study
    • 966 Words
    • 4 Pages

    Starbucks Total Rewards Case Study

    Which rewards drive employee engagement? Metric 3: Benefits Planning (Quantitative) Climate surveys “gathers and analyzes employee feedback to help leadership determine what works and what needs to change” (uSPEQ, 2017). Benefits should not be viewed in cost alone, they should also be viewed in its ability to attract and retain employees.…

    • 966 Words
    • 4 Pages
    Improved Essays
    Read More
  • Improved Essays

    Current Compensation Plan Fair To The Salesman Case Study
    • 1109 Words
    • 5 Pages

    Current Compensation Plan Fair To The Salesman Case Study

    Is the current compensation plan fair to the salesman? Does it serve as a motivator? -The current compensation plan is not fair to the salesman. The compensation/incentive plan is not effective as proven by the company’s flat sales despite a growing market for outdoor sporting products. This is because of several issues.…

    • 1109 Words
    • 5 Pages
    Improved Essays
    Read More

Related Topics

Ready To Get Started?
Discover
Company
Follow
©2024 Cram.com
Privacy Policy |  About Ads |  Site Map |  Advertise  | 
  • Cookie Settings