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55 views2 pages

Case Study

Uploaded by

lendsaymarie2002
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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FAROL, LENDSAY MARIE V.

BSBA HRM-3C
Case Study: Managing Compensation at TechNova
1. CURRENT COMPENSATION STRUCTURE
• To find out if TechNova's current way of paying employees is as good as what other companies in the market
are doing, the company can do a few things. They can look at reports about the industry, ask employees what
they think through surveys, and check job websites. By comparing the salaries they offer to the average salaries
for similar jobs in the tech industry, they can see if they are paying too much or too little. Employee surveys can
also tell them how employees feel about their pay compared to what they could get at other companies. And
looking at job websites can help the company know about the latest salary trends in the market.
• TechNova should think about using different kinds of data to compare salaries for different jobs and in different
places. Industry salary surveys, information from recruitment agencies, and online tools for comparing salaries
can all give useful details about what the market pays for various positions. By using several data sources, the
company can make sure that its salary comparisons are correct and cover everything.
2. PAY TRANSPARENCY:
• The benefits of increasing pay transparency are that it can make employees trust the company more as they
think they are being treated fairly. It can also attract new people to the company because they can see what they
might earn. And it can make employees feel a sense of fairness among themselves. The drawbacks are that
some employees might get jealous or unhappy if they think they are underpaid compared to others. Also, it could
give away some sensitive company information like top executives’ salaries or the company’s total pay budget.
• However, there are also some potential drawbacks to increasing pay transparency. It may lead to jealousy or
dissatisfaction among employees if they feel that they are being underpaid compared to their colleagues.
Additionally, pay transparency could potentially give away sensitive company information, such as the salaries of
top executives or the company’s overall compensation budget.
• To communicate changes in pay transparency well, TechNova should have large meetings to explain why the
change is happening and answer employees’ questions. They should also give clear written materials about the
new policies and encourage employees to ask questions and give their thoughts.
3. AI-DRIVEN COMPENSATION TOOLS:
• TechNova could use automated salary benchmarking tools that use a lot of data to compare salaries in different
companies and industries. Performance analytics platforms can help decide pay based on how well employees
do. And AI-powered chatbots can give employees personal salary information and advice. The expected benefits
are that salary decisions can be made faster and more accurately, the company can work more efficiently, and
employees will be more satisfied.
• To make sure AI tools don’t create biases or inequalities, TechNova should check the AI algorithms regularly to
make sure they are fair and accurate. They should have a diverse group of people work on developing and using
the tools. And they should train employees on how to use the tools in a good and ethical way.
4. PERFORMANCE-BASED PAY:
• To design a fair and motivating performance-based pay structure, TechNova should clearly say what good
performance means for each job. They should set goals that employees can actually reach. They should have a
clear way to judge performance and give employees regular feedback on how they are doing.
• To balance rewarding high performers and keeping collaboration, TechNova should use both rewards for
individual work and for group work. They should include how well the team does in the performance evaluation.
And they should create a culture where employees are encouraged to work together and come up with new
ideas.
5. EMPLOYEE RETENTION AND MOTIVATION:
• To find out why high-performing employees are leaving, the company should talk to them when they leave;
conduct interviews. They should also look at employee satisfaction surveys and performance data to see if there
are any patterns. Based on this, they can make a plan to keep these employees. This plan should focus on the
specific reasons they are leaving, like not enough chances for career growth, bad work-life balance, or low pay.
• TechNova could offer flexible work hours or the option to work from home. They could give employees chances
to learn new skills and grow in their careers. They could have recognition programs to praise employees for good
work. And they could create a positive work environment.
6. GLOBAL MARKET CONDITIONS:
• To adapt the compensation strategy for different countries, TechNova should do a detailed study of each local
market. They should look at the local job market, the cost of living, and what other companies are doing. Based
on this, they should make a special compensation plan for each country that takes into account these local
factors and the company’s goals.
• Challenges in making a globally consistent and locally competitive compensation strategy could be that different
countries have very different laws and cultures. It might be hard to make sure that the pay is fair everywhere
while also being competitive in each local market.
7. IMPLEMENTATION AND CHANGE MANAGEMENT:
• To implement the new compensation strategy with little disruption, TechNova should do it in steps. First, they
should tell employees about the new strategy and give them training and help. They should also ask employees
for their ideas and feedback during the implementation.
• To measure how well the new compensation strategy is working, the company should do regular surveys and
evaluations. They should look at things like employee satisfaction, how many employees are staying, and how
well employees are performing. Based on the results, they should make changes to the strategy if needed and
tell employees and other important people about the results.

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