HRM Essay Example on Employee Remuneration

Published: 2022-06-24
HRM Essay Example on Employee Remuneration
Type of paper:  Essay
Categories:  Management Human resources
Pages: 4
Wordcount: 874 words
8 min read

The employee remuneration is one of the very crucial factors that need to get considered in a company. It is because it determines their satisfaction and their resultant motivation, which also determines the extent to which the other new talents are attracted to the company. The reputation of the company is also established by the way in which it rewards its workers. In this context of a newly formed company, it is supposed to devise a compensation strategy that can evoke absolute satisfaction to the workers. The name of the company is Pay Bliss Company limited and is purposed to perform the activity of delivering and supplying snacks to the local customers. Most of its customers are derived from the Richerd County where it is situated, in North Korea. It is an intermediary business and is expected to face stiff competition from the local forms that have also identified a business opportunity in the same line of products. There are sixty-seven employees to be absorbed into the company to help steer its operations. The employees are nonexempt. The customer base to be used in the assessment of the state of the company is thus the market situated in Richerd County. Further, the company is to be situated in Astin city.

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The type of business strategy fit for the business is the product differentiation strategy. In this case, there are many competing businesses established dealing in similar kinds of products. The idea of bringing in a differentiated product is the best alternative to evade the stiff completion of the market since the customers have a nature of curiously taking to different products to avoid monotony. In this case, the company will be able to acquire and own a considerable customer base, hence succeeding in its aim of competitiveness in the market.

There are specific business responses, human resource program alignment and the compensation system appropriate to the new business. The business response suitable for the company is the contingency plan where there are measures set aside to tackle any problems in the course of business operations. In this case, funds emergency funds are set aside to meet any unforeseen emergencies. Also, emergencies and any critical issues among the concerned stakeholders are reported through the use of specified hotline numbers known to the public. It is an efficient way of response since most people possess mobile phones and there is a need to use it is efficient and is readily available. The Human Resource alignment is the talent alignment where the employees are aligned to the general activities of the company, exploiting their capabilities with minimum supervision. The appropriate compensation system for the company is the overtime compensation system. Since the employees are of the type nonexempt, they are bound to work over their stipulated time frames due to the nature of the activities of the organization. They are thus entitled to overtime payments for the work done as a means of appreciating their efforts and work done in the overtime.

There are guidelines for the development of a total compensation policy in the company. They include the consideration of the extent and level of experience of the employees in their respective lines of duties. Their ability to deliver quality services and responsiveness at workplace determines the amount compensations they receive in return. Also, the magnitude of the workload of the employees determines the amounts of rewards they receive in return. Further, there is an element of the time in which the employee performed the overtime task, determining the amounts compensations they receive. The employees should be made to know that the number of benefits they receive in return is determined by the extent of time they dedicate as overtime and level of commitment and quality of work performed at such a time.

The vision on the newly established company is deemed to be strategic even in strong economy. It is because it is focused on the essential and the main components of the company. The vision touches on the employees' welfare and sustains any competition. Also, the vision endures even during the economic downturn, because they are unconditional and deemed to gain wide acceptance and submission by the stakeholders. In extreme conditions, the vision will get adapted to various economic conditions as deemed suitable and necessary.

The Human Resource alignment of talent focus and the strategy of product differentiation are all to be interconnected because they are chosen for the new business. In this case, employees are involved in the overall activities of the company where the supply of differentiated products is concerned. There is a Human Resource program where the valuable way of gaining necessary knowledge and skills for the management of human capital is employed. The employees are managed through their respective departmental heads, responsible for their welfare. It is aligned with the product differentiation strategy adopted for the new company.

There are ways in which the existing businesses in the community can get to affect the compensation model adopted. In this case, those businesses are offering better compensation strategies to their employees, making the company employees feel inadequate and trivialized. It is likely to lead to the strikes, and pressurized demands by the employees inquire for the increase of their compensations too.

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