analyze TRI's compensation, benefits, and rewards policies as well as its performance appraisal system and present senior management with an improvement plan.
Townsend Rock Industries Inc. (TRI) and its subsidiaries make and market concrete construction materials and produce and sell concrete building materials.
Click here to learn more about TRI.
In this assignment, you will apply what you have learned so far in the course.
You are hired by the HR consulting group to analyze TRI’s compensation, benefits, and rewards policies as well as its performance appraisal system and present senior management with an improvement plan.
Write a multipart report covering the following sections in about 8?10 pages:
Section 1: Compensation
Subsection A: Evaluate options for compensation models that would be appropriate for TRI. These compensation models will include, but not be limited to, salary, hourly wage, individual bonus, team-based bonuses, executive stock options, and profit sharing.
Subsection B: Given the wide variety of employees in the company (ranging from senior executive staff to senior management, middle management, supervisors, laborers, and truck drivers), evaluate the compensation models and benefit packages that would be appropriate. Keep in mind employees’ levels of education, experience, and training and demographic and cultural factors. In addition, keep within legal and ethical boundaries of the various locations.
Subsection C: Consider the future growth and success of the company relative to staffing needs. For this, analyze the role of compensation in attracting employees as well as aiding in their personal and professional development and retention.
Section 2: Motivation
Focus on the effective management of employees and the most appropriate ways to motivate them to ensure that the company can meet and exceed the expectations of its multiple stakeholders.
Help the company develop an appropriate performance appraisal system that can help it maintain and develop appropriate workforce. Develop a Microsoft PowerPoint presentation for senior management that covers the relevant motivation theories, including both monetary and nonmonetary rewards and the way they could be integrated into a new, company-wide performance appraisal system (embed your presentation in the report). Include theories of motivation and rewards that support your recommendations to the company.
Section 3: Communication Plan
Develop a communication plan in which this new performance appraisal system and related compensation and benefits program can be rolled out and presented to all employees in a manner that allows appropriate dialogue and discussion.