Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Trust Me: Identifying Optimal Compensation Packages
When Monroe Davies read Jim Hummers email offering him a dream job, his only concern was the need to identify appropriate elements for the position at Whole Health Management as well as mutually acceptable compensation package. From Monroes perspective, he knew that the job was his if he crafted his response carefully. Likewise, Monroe knew that Hummer placed a high priority on openness so he also knew this was no time to be modest about his abilities and expectations but he did not want to price himself out of a job either.
On the one hand, Monroe realized this was the offer of a lifetime. Not only was Hummer offering him the opportunity to essentially design his own job, he was also allowing him to assess his immediate worth to the organization. Moreover, Hummer was offering to serve as Monroes mentor besides his boss, and this job opportunity would help seal his future professional success. Just as importantly, Hummer was encouraging Monroe to not be shy in proposing a compensation package because he knew high rewards can translate into superior performance. In addition, Hummer wanted Monroe to take risks even if he failed because that was the path to rapid learning in a competitive marketplace. In other words, many aspiring MBA students might take this job without any compensation at all given its inestimable value to novice business practitioners.
Taken together, this once-in-a-lifetime job offer requires Monroe to develop his best alternative to negotiated agreement (BATNA). Developing an appropriate BATNA will help Monroe avoid settling for an unfavorable offer and empowers him to negotiate from a position of strength, aiming for a mutually acceptable compensation package and job elements. Developing a BATNA will require Monroe to determine the minimum threshold at which the various terms of the negotiation are mutually acceptable (Wheeler, 2003).
References
Hall, B. J. & Malhotra, D. (2010, January 8). Name Your Price: Compensation Negotiation at Whole Health Management. Harvard Business School 9-908-064.
Wheeler. (2003). Four Key Concepts: Your Starting Points. Harvard Business Review Press.
Morgan Stanley & Goldman Sachs Employee compensations has for many years been seen as a type of job benefit package that did one of two things: either reward people for doing good work (merit) or offer them the chance to make more by coming up with creative new business ideas that made the company money (incentives) (Tropman, 2001). Now, however, the issue has changed on a number of fronts. For most
compensation packages and benefit plans which Adobe Systems Inc. offers to its employees against their employment services, good performance at the workplace, and as motivational techniques for their retention and encouragement. The paper also explains the advantages and disadvantages of the key components of these compensations and benefit plans and recommends strategies on how they can be improved for more effective outcomes. Adobe Systems Inc. Adobe Systems Incorporated is an American
Expatriate Compensation Package Compensation is a crucial link between strategy and its successful implementation. There is a fit between compensation and the goals for which the firm wants managers to aim. In this way employees may not feel exploited (Deresky, 2011). The employees need to perceive equity and good will in their compensation and benefits whether they are parent country nationals or host country nationals. Expatriates have to be competitively remunerated. Compensation
Negotiation Final ProjectVarilie GarnerDHA804 Negotiations and Conflict ManagementVirginia University of LynchburgDr. HammondAugust 8, 2023Compensation Package Proposal and JustificationJob Offer TableCompensation ItemProposed AmountCompensation$105,000Bonus$30,000Relocation Allowance$10,000Stock Options10,000 shares at $2.70 per shareContinuing Education Stipend$5,000According to Glass Door (2023), �The estimated total pay for a Director of Business Operations is $193,928 per year in the United States area, with an average salary of $132,368 per year.� Bonuses are often tied to performance, and this
Competitive Compensation Systems The market for labor can be quite competitive, and it is incumbent on human resource professionals to set the market appropriately, depending on their strategy. For companies that require the best professionals in order to thrive in the marketplace, they may need to come in at the top end of the market for total compensation, whereas a company with a strategy focused on delivering cost leadership might need
EXECUTIVE COMPENSATION CLASS CASE Green Loaf Grocery Executive Compensation Class CaseCompensation Proposal DevelopmentFrom the onset, it would be prudent to note that there are a wide range of factors that influence the compensation package of the various employees of a firm, including top executives. These factors are inclusive of, but they are not limited to; the performance of the company (i.e. with regard to the bottom-line), the various labor laws