You are to work in a virtual self-managing work team to develop a recommendation

Question

You are to work in a virtual self-managing work team to develop a recommendation for compensation packages for soon-to-be employees of the five hotels. The CEO has not been very clear about how the hotels will be staffed, figuring that the team can figure out what the positions would be, leaving the number of employees in each position to be determined. She has directed that she wants the hotel staff compensation to be higher than average, maybe in the top 25 percentile. She also wants the compensation to be adjusted for the local cost of living. Everyone's compensation is to have some bonus potential based on theprofitability of the location at which they work.

PLEASE HELP ME WRITE COMENSATION RECCOMENDATIONS

Explanation / Answer

Answer:

Compensation plan is the plan of reimbursement/payment to the employees for the services, they offer to the organization. The compensation plan is the financial return to the employees working at the organization.

Compensation plan is the top most plan of the organization which will be able convert the motivational energy among the employees and it is known as the self source of motivation for employees.

Following are the recommendations for the compensation packages for a team to work in a virtual self-managing work team in five hotels are as below

·       Compensation plan need to have compliance with Legal / Factory acts of the nation.

·       Compensation plan need to incorporate corporate compensation requirements in the compensation plan for the said five hotels.

·       Market based competitive compensation plan for the five hotels will be the appropriate option for the management.

·       Fixed pay and Variable pay based compensation plan for the team based work at five hotels, so that the employees will be able to deliver superior performance for achieving higher pays for themselves.

·       Performance driven compensation plan, so that higher performing employees can earn higher money and this can act as a motivation tool for better performance by the employees.

·       Hotel staff compensation package to be higher than average, maybe in the top 25 percentile.

·       Compensation package to be adjusted for the local cost of living for employees, so that employees will be satisfied and will not have major issues.

·       Everyone's compensation is to have some bonus potential based on the profitability of the location at which they work.

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