9 Jun 2022

54

Visioning Before Strategizing

Format: APA

Academic level: College

Paper type: Coursework

Words: 328

Pages: 1

Downloads: 0

Description of Business 

The business will be an information technology based company focusing on the provision of IT solutions such as the development of applications to its customers. The company will have about twelve employees where some will be application developers and others will be administrators. The workers in this company will be classified as exempt employees. The company will be located in Las Vegas City in the State of Nevada. 

List of Essential Guideposts 

In developing an effective compensation policy, the organization will adhere to fairness and equitability. 

It’s time to jumpstart your paper!

Delegate your assignment to our experts and they will do the rest.

Get custom essay

The plan and structure of compensation will enhance the relationship between performance, remuneration, and promotions among other entitlements as well as organizational success in a competitive environment (Bhattacharyya, 2011). 

In environments characterized by both strong and down economies, the company will ensure that outstanding performances are recognized and rewarded accordingly. As such, the company will be committed to the adaptation of its vision in the event of various economic conditions (Kumar, 2011). 

The company will be keen on providing an enabling environment and the relevant infrastructure that will attract and nurture skills and talents through the compensation policy. 

Strategies and Analysis 

In this business, the most appropriate business strategy in tailoring the compensation system to the strategy will be cost cutter with a focus on efficiency. The belief behind this choice is that this strategy will aid the emphasis on productivity and allow operational excellence to form the basis of compensation for workers. Moreover, this strategy will play a vital role in enabling the business to demonstrate an appropriate business response by coming up with cost-effective solutions to financial challenges (Bhattacharyya, 2011). 

The compensations system’s alignment with the human resource program is expected to empower the workforce to achieve more outcomes with fewer resources. This will be made possible through effective work specifications and systems controls. The existing business in the community will influence the vision and strategy of compensation for this new company by offering guiding principles such as the basic success measures, the driving force in the market place as well as a functional infrastructure among others (Kumar, 2011). 

References 

Bhattacharyya, D. K. (2011). Performance management systems and strategies . Dehli: 

Pearson. 

Kumar, R. (2011). Human resource management: Strategic analysis text and cases . New 

Dehli: I.K. International. 

Illustration
Cite this page

Select style:

Reference

StudyBounty. (2023, September 16). Visioning Before Strategizing.
https://studybounty.com/visioning-before-strategizing-coursework

illustration

Related essays

We post free essay examples for college on a regular basis. Stay in the know!

17 Sep 2023
HRM

Leadership Profile Part III: How to Be an Effective Leader

Psychologists have made significant contributions in the business sphere by outlining primary traits of accredited leaders. Organizations have administered psychological tests to identify features that are most...

Words: 1121

Pages: 4

Views: 411

17 Sep 2023
HRM

Key Concepts Exercise: Implication for Managers

In a unitary perspective on the staff-management relationship in an organization, the staff, as well as management, is interlinked in the combined effort of achieving a unified purpose which is often the success of...

Words: 519

Pages: 2

Views: 63

17 Sep 2023
HRM

Alignment of the Talent Needs with M.J’s Business Strategy

Information technology (IT) is offering a wide range of opportunities and great potential in the banking industry. According to Madhushree, Radhakrishnan, and Aithal (2018), IT enables the banking sectors to...

Words: 1434

Pages: 5

Views: 355

17 Sep 2023
HRM

Values in the Human Services Profession

The human service profession was developed in the year 1960 with the intentions of responding to the needs of people together to the various problems affecting them. Moreover, the business is characterized by...

Words: 896

Pages: 3

Views: 75

17 Sep 2023
HRM

The Pay-For-Performance (P4P) Principle In Healthcare

The pay-for-performance (P4P) is a central idea in the healthcare dialogue as it proposes that patient should base their payments based on the quality of services they receive. There are four measurements that one...

Words: 368

Pages: 1

Views: 155

17 Sep 2023
HRM

Human Capital Plan: How to Create a Human Capital Plan

People are the most crucial asset in organizations. Often, organization leaders are aware of this, but only a few compliment it with actions. To ensure that focused action can enhance the achievement of organization...

Words: 2499

Pages: 9

Views: 417

illustration

Running out of time?

Entrust your assignment to proficient writers and receive TOP-quality paper before the deadline is over.

Illustration