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Transcript of AristoCat
Alex Vu Jenny Ho
FastCat is a medical software company that has a reputation for outstanding quality and reliability. Our main objective is to provide the right information to the right people at the right time to insure the right care. Our goal is to help our customers succeed by working closely with them to design products that best suits their needs. Over the years, competition has been fierce, revenue has declined and we have been losing customers while labor expense continues to increase.
At the heart of the organization are its employees, where innovation and teamwork fuel the success of the company. We respect and recognize individuals for their commitment and ingenuity. FastCat's success depends heavily on innovation and finding means to become more strategic in our marketing approach. We want to encourage our employees to be innovative and take initiative and in turn, we will recognize them and instill a system where we will promote from within the company. In order to increase productivity and gain competitive advantage, we plan on creating an internal compensation system that will boost employee morale and retain top talent by rewarding individuals, which in turn will boost revenue growth. We will create a process that clearly exhibits how pay is determined for each job to eliminate uncertainties. To do this, we are creating a multiple plan based on five job families with different compensable factors and then using the point method to assign point values and relative weights according to each job's importance in the overall organization. Have ALL employees take a survey. BETWEEN SIX-NINE MONTHS Employees will be rewarded and well informed
Reliable and Valid
Evaluation and Development Process
Recommendations after implementation This is why it will work!!!!
This is why it works!!!
•Boost employee morale and retain top talent by rewarding individuals who are innovative, committed and hard-working, which in turn will boost revenue growth.
•Engage employees in decision-making and create a clear plan that shows how pay is determined to ensure fair procedural justice.
•Control overall labor cost
•Comply with all laws and regulations pertaining to compensation
•Ensure that compensation system is a source of sustainable competitive advantage by cultivating a strong relationship based on loyalty and respect, centered on a mutual goal: reward creative employees that take initiative and have a strong desire to help customers and the organization succeed.
Point Method "The key to our success is our Partnership among customers and all Fastcat employees" Why it will work