A company’s compensation and rewards strategy is most effective when it remains in line with the organization’s overall business strategy and maximizes talent management. While human resources departments must strive to attract and retain the best workers for each position, the incentives needed to engage those workers must be balanced with the costs to the company.For this assignment, research compensation strategies, and consider general compensation programs for the position you identified in previous module assignments.Describe the base pay range and major incentives that are included in your benefits package and respond to the following: What types of rewards, both tangible and intangible, can be used to recognize and incentivize an employee in this position?Does your program include stock options, profit sharing, an employee stock ownership plan (ESOP), healthcare, etc.?Are your specified options provided for employees of all levels or just for certain positions?How do these incentives shape/determine the type of employee you attract?How is employee performance rewarded? Include a strategy for raises and bonuses. How do your strategies differ by job level and function?What changes do you recommend if each firm moves from a large city to a minimally populated rural area?

Introduction:An effective compensation and rewards program aligns with a company's business strategy…

Answered: Describe the base pay range and major…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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A company’s compensation and rewards strategy is most effective when it remains in line with the organization’s overall business strategy and maximizes talent management. While human resources departments must strive to attract and retain the best workers for each position, the incentives needed to engage those workers must be balanced with the costs to the company.

For this assignment, research compensation strategies, and consider general compensation programs for the position you identified in previous module assignments.

Describe the base pay range and major incentives that are included in your benefits package and respond to the following:

What types of rewards, both tangible and intangible, can be used to recognize and incentivize an employee in this position?
Does your program include stock options, profit sharing, an employee stock ownership plan (ESOP), healthcare, etc.?
Are your specified options provided for employees of all levels or just for certain positions?
How do these incentives shape/determine the type of employee you attract?
How is employee performance rewarded? Include a strategy for raises and bonuses. How do your strategies differ by job level and function?
What changes do you recommend if each firm moves from a large city to a minimally populated rural area?