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According to the post of Mary, strategic compensation is a type of employee compensation system that is designed to align with the overall business strategy of an organization. It involves analyzing the organizations goals, objectives, and culture, as well as the needs and motivations of employees, and then developing a compensation plan that supports those goals and objectivesOne way in which differing perspectives can affect our views of compensation is by causing us to prioritize different aspects of the compensation package. For example, some individuals may place a greater emphasis on the monetary value of compensation, while others may be more interested in non-monetary benefits such as work-life balance or opportunities for career development (Martocchio, 2018). It is essential for organizations to consider the needs and preferences of their employees when designing a compensation strategy in order to ensure that it is effective and motivating for the workforce.
Collaboration among key stakeholders, including HR, senior leaders, and employees, is crucial for creating a more aligned and effective compensation strategy. By involving all of these groups in the process, the organization can gather a diverse range of perspectives and insights, which can help to ensure that the strategy takes into account the needs and preferences of the entire workforce (Martocchio, 2018). Additionally, involving employees in the process can help to build buy-in and ownership of the system, which can be crucial for its success (Martocchio, 2018). In my personal experience as an HR Manager for Keeprite Refrigeration, I have seen firsthand the value of collaboration in creating an effective compensation strategy. By working closely with senior leaders and employees, we were able to design a package that was both competitive and motivating for our workforce.
One question I have for Mary is how she has seen collaboration among critical stakeholders impact the effectiveness of a compensation strategy in her own experience. Additionally, I would like to hear about any challenges or best practices she has encountered when involving employees in the design process. Overall, open and ongoing communication is key to making our discussions an open forum for classroom talks. By actively listening to and considering the perspectives of our peers and by asking questions and sharing our own experiences and insights, we can create a rich and engaging discussion that is beneficial for all participants.
Reference
Martocchio, J. J. (2018). Strategic compensation : a human resource management approach (9th ed.). Pearson.
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