Compensation Strategies and Competitiveness and Collaboration in a Global Economy
Unit 2 Assignment: Build Your Knowledge Base
In this assignment, you will be assessed based on the following Outcomes:
HR435-5: Contrast methods for developing a total compensation strategy.
HR435-6: Understand competitiveness and collaboration in a global economy.
Choose an organization in which you are interested, and from which you can obtain the information required in this assignment below. You may want to choose a past or current employer, or you may choose any other organization that interests you. You may choose the same or a different organization from the previous unit. Research the organization through the company website as well as related articles available in the library, and answer the following questions in a 2–3-page paper:
Checklist:
Describe your interest in this organization. Explain why you chose that particular organization.
Contrast at least two methods for developing a total compensation strategy, including objectives, internal alignment, external competitiveness, and management (see examples in Exhibit 2.1)
Choose one of the compensation strategies above and summarize the key points of your organization’s strategy.
Explain how collaboration with other like-minded companies might benefit this organization in terms of developing a total compensation plan.
Explain the value that you believe this organization may gain from possible compensation plans.
Discuss how compensation could be a source of competitive advantage for this organization in the global context regarding (1) hiring, and (2) financial success.
To successfully complete the paper, the following are the minimum requirements:
Review the grading rubric before beginning this assignment.
Compose a 2–3-page paper in APA format - 12-point font, double-spaced, indented paragraphs, citations, reference list, etc.
For additional help with writing an informative essay and APA formatting, please visit the Writing Center accessed through the Academic Success Center within the Academic Tools area of the course (or see Unit 1 Reading area for APA assistance).
Include introductory and summary paragraphs.
Limit the use of direct quotations - instead, paraphrase and cite the author's work. For a refresher on paraphrasing, view this short Guide to Paraphrasing video and explore the additional resources prior to starting your assignment. You can access tutorials, how-to videos, tutoring services, and more by visiting the Academic Success Center.
Demonstrate your understanding of the weekly objective(s) through your response.
Reinforce your personal opinions with at least two credible or scholarly research articles (not to exceed 20% of content). Peer-reviewed academic articles, articles published in journals, textbooks, and library resources found in the Purdue Global Library are examples of high-quality resources. Note that Wikipedia, Investopedia, etc. are not considered as reliable resources for this research.
I uploaded a template that needs to be used!!!!!
Competitiveness and Collaboration in A Global Economy
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Competitiveness and Collaboration in A Global Economy
This paper aims to provide an overview of contrasting methods for developing a comprehensive compensation strategy and assessing the potential outcomes of understanding and comprehending competitiveness and collaboration in a global economy. A compensation strategy is an essential tool for a company in the field of pay and benefits. From a global economic perspective, competition and collaboration play a significant role in determining the success or failure of a business. In the demonstration, the company below will represent the assessment.
Walmart company is the organization I have chosen because it is the largest company with a higher net worth of approximately US$570 billion annually in revenue. It is a company that deals with retail stores selling everything from music tools to groceries. The main reason I choose Walmart company is its nature and the size of the business. This company operates with approximately 10500 stores on eCommerce websites and 24 countries under 46 banners. The vision statement is the most interesting thing about Walmart, as it "aims to build a better world by helping people live better and renew the planet while building thriving, resilient communities."
Budget allocation and salary range are the main methods of developing a total compensation strategy. The main objective of developing a budget allocation is to determine how much the company will spend on salaries and other benefits. Budget allocation helps the company to align the internal expenditure more effectively by allocating sufficient funds (Charaba, n.d.). From external competitiveness, budget allocation helps create a compensation plan considering their competitors. In contrast, developing a salary range helps a company to develop an effective compensation plan. The central objective of the salary range is to ensure a company develops a compensation plan that is competitive with...