Marketing Research Oldcastle Project Recommendation - 1100 Words

Marketing Research Oldcastle: Project Recommendation (Essay Sample) Content: Oldcastle: Project RecommendationName:Institutional Affiliation:Oldcastle: Project RecommendationCompensation management is an instrument that provides for a flexible planning of the employee salaries and benefits and enables the company management to improve on its salary review activities. This means that the human resource personnel can set up all the different regulations regarding employee salaries through the definition of eligibility and other guidelines with the help of the compensation management tool. Using the management tool, the human resource is in a position to develop work tables and have the company manager review them (Idemobi, Onyeizugbe Akpunonu, 2011). Every time the manager accesses the tables, the individual will be able to identify any changes of data regarding the employee master records; thus there will be a provision of the most updated information which can be used in making recommendations about salaries.Therefore, the research recommends for the Oldcastle Corporation to consider using the compensation management tool as this will enable the creation of review models. Such a feature is important as it enables the management to have a comprehensive control over the compensation planning processes. For instance, the company compensates the employees based on their jobs and condition of the working environment. With the compensation management tool, performance profile will be easily generated which provides an option of appraisal in various categories including the entry performance, performance appraisal, competency if new entry into a job and entry of ranking. Thus, compensating the employees will be easily and managed and monitored to ensure the employee satisfaction.Besides, the tool provides a feature for an appropriate pay strategy which is a formal pay structure which can aid in assessing different jobs and putting together similar occupations. The assessment is based on the task complexity, responsibilities, a nd organizational impact among others. These are the key factors considered in Oldcastle in compensating workforce. Therefore, utilization of the compensation management tool in planning for its salaries can play a great role in ensuring incredible variances in paying employees are settled. As opposed to the system whereby an additional responsibility transformed to a promotion, the management system will offer a broader range of various jobs alongside the different levels of employee responsibilities (Das Mohapatra, 2014). With this tool, it will not be a matter of having two different responsibilities or different complexity; it will not necessarily imply that the individuals have to receive different levels of compensation. Thus, it is quite recommendable for the company to adopt the compensation management tool to minimize the wide differences in the pay levels and improve the pay design.Boost Pay SatisfactionPay processes need to be grounded in a particular standard mechanism that is clear to all the employees and is communicated to the employees as well as the company management. To achieve this, the research recommends several steps to be followed. The steps will aid in having a well satisfying pay level and design for all the employees in different working capacities in the organization as well as reducing the unnecessary costs that may be incurred due to improper compensation management plan. Once the workforce perceives transparency and understands all the reasons for any differences in the compensation level, they will be comfortable with working for the company.Step 1: Institution of a Standard ProcessThe Oldcastle Company is supposed to institute a standard process to aid in the evaluation of the company pay rates, necessary adjustments and any form of incentives for the performance of the workforce annually or bi-annually. This can be implemented by conducting a job evaluation to assess the different pay rates. Once a method has been selected, i t is recommended that the company should remain consistent in the following years.Step 2: Analyzing the Differences in the Pay RatesThis step constitutes carrying out an analysis on how the pay rates differ among employees of the same occupation. If the pay rates are different due to strong factors like the education level, the level of performance or any job-related component, it may be accepted. Otherwise, if the elements are not valid, such as gender or race or any extraneous variable, this may be a liability to the organization; thus there is a need for an action to be taken to make sure that the pay rates equalize. In the cases where the company policies do not allow for the discussion of remuneration rates, it should be noted that the talk is not held in the workplace and the workers will progressively compare their pay rate to those of other employees in the same level (Van Jaarsveld Yanadori, 2011). The biggest problem can emerge if the company has different pay rates that are not accountable regarding employee performance or other important job-related variables.Step 3: Cautious Utilization of Market InformationThe company should be very cautious whenever using the market information as the basis for increments or compensation adjustments. Realizing that the corporation had a probably profitable transaction period, but the market may be revealing profound change as given by the other employers in the industry, hence consider providing low adjustments may reduce the employees motivation. This may eventually reduce the staff satisfaction; therefore, it...