Essay about Hrm 430 Course Project

2704 Words Dec 25th, 2013 11 Pages
Compensation and Benefit Strategy of an Organization
Jane Q. Student
DeVry University
Professor Dibenedetto
June 23, 2013

Abstract:
The aim of this paper is to examine the compensation challenges within Owens & Minor and create a compensation strategy that will benefit not only the company, but the employee.
With the constant change in today’s business world, to have a competitive advantage makes it difficult for employers to attract and retain the most talented employees. Identifying the company’s compensation strategy ensures the organization offers the right pay and manages the pay increases to retain top talents. When we hear the word compensation we think about compensating an employee for their work performed, but there
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In today’s economy companies seek to maintain profitability, attract and retain talented employees, and stay ahead of its competition. These goals require strategic planning to effectively deploy specific purposes to produce results such as, creating compensation and benefit plans for its employees. Owens & Minor realizes that compensation and benefits is an integral part of human resources management, which in turn is a vital component of the management within the organization. It has been their philosophy to invest in their teammates that support the basic strategic strategy, goals, and values of the organization. But Owens & Minor lacks the capability to provide an incentive that will continue to motivate its teammates to achieve its purpose.
Furthermore, this paper will draw on research, which has been compiled to review strategies other organizations have utilized related to the challenge of creating an incentive program where teammates reach their objectives and discuss possible solutions to this problem. Recommend strategy proposals the organization should follow to address its compensation and benefit challenge, and impediments to this strategy, including any contingency plans that should be considered.

The Compensation Challenge and the Review of its Success:
Challenges faced within the organization are compensating teammates with the adequate amount to provide incentive to retain qualified talents and to provide employee morale within the

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