Reward and Pay Strategy for Employees of Essay
- Length: 6 pages
- Sources: 3
- Subject: Business
- Type: Essay
- Paper: #66615051
Excerpt from Essay :
Reward and Pay Strategy for Employees of a Company
Assessment of the organization in terms of its organizational strategy, objectives, mission and values
Organizational strategy of Coca-Cola Company
As a large co-operate institution, the company looks at its future with a view to dominating the beverage industry globally. The company has recorded tremendous growth for the past few decades. The growth is never a normal escalation of production level but also an expansion, which is sustainable. The company focuses more on meeting its short-term commitments at the same time; it invests in meeting its long-term goals. The company aims to achieve its long-term growth in that, the long-term growth will aim allow the careers to flourish. The company is building fundamental strength in marketing its products and innovation. It drives increased efficiency whereby there will be real effectiveness where it comes to interactions with the systems and the generation of new energy thus through the company's core brands which focuses on wellness and health (Dransfield, 2012).
The world is always changing, and because such reasons, the company aims to thrive in the business for the next decade and over. The company is looking forward, and it understands the changing trends, which might shape the business in the future. In case of the changing trends globally, the company aims to move quickly and adjust to the changes, which might befall it. The company is always ready for tomorrow, and because of this, company has its vision in 2020. Long-term destinations have been set up by the business (Dransfield, 2012). The company's mission include, refreshing the world, Inspiring people's moments to happiness and optimism and to create a difference in the world by adding value into people's lives.
The company's values act as a compass to the company's actions and clearly describe how the company behaves globally. The values include, Leadership whereby it has the courage to contour a better future. The company collaborates, integrates, and diversifies with other brands to its own benefit of producing quality products. The company is also passionate whereby it is committed in its heart and mind (Dransfield, 2012).
Analyzing the environment in which the organization operates with regards to industry and business life cycle among other aspects
For Coca-Cola Company, environment in running the company is fundamental in determining the success of the company. The external business environment is a key determinant to how best the company will succeed. External environment analyses all the possibilities of doing business. In this there has to be a consideration of available opportunities and risks in determining the business life cycle.
The coca-cola company operates under an environment that has both possibilities of making losses or profits. The profits that the company keeps gaining are because of the company's efforts to create a suitable business environment. The company has an environment full of competition (Saleem, 2010). Many other companies in the market today manufacture soft drinks. The only characteristic that sets coca-cola apart from these companies is that coca-cola keeps on growing. The company withers all types of competition thus manages to survive long in the market with a long business life and profits. The company produces a wide range of soft drinks, while other companies do not have this wide variety.
The coca-cola company is in all parts of the world. The company has the widest expansion rate since the company started manufacturing. This means the company takes available opportunities to expand. This is the best part of creating an enabling business environment to allow the company to have better results (Saleem, 2010). Despite the expansion, and taking advantage of available business opportunities, the company still puts to consideration risks involved in every new undertaking. This means the company identifies a market, and clearly studies it to determine how far the business will survive in case they venture in the market. Their main interest is to determine the nature of the business environment available in their new undertaking. They consider if the available market is agreeable with the products they sell, and in return work with the market to create an enabling environment.
Coca-Cola is the majority of the market share in the soft drinks industry. One of the reasons that have catapulted the company to this success is the internal environment. The internal environment includes the organizational culture of a company and in this instance; Coca-Cola has a superior one compared to the competitors. Unlike other companies in the same industry, Coca-Cola manages to maintain perfect relationships with other external parties as a part of its organizational culture. It is evident that it is practically impossible for any company to produce as much as Coca-Cola is able to in such a short time. However, its culture is that it gives the other companies all over the world the syrups and concentrates as they go ahead with the manufacturing and distributions. This is part of their environment as it enables the company to move more sales than the competition while at the same time reaching most of the remote areas that the competition is unable to access (Saleem 2010).
Another part of this environment is the way the company relates to its employees. The company puts significant emphasis on the employees affiliated to the company in all parts of the world. An example is the branch in the UK which considers the workers as the most valuable asset that they have compared to the rest. The company ensures that the employees are divided into teams depending on the departments. Thus, the company has a marketing and a sales team amongst others. Through these teams, the employees feel that they are of value to the company and thus become motivated to work effectively. These teams encourage the generation of ideas that are then later channeled to the company's leadership structure which acts on them later (Saleem 2010). The company also has efficient communication channels that maintain the internal environment especially concerning the employees. These include team meetings, surveys and briefing sessions which are held every month.
Evaluate the organization's current reward and pay strategies on two criteria: for meeting its overall organizational strategy and for maintaining competitive advantage in the face of new challenges and changing conditions
The evaluation of company's pay strategies for meeting the overall organizational strategies for the company is vital. This enables the company to compete satisfactorily with the giants in marketing the beverage products. Note that the payment strategies enhance the retention of the highly experienced staff in the company. The company's promotional basis on the terms of hard work and experience elevates the morale of the entire working staffs. The organizational strategies of the company lie in the job positional modeling. This facilitates an efficient and effective system of the staff leadership. The reward fully lies on the promotional capacity of each of the Coca-Cola Company (Brown, 2010). The job positional allocation as a reward for the productive and efficient staff is the chief investment officer, senior budget officers, senior procurement officer, legal counsel personnel and many other managerial positions in the Coca-Cola company. The promotional avenue emerges only after the exit of the senior member of the job group. The incentives and loans available to the work staffs facilitate the staffs to improve their daily lives. Large sums of money in terms of loans are investable as compared to small cash receivable on the monthly basis of the company (Brown, 2010). The Coca-Cola Company has initiated collaborative models with extensive and reliable financial institutions to facilitate the immediate payments and access to secure loans.
The company provides allowances covers on transport, housing and health covers. However, to those staffs on the managerial position the company through its estate management section builds and allocates rooms to them. In consideration to the competitors in the markets the company, Coca-Cola reigns as the others do offer sufficient competitions as regards the payment of the work staffs. In general, the company designs numerous rewards for the staffs. The company has allocated large playing fields and finances games in mode to look into the health status of its workers. This in long vision dictates a responsible company alert in checking the wants and the demands of the company working staffs (Brown, 2010).
The world's largest beverage Company has come up with various rewards and pay strategies with a view to motivate employees. The performance management system in particular links directly to rewards and recognition in addition to career development. Coca-Cola has initiated various rewards and strategies mainly aimed at facilitating productivity of human resources and motivating workforce to ensure increased production from the current output as compared to previous years' output (Brown, 2010). The Company has put in place suitable mechanisms to ensure its dominance in the global market as well as retaining thousands of employees who work for the company worldwide. Coca-cola has maintained competitive advantage amid challenges in the global market ranging from stiff competition to economic crisis. Attractive rewards alongside competitive salaries and…