Evaluate the organization’s current compensation philosophy and propose ways to enhance or revamp the current compensation philosophy to meet the changing needs of the organization and its employees.

Bus 681 week 5 assignment

The organization’s current compensation philosophy focuses on rewarding employees for their performance, providing competitive wages and benefits to attract and retain talent, and offering recognition for job-related accomplishments. To enhance or revamp the current compensation philosophy, the organization could consider implementing a system of merit-based pay that rewards employees based on their individual contributions to the organization. This approach would involve setting specific goals for each employee and then providing financial incentives when these goals are met.

Additionally, they could develop a comprehensive benefit package to provide employees with more choices in terms of health coverage and retirement plans. Finally, they should create an incentive program that provides non-monetary rewards such as extra vacation days or flexible work schedules in order to recognize outstanding achievements and motivate employees to strive for excellence.