Analysis Of Holland Enterprises Compensation Package

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Holland Enterprises Compensation Package Erin K. Howe BUS 434 Teddi Reilly March 30, 2014 Holland Enterprises Compensation Package After reviewing Holland’s organizational strategy and exit interviews from the last seven years it is certain that through the new and effective compensation and benefits program created for Holland Enterprises, it will decrease the turnover rate, increase employee satisfaction and engagement and benefit the organization’s overall profits. Through careful consideration of pay structures, incentive awards, internal and external equities and the organizations benefits package Holland Enterprises new compensation benefits package will provide an effective and competitive compensation program. Henderson (2010) writes, “To survive and be successful in a global economy, an organization must be competitive. A major factor underlying organizational competitiveness is labor costs. Not only must an organization pay its workforce a competitive wage within its geographic region, but it also must vary the kinds and amounts of rewards offered, recognizing differences in individual contributions.” (p. 13) It is important for Holland Enterprises to recognize the contributions of an effective compensation system to their organizational effectiveness. To create organizational effectiveness leaders need to focus on the key elements of aligning and engaging employees, employee management systems, the strategic structure and the organizational culture. The level of employee engagement influences customer’s experiences and the performance of the organization in productivity and profitability. To achieve organizational effectiveness an organization must: provide a strategy that includes cle... ... middle of paper ... ...oven that the key to attracting and retaining top talent is through the competitive compensation package. Resources Henderson. Compensation Management in a Knowledge-Based World. 10th Edition. Pearson Learning Solutions, Bookshelf. Retrieved from: http://online.vitalsource.com/#/books/0558582451/pages/14878186 Human Resources Council. (n.d.). Compensation and Benefits. Internal & External Equity. Retrieved from: http://hrcouncil.ca/hr-toolkit/compensation-systems.cfm O’Hanlon, M. (2014). Looking to be More Strategic?. Retrieved from: http://www.compensationcafe.com/compensation-philosophy/page/3/ Right Management. (n.d.). Organizational Effectiveness: Discovering How to Make it Happen. Leadership Insights Journal. Retrieved from: http://www.right.com/thought-leadership/research/organizational-effectiveness-discovering-how-to-make-it-happen.pdf

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