Determine the most beneficial ratio of internally consistent and market consistent compensations systems for the company you selected.

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Evaluating Existing Compensation Plan: Ford Motors Company


Assignment 2: Compensation Plan Outline
Using the same company you researched in Assignment 1 (Refer to EssayZOO order #00044991) , evaluate the company’s compensation plan to determine how it could be improved.
Write a six to eight (6-8) page paper in which you:
Evaluate the existing compensation plan to determine if it is the most appropriate for your company. Explain your rationale.
Determine the most beneficial ratio of internally consistent and market consistent compensations systems for the company you selected.
Evaluate the current pay structure used by your company and assess the recognition of employee contributions.
Make two (2) recommendations for improving the effectiveness of the discretionary benefits provided by the company you selected.
Evaluate the types of employer-sponsored retirement plans and health insurance programs provided by the company you selected and compare them to that company’s major competitors.
Use at least three (3) quality references. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.
The specific course learning outcomes associated with this assignment are:
Evaluate the effectiveness of traditional bases for pay (seniority and merit) against incentive-based and person-focused compensation approaches.
Compare and contrast internally consistent and market-competitive compensation systems.
Evaluate the role of benefits in strategic compensation.
Use technology and information resources to research issues in compensation management.
Write clearly and concisely about compensation management using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills. Please ensure all aspects of the questions are addressed.


Compensation Plan Outline Student: Professor: Institution: Course title: Date: Evaluating the existing compensation plan for Ford Motors Company Ford Motors Company has a compensation plan that is an Incentive Bonus Plan, which offers cash awards to all employees and members on the achievement of a particular performance goal, in a particular year (Yang, 2014).Ford has a pay-for-performance culture that motivates and rewards employees for achieving the anticipated business result. The benefits program supports security income and protection from catastrophic loss (SEC, 2014). This motivates their employees and retains the workforce, hence, reducing turnover. Their competitive compensation attracts, motivates, and retains high performing workforce through targeting the average competitive level of automotive and leading companies within the national market. The company measures competitiveness based on program value for employees relative to the comparator group. When the incentive programs cannot provide competitive compensation due to business conditions, Ford uses their short term and long term retention programs that ensures they retain key employees that can respond to the operational and financial challenges (Yang, 2014; SEC, 2014). The compensation plan for Ford is affordable to the company in mid-term and long-term, and the compensation plan is ensured not to fluctuate due to short term business conditions. The compensation plan also supp...

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