Imagine you own or manage a company. Your company recently completed a strengths, weaknesses, opportunites, and threats (SWOT) analysis, and the board of directors is looking to revise the company’s compensation program. Doing so will help keep the company competitive in attracting new talent. As part of the human resources department, you were asked to draft an essay describing how compensation programs are developed and how laws can affect compensation practices.
Your essay should be a minimum of two pages in length, using at least your textbook as a source. Be sure that your essay includes the following elements:
- In your introduction, create a fictitious name for your company, and include some basic background information such as where the company is located, when it was founded, and how many employees work at the company. Do not use an actual company for this essay.
- Describe issues that influence an individual’s decision to apply for or accept a specific job at your company.
- Explain how compensation plans can influence the success of your organization.
- Explore how influences outside your organization can affect its compensation plan.
- Describe the provisions of the Civil Rights Act of 1964, the Bennett Amendment, and Executive Order 11246, and explain why these were implemented and how they affect your company.
Adhere to APA Style when constructing this assignment, including in-text citations and references for all sources that are used. Please note that no abstract is needed.
Martocchio, J. J. (2020). Strategic compensation: A human resource management approach (10th ed.). Pearson. https://online.vitalsource.com/#/books/9780135201930