What is the role and benefit to an organization of a compensation plan?

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Your organization recently merged with another organization. The HR manager of compensation and benefits, the new leadership team resulting from the merger, has come to you with concerns pertaining to the current compensation policies. The senior leadership team has specifically expressed concern over the ability of the organization to hire and retain a competitive workforce due to outdated policies. Your task is to research and develop an updated compensation philosophy that aligns with the new core values of the organization, which focus on customer service, quality production, employee recruitment, and retention. You have been given 3 months to complete your analysis and present your recommendations to the leadership team.

Your presentation should include the following considerations:

• What is the role and benefit to an organization of a compensation plan?
• Provide a minimum of 3 factors to consider in identifying the needs of a compensation package.
• What type of pay system do you recommend and why? Review the pay theories in Chapter 6 of your course textbook, and identify the 1 that bests supports your pay system recommendation.
• In addition to your pay recommendation, provide 2 additional policy recommendations. Include in your recommendation the legal implications that you have considered in making your recommendations.