Evaluations, Compensation, and Firm ObjectivesPurdue Univers, Lecture notes of Accounting

Download Evaluations, Compensation, and Firm ObjectivesPurdue Univers and more Lecture notes Accounting in PDF only on Docsity! Running head: NAME OF CASE 1 Evaluations, Compensation, and Firm Objectives Purdue University Global MT203: Human Resource Management– Unit 7 Due to increase change in technology, organizations have been forced to change their strategies, products, and manner of operations. Braintrust needs to rethink their compensation strategy. “Compensation strategies are used to hire and retain top performer employees, increase the satisfaction level of employees, achieve internal as well as external equity, lessen turnover and boost company loyalty etc.” (Payreview, 2018) Braintrust Toys Company’s strategy or mission, “Out purpose is to expand the minds of children 1 month – 100 years old,” has to develop new ways in order to meet their new objectives in order to safeguard 200 more employees’ jobs. By increasing their innovative strategy towards new technology or products then they would be able to meet their new objectives in line. The first way involves identifying the top important objectives or goals that the organization wants to achieve. Human Resource Management or HRM scholars have realized that by determining the organization’s primary objectives or goals then the other objectives or goals will follow suit. New primary objectives include enhancing attributes and convenience in at least 20 existing products, launch at least 15 new products that appeal to new customers and new markets, develop 5 new markets, hire personnel that think innovatively, and hire diverse support personnel and designers who are customer service oriented to support new products and NAME OF CASE 2 markets. By providing certain resources, Human Resource Management, can achieve these objectives. The second way would be for the company to use the objectives to identify a list of behaviors that will ensure Braintrust’s achievements of the objectives. It is important that Braintrust top management guides the lower level employees on how to adapt behaviors that will guarantee the achievement of those objectives.One important step for senior managers is to ensure a list of employee behavior that can enhance product characteristics, develop new markets and launch new ideas on products. Behaviors can include those employees that present new ideas of products and teamwork in order to motivate the employees to think. Also, making sure that the employees know what market Braintrust is in. Knowing the business insight for an employee will help them realize how important they truly are. The final step is to design and implement the compensation plan. This step would be the easiest for Braintrust because they already have their primary objectives in line. One suggestion during this step is to take a survey of how the employees identify their own value of incentives. After this is done, the company or senior managers, can come up with the best incentive for the employees. When the compensation plan is finished, it is important for Braintrust to communicate and meet with employees to have them aware of the pays and benefits that would accure. Many companies hold company meetings or send an email out to all the employees within the organization. Two methods of performance evaluation that Braintrust can use would be the behavioral checklist and management by objectives. With the behavioral checklist, this method allows the company to check the availability of behaviors that make employees valuable members of the organization. The one way this would benefit is that if the company’s compensation system