All for One - 1927 Words

Team F | FastCat | Compensation and Rewards | | Spring 2011 | Intro FastCat’s priority is to increase revenue and the new pay structure will accomplish that goal in the long run. The new, cost containment, policy rewards, among other things, behavior aligned with FastCat’s objectives. This in turn will increase revenue, innovation, and customer satisfaction. This new system will need to be assessed over time to make improvements. Choosing a multiple job structure with a person-based pay will allow FastCat to utilize a hybrid structure. We have decided to lead with pay in the more critical jobs and match with the remainder jobs which include low skill or are entry level positions. We have assessed present salaries, created a†¦show more content†¦To offset this, we have designed a merit and bonus plan. Merit Plan The merit pay will increase FastCat expenses; however, it will be worth the cost as the employees who received pay increases will receive raises based on merit. Only 68% of FastCat’s employees will receive merit pay; that is a $28,769 increase. Providing bonuses for workers, who perform their jobs effectively, according to measurable criteria, should increase overall performance within FastCat. According to the original merit plan, the rating system used valid and valuable criteria but the uneven distribution suggested its extreme leniency. Over 68% of the employees exceeded expectations (Appendix 3.2.1 – 3.2.2). To correct this, FastCat should implement a 360 degree feedback program. This will not only encourage teamwork, but it will give employees clarity and challenge them to improve. This directly supports FastCat’s goals of controlling costs, increasing revenue, and creating a team oriented culture The new merit distribution is stricter and has a forced distribution that should help control costs (Appendix 3.2.3). Indeed, merit plans are susceptible to bias. If this occurs, FastCat should consider hiring outside auditors to assess individuals at the company. For now, the 360 degree program should prevent and/or alleviate such issues. Communication is key in implementing this new plan as sometimesShow MoreRelatedAll for One and One for All in the Declaration of Independence796 Words   |  4 Pagesworld, informing it of the intentions of the colonies. These intentions are presented in a list, ranging from absolv[ing] from all Allegiance to the British Crown to hav[ing] full Power (U.S. 1776). The list progresses in a specific manner, starting with what the colonies must do first and moving on to the following goals that can only be reached if the preceding one is accomplished. The final touch that really strengthens the Declaration of Independence is the signatures that follow the conclusionRead MoreThey Used to Call Me Piggy796 Words   |  3 Pagesis considerably the most realistic one on the island. 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