Compensation Plan - 4013 Words

Total Compensation Plan Design Macy s (fictional) Table of Contents Executive Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.3 Macy’s Overview†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....4 Macy’s business strategy and organizational culture†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..5 Macy’s Organizational Chart†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.6 Macy’s Broad Compensation Strategy†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦7 Macy’s Compensation Plan†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.8 The Cost of the Compensation Plan†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..9 Compensation Plan Communication†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..10 Executive Summary Macy’s Overview Macy’s Inc. is one of the nation’s premier retailers operating more than 850 department stores and employing approximately 182,000 employees in the United States. Macy’s takes pride in selling numerous private label†¦show more content†¦Entry-level new hires receive competitive base pay, while full-time associates enjoy generous salary options. Workers also enjoy flexible work schedules, paid training programs, and career growth potential. Insurance coverage, health and wellness benefits and future planning benefits also exist for eligible employees. (htpp://www.macysjobs.com/benefits/wealth.aspx) Macy’s Compensation Strategy Macy’s overall compensation strategy is performance driven and designed to support the needs of their business. They do this by focusing on 5 key areas: * Providing Competitive and Reasonable Compensation Opportunities. Macy’s compensation levels and individual compensation programs are assessed against the market periodically by their CMD Committee, with input from independent outside compensation consultants as needed. Compensation is usually assessed every 3 years at Macy’s and pay data is validated against several benchmarks, including specific pay levels of other large retail and vendor organizations and information from surveys of the retail industry. In addition, compensation of individual executives are reviewed more frequently, depending on business needs. * Focusing on Results and Strategic Initiatives. Macy’s compensation programs are based on measures of business success. They reflect both internal metr ics such as sales and cash flow, and external metrics such as customer satisfaction and stock price performance. A portion of theShow MoreRelatedCompensation Plan1851 Words   |  8 PagesAssignment 2 – Compensation Plan Outline Ginger Renee Wigglesworth Dr. Anthony Jacob Compensation Management December 2, 2012 Evaluation of Coca Cola s Compensation Plan Introduction Coca Cola uses a market-based compensation plan in which employees receive compensation that is comparable to the market rate. The market-based system is used for hourly employees and for entry level managers that receive a salary. The company also uses a merit pay system for increases, withRead MoreMaking A Good Compensation Plan1288 Words   |  6 PagesIntroduction: Making a good compensation plan will motivate the managers. Bad compensation plan could influence the company’s development and damage the shareholders’ value (GordonKaswin, 2010,p2). The XXX Ltd want to design a compensation plan which can attract and retain the executives needed to achieve and its objective of establishing an industry-leading company with high operational performance and maintain shareholders’ value. The issues addressed in this compensation plan is how to protect shareholders’Read MoreCompensation Plan For Marriott, Inc.1585 Words   |  7 PagesMarriott Compensation Outline Assessing the current compensation plan to establish if it is suitable for Marriott, Inc. The present compensation plan of Marriott, Inc. aims at drawing and maintaining the best human resources possible. The plan serves numerous reasons for Marriott, Inc. Compensation plan for executives is a result through a committee and mainly depend on an extended term in fair compensation. Ensuring that the executives makes the decision that correlates with the objectives ofRead MoreA Brief Note On Compensation And Benefits Plan2021 Words   |  9 PagesGC3 Compensation and Benefits Plan Pay Philosophy As GC3 pushes for a stronger and revitalized company, Tri-State Consulting, LLC recognizes the mission, vision and business strategy should be the basis for the company’s Compensation Strategy. â€Å"Turning compensation into a driver of business success is part of knowing your business (Miller, 2011).† Alignment with the business strategy is shown through industry match of compensation in the 50 percentile, which is part of differentiating services fromRead MoreAnalysis Of The Payment Practices Between Companies, Executive Compensation Plans1644 Words   |  7 PagesWhile there is heterogeneity in the payment practices between companies, executive compensation plans must include four basic components: base salary, annual bonus tied to accounting performance or another agreed indicator between the parties, stock options and incentive plans long term (including restricted stock plans and performance plans based on accounting more exercise). Under the crossfire of publi c opinion, the bonus word became almost word, synonymous with unbridled greed, something to beRead MoreCompensation Plan Proposal2118 Words   |  9 PagesBuilding a Lasting Compensation Plan Building a Lasting Compensation Plan Compensation plans are as varied as the companies that implement them. They reflect a company’s culture, financial strategy, organizational structure and goals. Compensation plans serve as the catalyst for employees to join a company and remain, which in turn enables the organization to fulfill its obligation to provide goods and services. Developing an effective compensation plan requires thorough preparationRead MoreCompensation and Benefit Plan Essay1309 Words   |  6 PagesCompensation and Benefits Plan Companies welcome employees to their organizations through job proposals that should set the tone for a good working relationship. Companies spend tremendous amount of time and resources seeking and attracting high quality talent and people who will hopefully contribute to the long-term success and future growth of the organization. Compensation and benefit packages can be strategic tools that reflect an organization’s commitment to the employee. They should be designedRead MoreCompensation and Benefits Plan Analysis1373 Words   |  5 Pagesstrongly recommended that you conduct independent research to verify that all information is complete and accurate before referencing the material. This reminder does not contain all of the terms and conditions that govern your purchase Compensation and Benefits Plan Analysis The competitive business environment determines companies to focus on developing strategies intended to improve their position on the market. This objective is reached with the help of employees and their performance. In otherRead MoreThe Importance Of Performance And Compensation Plans1687 Words   |  7 Pagespaid depending on how well their students perform. A technology system will be used to determine the amount of salary increase and decrease. This system uses four steps to establish the pay. These steps include: establishing performance and compensation plans, manage performance, evaluate performance, and link performance to reward (Summers, 2004). This affects Mrs. Miller because although some of her students perform at a typical level, some have learning disabilities and language issues. Mrs. MillerRead MoreWalmarts Compensation Plan Outline2328 Words   |  9 Pagesexisting compensation plan at Wal-Mart and determine if it is the most appropriate for this company. Explain your rationale.   Annual incentive payments are earned under the Management Incentive Plan, upon achievement of pre-established performance goals. These incentive payments are based on increases in both profit and diversity goals as established by management. The incentives are rendered as a percentage of base salary for achieving profit oriented goals. The range of compensation payments