Compensation Plan Outline - Assignment Example

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Safaricom as a telecommunications trading company realizes the essence of a quality workforce in achieving its objectives as outlined in the business plans (Mathis & Jackson, 2010). Thus, in pursuit of these goals, the company, through its human resource department and the…
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Extract of sample "Compensation Plan Outline"

Download file to see previous pages Thus, in return, the company developed a strategic compensation and remuneration plan, in which the company seeks to compensate its workers accordingly for the services delivered (Aguinis, 2009). Safaricom entails a strategic compensation approach towards its employees, translating into high motivation and employee retention rates.
The current compensation plan entails a pragmatic approach in which the company focuses on the features of the qualification of employees accordingly in facilitating their salaries and related benefits. The company focuses on the areas of the skills of the employees and their individual contribution to the accomplishments of the company in rewarding the efforts thereof of the employees. In practical definition, the company rewards and allocates the compensation based on the current market situation and the service the workers deliver to the company operations (Aguinis, 2009). Further, the company also entails remarkably incredible platform of offering incentives to its workers, to foster the employee motivation accordingly. The company has incentives such as promotional offers to the employees for goods and services from the company as rewards for the services they deliver to the company.
Further, the company also offers credible salaries to the employees, as exemplified by the recent reports in which the company released its statistics, regarding their employee remuneration expenditure, as the report indicates. The company spend about Kenyan shillings 8.4 billion on salaries and benefits to its employees, in the year that finished in March 2013 (The Vodacom Group, 2014). Of this budget, more than 5.1 billion shillings went to wages and salaries while about 95 million shillings went to the allocation for employee grants option plan. The directors of the company got about 387.7 million in remuneration, which is higher than the previous allocation, while the rest was for the other staff. Similarly, the company, ...Download file to see next pagesRead More
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