Compensation and Benefits- Workforce Solutions Services Inc

Compensation and Benefits- Workforce Solutions Services Inc

What behaviors do you want to reinforce in your company? Why are these behaviors important? How will you link behaviors to performance?

Attraction, skill development, motivation, and retention of suitable employees at Workforce Solutions Services Inc. need reinforcement. Attraction refers to the ability to recruit and hire the right employees. Retention is the ability to keep these employees at the organization. WSS is a lean organization that relies on temporary and permanent staffing. The need to attract the right employees affects the company’s ability to deliver its promises to its clients and compete effectively. As a company that focuses on expansion and differentiation, it is imperative that WSS offer unique services and products (Milkovich et al., 2011). This means that its workforce should be capable of delivering the right services in the appropriate manner. This highlights an additional behavior, which is the development of skills.

Skill development among employees is a critical empowerment tool that facilitates their ability to meet the client’s objectives. Failure to develop their skills increases the company’s risk of losing clients due to poor service development and delivery (Singh, 2012. It is also one of the strategies that WSS can use to increase the rate of retention. Low rates of turnover reduce WSS’s cost of hiring and recruiting new employees. Most importantly, skill development ensures that the organization’s productivity is retained at desirable levels. In addition to all these, it is necessary to find appropriate motivation strategies that create a natural urge in employees to perform in a specific manner. Motivation can be achieved through extrinsic and intrinsic means.

The four behaviors are important to the performance of an organization. In this case, they can be linked to performance through measurement and management. Measuring performance is critical in determining the effectiveness of the company’s compensation system. Such measurement also highlights lagging aspects that need urgent review. Most important in this process is the ease of performance measurement, which creates the critical link between the mentioned behaviors and the employees’ performance (Milkovich et al., 2011). Thus, creating a performance management framework is critical to ensuring that these behaviors are reinforced appropriately.

What type of pay mix would you design for your company?

Workforce Solution Services Inc. should utilize the 80:20 pay mix. Eighty percent of this pay mix represents the base pay, while 20 percent represents the variable pay. The base pay increments will be based on the cost-of-living increase (COLA). This strategy is important in ensuring that employees’ paychecks are in tandem with economic inflation. In addition to COLA increases, merit will be established to vary the employees’ pay and motivate desired performance. The merit raise will account for 20 percent of the total wage. Since the company offers services, employees will be motivated to deliver earlier than the clients’ deadlines. If an employee delivers the clients’ services within 80 percent of the allocated time, and the client reports satisfaction, they will earn 5 percent of their base pay. The 5 percent will be rewarded each time the completion of a job beats the deadline and meets the client’s needs. In a case where the job is completed by more than one person, everyone will gain 5 percent of their base pay. The highlighted pay increases will motivate consistent performance improvement, which guarantees high productivity. The company’s ability to pay is ascertained due to the relatively high cost of services, differentiation ability, and the long-term nature of relationships with clients.

The Bedeaux plan will be ideal for WSS. It will involve the division of the major jobs into numerous tasks. Such division will allow the organization to divide the job into tasks that can have time allocations (Milkovich et al., 2011). The plan is important in ensuring that the employees are aware of the standard times for the completion of tasks. This will enable them to plan appropriately and complete their tasks within 80 percent of the allocated time to earn the individual incentive. WSS settles for an 80 percent time limit to ensure that the quality of the services is not compromised. In addition, the client’s feedback regarding the services will be necessary for approving the variable pay qualification.

To motivate the team, the cash profit-sharing incentive plan will be applied at WSS. The company’s annual financial target will be used as the main criteria. Employees will share in 10 percent of the additional profits whenever the company exceeds its financial goal by 20 percent. This cash profit-sharing plan will motivate employees to work together as a team to deliver the desired results (Milkovich et al., 2011). At the same time, the individuals will be motivated to exceed performance expectations, which will lead to the achievement of the overall goal.

What type of performance appraisal would best fit your company and why?

Management by Objectives (MBO) is ideal for WSS. The managers and staff members will use the organization’s goals to set objectives for everyone. The combined effort towards setting goals ensures that the employees are aware of their responsibility. Regular review of the set goals is necessary to assess progress (Milkovich et al., 2011). WSS requires this performance appraisal method because it involves employees in the goal-setting process leading to ownership of the objectives.

What benefits would be important to your employee population? What and how would you offer them and why?

Career advancement is one of the critical benefits to WSS’s employee population. To ensure that they can access the benefits, it is important to establish training programs. These programs should improve their skills and knowledge and ensure that they are updated on recent work performance trends. In addition, it is necessary to offer internal promotion opportunities. These allow employees to progress to higher work positions and motivate others as well (U.S. Merit Systems Protection Board, 2006).

What other total rewards strategies would you like to implement in your company that have not been identified above that would best fit your unique organization?

Due to the Covid-19 pandemic, it is ideal for offering flexible work schedules as a total reward strategy. Employees should be able to work from home to avoid their exposure to the virus and increase the company’s compliance with current regulations. However, the flexible working conditions will also enable employees to achieve a work-life balance, which is important for their productivity. During this period, managers will be encouraged to offer the necessary support and address concerns promptly to avoid interference with the progress of work (Copyright Chartered Institute of Personnel and Development, 2021).

References

Copyright Chartered Institute of Personnel and Development. (2021). Strategic reward and total reward. Retrieved from CIPD: https://www.cipd.co.uk/knowledge/strategy/reward/strategic-total-factsheet#gref

Milkovich, G. T. (2011). Compensation. McGraw-Hill.

Singh, B. D. (2012). Compensation and Reward Management. Excel Books India.

U.S. Merit Systems Protection Board. (2006). Designing an Effective Pay for Performance Compensation System. Retrieved from https://www.mspb.gov/mspbsearch/viewdocs.aspx?docnumber=224104&version=224323&application=ACROBAT

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Overview:
To understand how to design a comprehensive compensation strategy, you will apply what you have learned to the selected case study.
Instructions:
Continue using the same company from Case Study 1 and 2 analysis.
Record your name, the date, and the company name you have chosen for your case study on the title page of your paper.
Take time to read and review Chapters 9-13 to answer these questions.

Compensation and Benefits- Workforce Solutions Services Inc

Answer the following questions for the case study you have chosen. Read all aspects of your case study carefully. Please make sure you address each question thoroughly and clearly. Each question should be at least 2-3 paragraphs to illustrate your understanding. Review the grading rubric before writing your paper.
Review the answers you have already provided to each of your assignments for your case study. Consider how you answered the questions regarding your business strategy, your compensation objectives, your company’s values, the factors that shape your company’s external competitiveness, and your competitive pay policy, as well as your internal pay structure and hierarchy. You have essentially begun the process of designing your company’s total compensation policies.
With the information you have already built about your company, answer the following
questions to complete your total rewards design:
1) What behaviors do you want to reinforce in your company? Why are these behaviors important? How will you link behaviors to performance?
2) What type of pay mix would you design for your company?
a) Discuss base pay increases (merit, COLA, promotions) that would best fit your company. What (if any) would you implement and why (How will this
HRM307 – Compensation &
Benefits
Case Study 3
improve performance)? What are the implications for the company and its
ability to pay?
b) Discuss individual variable pay incentives that would best fit your company. Be specific. What (if any) type would you implement and why
(How will these incentives improve performance)?
c) Discuss team incentives that would best fit your company. Be specific.
What (if any) type would you implement and why (How will these
Do incentives improve performance)?
3) What type of performance appraisal would best fit your company and why?
4) What benefits would be important to your employee population? What and how would you offer them and why?
5) What other total rewards strategies would you like to implement in your company that have not been identified above that would best fit your unique organization?