Compensation

A compensation philosophy is designed to attract, cover, and motivate personnel. Organizations whitethorn use a combination of salary and benefits are a resource to maintain employees. A formal plan ensures that the patch up strategy is aligned with corporate goals, while maintaining fiscal responsibility. As the union changes, the compensation philosophy must follow suit. At Durex Industries, there is not a formal compensation philosophy, thence salary issues are addressed on a event by case basis. By implementing a core philosophy, Durex would standardise its pay structure while demonstrating employee value.
Durex Overview
Durex Industries has been a leading producer of heaters and temperature sensors for over thirty years. As a privately owned company, Durex structures its management around three specific product areas: summons heat, assembled products, and cast products. The organization began as a family owned company with ten employees. As the market expanded, so did Durex. With sales exceed thirty million per year, over 200 employees, and a 120,000 unbent foot facility, Durex is a leader in the thermal industry. The companys major focus is on research and development.
Although the manufacturing processes select been updated and enhanced, the human resource department has not changed.



The Human option manager is a part time employee. The Human imaging Assistant is often left uninformed regarding procedural issues. In order to become a world class maker of thermal products, it is important to bring the compensation philosophy up to date.


Proposed Compensation Philosophy
The philosophy behind Durex compensation program is to attract, hire, motivate, and retain employees who drive the companys success. We strive to provide tail salaries that meet or exceed median market expectation. Employees that continually perform above expectations provide be rewarded with salaries above market. Durex will also utilize pay incentives to...If you want to get a full essay, order it on our website: Orderessay



If you want to get a full essay, wisit our page: write my essay .