Do small companies need to develop a strategic pay plan? Why or why not? Provide at least one real-world example of a publicly traded company to support your position.
Yes, in my opinion, small companies too need to develop their own strategic pay plan so that they can decide on the best time and way to distribute the payment strategically to the employees which can make them work to their fullest. As small companies have fewer employees, so in that case, good employees are more important to them than that of larger companies. When small companies have a systematic pay plan structure, employees in those companies understand the fairness in the workplace, which gradually motivate them to give their best and increase the profitability for the company. Besides, a strong strategic pay plan can determine the future growth of a company as well as can maintain its revenue well. A company's goodwill and reputation largely depend on how it compensates it's employees, which later may also attract new talented and skilled candidates.
Example -
One of the real-world small companies is WinMax Systems. It is actually a small private consulting business enterprise which has nearly 100 to 150 employees at present. It was founded in the year 2005 and has its headquarters in California. The company has it's specialty in IT consulting, data science, machine learning, project and market research, etc. The company provides handsome wages to the employees and has a systematic pay structure. It also provides health insurance to the employees as well as to the families.
Hope this helps :)
If you liked the answer then please give an Up-vote, this will be quite encouraging for me, thank you!
Do small companies need to develop a strategic pay plan? Why or why not? Provide at...
. Discuss in which industries most companies do not pay dividend and why? 2. Which factors do you consider in order to value the stock of a company that does not pay dividend and how would you value the stock? 3. Select two publicly traded companies from two different industries and discuss how you would value the stock of those companies. Are your selected stocks overpriced or underpriced by the market?
Explain why there is a strategic need for companies to use a variety of selection and recruiting methods. Select the most relevant factors related to selecting employees who fit into an organization and explain why they are the most relevant. Describe a real-world situation in which an organization incorporates the use of effective selection methods that positively affect its health and explain why they were effective.
you will be building a Communication Plan for the CDC Organization. you will develop a plan for communicating your goals. You will need to concentrate on the following elements: Who are your stakeholders? What information do they need? Do all stakeholders need the same information communicated to them? What type of communication strategies should be used? Why? What communication channels will work best in your chosen organization? What type of traditional framework should be established? What type of technological framework...
Companies with worldwide operations need to develop compensation plans for employees that are in line with their global business strategy. Companies that articulate a clear global pay philosophy and develop corresponding compensation programs are best positioned to effectively execute their strategy. An effective global compensation strategy creates consistency in pay management and facilitates global employee mobility. Answer the following Questions: 1- Explain the general compensation strategies used by companies with worldwide operations. 2- Support your answer by presenting briefly the...
The sum of an organization's strategic vision and mission, objectives and strategy constitutes a strategic plan for coping with industry conditions, outcompeting rivals, meeting objectives and making progress towards the strategic vision. An organization whose strategic plan is based around ambitious stretch goals that require an unwavering commitment to do whatever it takes to achieve them is said to have strategic intent. Q- Write a discussion on this statement, using an example of a company to illustrate your answer and...
Why do so many companies fail to have a strategy? Why do managers avoid making strategic choices? Or, having made them in the past, why do managers so often let strategies decay and blur? Does the company you work for have a strategy? What is it? It is decaying?
Please, can you help me answer these questions 1. Why should an entrepreneur develop a business plan? 2. Why do entrepreneurs who are not seeking external financing need to prepare business plans? 3. Describe the major components of a business plan. 4. How can an entrepreneur seeking funds to launch a business convince potential lenders and investors that a market for the product or service really does exist? 5. What are the 5 Cs of credit? 6. How do lenders...
Provide an example of a simultaneous game between 2 real companies in a specific oligopolistic industry. Identify the 2 companies and describe the industry, business strategy applied to the game, and possible payoffs from each strategic choice. What managerial insights can be derived by applying the concept of simultaneous game in your example?
Provide an example of a sequential game between 2 real companies in a specific oligopolistic industry. Identify the 2 companies and describe the industry, business strategy applied to the game, and possible payoffs from each strategic choice. What managerial insights can be derived by applying the concept of sequential game in your example?
Develop and prepare an APA formatted paper that provides an analysis of all of the following topics. Please include a management decisionmaking perspective in each topic you analyze: Define Statistics and the different types of statistics, as well as the associated terms such as variables, types of data, etc. Provide at least one example. Define a Frequency Table and all of the associated terms. Provide at least one example. Compare the 2 numerical ways of describing quantitative...