The challenge is in finding a way to attract, motivate and retain top performers without breaking the bank. How can aligning compensation boost the success of major business initiatives?
Strategies are the offshoot of business goals and direction and are designed to give an indication to all members of the business of how the business will achieve its goals. Strategies must work together to be most effective. If people are pulling in different directions, resources will be wasted.
Strategies are developed to indicate "how" a company will achieve its goals and objectives. Companies generally have several strategies that they put in place to meet multiple goals and objectives.
Importantly, these strategies must be aligned to ensure that resources are used effectively and that success can be achieved.
Horizontal Alignment Horizontal alignment of strategies ensures that all strategies work together and are not in competition. A health care organization with one strategy to "decrease length of hospital stays" and another to "reduce the number of hospital re-admissions" might have strategies that are in competition with each other.
When establishing business strategies, companies need to look at the big picture to ensure that strategies in one part of the organization are not inadvertently and inappropriately impacting the ability to achieve strategies in another part of the organization.
Operational Alignment Operational alignment of strategies ensures that the work will actually be done.
While strategies indicate how goals and objectives will be accomplished, tactics indicate specifically what needs to be done to accomplish them. Many companies have scarce resources and, because of this, it is important that strategies are carefully designed and aligned to ensure the effective use of those resources.
Operational alignment is the point at which the planning team will determine who will do the work, when, how and with what required resources.Total Compensation Essay. or any similar topic only for you.
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Smart Business spoke with DeVaro about the process of aligning employee compensation with critical business goals.
How can aligning compensation boost the success of major business initiatives? While compensation alone won’t ensure the attainment of the business plan, customized, strategic alignment of total rewards increases the likelihood of success.
The e-sonic Compensation System: External Market Competitiveness LIR Compensation Systems Professor: Joe Martocchio November 15, Team 1: Ka Man Cheung Christine Layne Gene Paik Tamica Taylor Matt Williams Table of Contents 1.
Executive Summary 3 2. Pay-policy Mixes 6 a. Business Development Job Structure 6 b. Alignment of HRM and Business Strategies Assignment 1 HRM Strategic Human Resource Management Dr.
Jennifer Young Introduction Marriott International, Inc. is an American diversified global hospitality company. It was founded in Washington, D.C., U.S. in the year by J. Willard Marriott with his wife Alice S. Marriott.