Rwt 1 Essay examples

Words: 3990
Pages: 16

Business Research Report
Improving Productivity by Instituting a Compensation Plan

Presented to: ABC Manufacturing, Human Resource Department
Assessment Code: RWT1
Student Name:
Student ID:
Date: January 24, 2013
Mentor Name:

Table of Contents

Executive Summary 3
Introduction 5
Research Findings 5
Performance-Based 6
Profit Sharing 7
Gainsharing 8
Recommendations 10
Conclusion 10
References 12

Executive Summary

ABC Manufacturing Co., Inc. is a small company with 120 full time employees. We produce aluminum doors and windows. Although we are highly successful, we find that it can be difficult to retain our valued employees. Human resources has decided to evaluate several compensation plans and
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This means that there must be a written plan and everyone from management to manufacturing must be educated on this plan. This will ensure that there are few misunderstanding among employees and management. Another step is that the goals must be challenging. Create goals that allow employees to grow and feel accomplished once they reach the goals. An important part to a challenging goal is that it is attainable. If the employees feel that they cannot reach the goal, that the goal is impossible, then they will eventually stop trying. The third step is that there needs to be regular feedback on employee performance. This will allow employees to take this feedback and improve on it so that they can reach their goal. If an employee cannot rely on regular feedback they can feel that the goal is unattainable. The last important step is to allow cooperation between employees to achieve the goals. Employees need to be able to work together to meet their goals and by doing so it builds commitment to each other and to the company itself (Stack, 2000).
Thinking about the preceding steps, I have chosen to focus on three specific plans: Ø Performance-Based Compensation Ø Profit Sharing Ø Gainsharing

Performance-Based Performance based compensation is a monetary reward that gives employees feedback on their measurable performance at