Extract of sample "Compensation Plan Outline (Wal-Mart)"
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Wal-mart is widely known for its vast range of chain stores that provides the world with the best and most affordable and accessible forms of technology. It is more so known to provide some of the latest stellar digital forms of technology and other appliances that are vital for human use. However, Wal-mart success has been hanging on the balance due to its recent controversy on its compensation plan. For sure this has not been a piece of cake and exasperating has it been for the company to retain back its lost glory. It is because of this that this paper is written to providing stellar corrective measures on compensation plan.
Compensation management is the strategic process of aligning pay, incentives and benefits of employees with the organizational goals and objectives (Bhatnagar, 2004)). Compensation management further aims at linking an employee and the organization though an employment relationship in such a way that the Company achieves its objectives and strategy effectively whilst the employee gets to be compensated well for making it possible. An effective and fair compensation to the employees is thereby vital in steering the employees to the path of greater productivity and optimized output.
Wal-mart Company based in United States is one of the top retail chain stores that were known to incorporate compensation plan as part of its policy. This was done through sub paying the workers whilst providing an insurance scheme for its employees. Even though one could term the insurance scheme as being the best package for the employees of Wal-mart Company, the process did not do much in increasing the Company’s profitability and productivity. Instead, a great number of Wal-mart employees felt deprived of what they would say were their own hard work.
Actually, Wal-mart Company was providing insurance scheme as part of compensating the employees due to the advent of
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