Strategic Compensation
List and explain the five different stakeholders of a company's compensation system
Government
Both federal and state governments have their own regulations, laws and directives that have an influence on compensation schedules. For instance, the federal government has set minimum wage levels and also has legislation on payroll issues. The federal government also has a lot of influence on economic matters. Governments also draft policies that can help them to increase the ease of doing business. While many governments have free-market and non-interference policies, they also have set rules and regulations, with regards to the treatment of workers, occupational safety, social security contributions and hiring practices (Fred-Adegbulugbe, 2010).
Executives / Managers/Owners or Founders
Company executives and managers ought to actively know the link between their employees and their performance, and reward and budget management. The main objective of compensation systems is to enhance employee productivity so as to increase profitability. If the company is public, increased profitability could mean more dividends for shareholders, while if it is private, the increased profitability could mean more money for its founders. In the same way an effective compensation system brings wealth to the shareholders or founders of a company, an ineffective system would have a negative impact on profitability (Lazear, 2000).
iii. Employees' Unions
The relationship between company managers and union leaders can either be one of cooperation or one which is filled with animosity. The relationship between these two parties has a huge impact on the effectiveness or productivity of almost every company. Cooperation between unions and organizations can result in a scenario in which there is mutual benefit for all parties. For instance, organizations could agree to increase allowances in exchange for a workers' union to convince their employees to attend training classes. This does not only increase productivity...
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