...Design Merit Pay It is vital that FastCat employees understand how merit pay works. Ensuring they are educated about the pay system will give them a clear understanding of how each person is paid and will show them that each employee has the same potential to move up the pay scale by attaining more education, increasing their skill level, being accountable and having good communication with customers. During employee orientation, new hires will be provided both verbal and written education with regard to merit pay. They will be given an opportunity to ask questions to make certain they understand how it works. The merit pay will be discussed with each employee during their yearly review so they know where they stand and give them a clear understanding of how they can move up or earn potential bonuses. It is our recommendation that bonuses be given to employees when they attain additional education. For example, if an employee earns a Bachelor’s Degree while working for the company, they will receive a bonus immediately. They would also receive an increase in their base pay at their next review. Additionally, employees who score well on their performance evaluation would be eligible to receive a bonus and an increase to their base pay. By encouraging FastCat employees to continue to attain higher levels of education, it is more likely employee retention will be high. Because each employee has the same potential to increase their pay, it will serve as a motivation for...
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...WDA- FASTCAT CASE PHASE 1 HRM A GROUP-3 2013 The document highlights the development and implementation of the internal structure. TABLE OF CONTENTS Contents Executive Summary _____________________________________________________________________________ 1 Strategy and Objectives_________________________________________________________________________ 2 Organization Objective .................................................................................................................................2 Cost control Highlights ............................................................................................................................2 Innovation .....................................................................................................................................................2 Increase customer base ...........................................................................................................................2 End to end solution ...................................................................................................................................2 Customer satisfaction ...............................................................................................................................2 Employee value creation .........................................................................................................................2 Un-parallel product quality ................................................
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...FASTCAT PHASE II MNGT 433-Compensation & Benefits 4/22/2014 Logical Thinkers Consulting Company Damian Malagari Kerry Ahearn Melissa Hekl NgoanPhan Chau Tran Table of Contents EXECUTIVE SUMMARY 3 RECOMMENDED STRATEGY FOR EXTERNAL COMPETITIVENESS 4 Best Alternatives for FastCat 4 Pay Level and Mix of Forms 4 Integrating the External and Internal Structure 5 Preliminary Ideas 5 SURVEY DESIGN OF TOTAL COMPENSATION OF FASTCAT’S COMPETITORS 6 Selecting Benchmarks and Matching With FastCat Jobs 6 Selecting Competitors in FastCat’s External Market 6 Analyzing the Data: Deciding What Forms to Compare 7 Analyzing the Data: Adjusting for Aging 11 Evaluating the Regression Line and the Fit Between FastCat and the Market 15 FASTCAT’S PAY POLICY LINE 19 INTEGRATING INTERNAL AND EXTERNAL STRUCTURES 20 Bands and Zones 20 Overlapping 21 EVALUATING THE RESULTS 21 Description of Analysis 24 FastCats’ Strategy and Rationale to Lag Pay Levels 25 EXECUTIVE SUMMARY Our Proposal for FastCat’s compensation system in Phase II focuses on the base pay as well as providing incentives. In order to maintain its competitiveness in the industry, FastCat should lag the market. They must ensure their pay structure is strategically differentiated within the marketplace. The appropriate pay structure and compensation plan will help FastCat strengthen employee retention and increase productivity through incentives, rewarding performance, and employee engagement...
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...Team F | FastCat | Compensation and Rewards | | Spring 2011 | Intro FastCat’s priority is to increase revenue and the new pay structure will accomplish that goal in the long run. The new, cost containment, policy rewards, among other things, behavior aligned with FastCat’s objectives. This in turn will increase revenue, innovation, and customer satisfaction. This new system will need to be assessed over time to make improvements. Choosing a multiple job structure with a person-based pay will allow FastCat to utilize a hybrid structure. We have decided to lead with pay in the more critical jobs and match with the remainder jobs which include low skill or are entry level positions. We have assessed present salaries, created a merit pay plan, and suggested a bonus structure and benefits package. Employee buy in is vital to this new structure and it is FastCat’s responsibility to keep the communication channels open. Strategy for Recognizing Performance Performance based pay plans are based on a number of dimensions. In light of the work done at FastCat, we have chosen criteria that allows for a better distribution of wages and implies sacrifice on everyone’s behalf. However, in the long run, most employees, and the organization will benefit from the new pay structure. Assess Present Salaries Changes for costs in the employee group did not directly translate for FastCat; there were several red and green circle employees. Benchmark jobs were able to alleviate...
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...Phase I Compensation Plan Alignment: Designing an Internal Structure 9/22/2013 Prepared for FastCat By: Jamie Vega, Jennifer Webster, Angela Moore, Stephanie Logan ------------------------------------------------- Table of Contents ------------------------------------------------- Table of Figures 2 ------------------------------------------------- Executive Summary 3 ------------------------------------------------- Objectives for Compensation System 3 ------------------------------------------------- Strategy for Internal Alignment 4 ------------------------------------------------- Job-Based Plan 5 ------------------------------------------------- Compensable Factors 6 ------------------------------------------------- Internal Structure 11 ------------------------------------------------- Picture of the Structure 19 ------------------------------------------------- Execution Manual 20 ------------------------------------------------- Evaluation of Recommendations 22 ------------------------------------------------- Credits 23 ------------------------------------------------- ------------------------------------------------- Table of Figures ------------------------------------------------- Table 1 FastCat Compensable Factors 7 ------------------------------------------------- Table 2 FastCat Technical Complexity/Know How 8 ------------------------------------------------- Table 3 FastCat Sales and Support 9 ------------------------------------------------- ...
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