Compensation Strategy for Knowledge Workers

To prepare for this assignment, review Waring’s article about employee compensation, which is also listed in the required reading section of the Unit IV Study Guide. Note: both links contain the same information; only one needs to be reviewed. Waring, D. (2013). How to design an employee compensation plan [SlideShare slides]. Retrieved from http://www.slideshare.net/FitSmallBusiness/how-to-design-a-compensation-plan-dave?ref=http://fitsmallbusiness.com/how-to-pay-employees/ Waring, D. (2013). How to pay employees – The ultimate guide. Retrieved from http://fitsmallbusiness.com/how-to-pay-employees/ You are the director of compensation for a midsized organization. Prepare an essay that justifies the implementation of a new compensation strategy that will support the motivational needs of knowledge workers and reinforce the real-time performance appraisal system that the organization has embraced. While your goal is to retain, motivate, and grow the current workforce of multi-generational knowledge workers, you must also justify to your senior management that this compensation strategy is competitive in the marketplace. Your essay should describe a compensation program for knowledge workers. The title of the knowledge worker’s position is entirely up to you (e.g., sales executive I, systems engineer III, etc.). You may use various sources (including the lesson materials), but you must use at least one additional resource from the CSU Online Library. Include a reference slide, and cite any sources used in proper APA format. Your essay should be a minimum of pages in length—not counting the title and reference slides. Be sure to address the questions below in your essay. What is the compensation strategy being proposed? Did employees provide input? Who else provided input? What incentives are included in the plan? How will it motivate the employees? How will employees determine fairness of the pay structure? Why do you believe the employees will be satisfied with this plan? Justify the compensation strategy that supports the motivational needs of knowledge workers. What is your communication plan for rolling out the new program?