RWT1 Business Report Template 1213 2

Topics: Management, Employment, Employee benefit Pages: 8 (2270 words) Published: May 2, 2015
Business Research Report 

MantisEnterprisesCompensationOptions
 

Assessment Code: RWT1 
Student Name:  
Student ID:  
Date: 2/17/2014 
Mentor Name:  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

TableofContents
 
Executive Summary ....................................................................................................................................... 3  Introduction .................................................................................................................................................. 4  Research Findings ......................................................................................................................................... 5  Performance Based Bonus System ........................................................................................................... 5  Spot Bonus System .................................................................................................................................... 5  Tuition Reimbursement Program ............................................................................................................. 6  Recommendations ........................................................................................................................................ 6  Conclusion ..................................................................................................................................................... 7  References .................................................................................................................................................... 8   

 
 
 
 

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ExecutiveSummary
Mantis Enterprises is currently growing and in need of honing in on employee retention. In order to achieve a better rate of retention, management is seeking to implement a compensation package in addition to regular salaries. We have researched three different packages. We first researched the most popular of bonus systems, the performance based bonus program. While is undoubtedly popular for a reason and can certainly drive employees to succeed, it must be strictly managed by a set of rigid and realistic expectations in order to work in the Company’s benefit.

The next system analyzed was the spot bonus system. This system, if managed properly can be a win-win for both the company and the employees. It provided financial flexibility and allows for a stronger connection between management and employees. In order for it the program to flourish, the bonus amounts must be substantial enough to keep employees interested. The final compensation package considered was the tuition reimbursement program. We found that the retention rate is high during the times in which the employees are utilizing the program. It could provide a more professionally mature workforce, but would need regular review. After reviewing the research, we have decided that the spot bonus system is the best fit for the company, as it allows for the most financial flexibility and still carries the potential to satisfy employees enough for retention.

We recommend three action items for the company to get started: - Financial review: determine funds the company can allocate to the program - Management training: develop guidelines and train managers to run the program - Quarterly reporting and evaluation: ensure the program is running efficiently We strongly believe that this plan will aid the company in achieving a higher rate of employee retention while remaining financially stable during our growth period.

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Introduction
 

Mantis Enterprises has recently grown to over 100 employees and is facing an issue detrimental to its further growth: a high rate of employee turnover, resulting in poor performance. Using data collected from exit interviews, it has come to Management’s attention that the compensation packages are...

References: Pomering, R. (2001). Developing a compensation strategy in a financial advisory firm. Journal
Of Financial Planning, 14(9), 58-64.
Armstrong, Michael. Armstrong 's Handbook of Human Resource Management Practice (12th
Edition), 2012
Tanel, T. (2012). Help Employees Meet Great Expectations. Material Handling & Logistics,
67(8), 38-42.
Fox, A. (2002). See Spot Jump: Even in a Down Economy, 'Spot ' Bonuses Went Up. HR
Magazine, 47(5), 29.
Taylor, C. (2004). On-the-Spot Incentives. HR Magazine, 49(5), 80-84.
IN PERSPECTIVE. (2002). Managing Benefits Plans, 2(6), 7.
Benson, G. (2004). YOU PAID FOR THE SKILLS, NOW KEEP THEM: TUITION
REIMBURSEMENT AND VOLUNTARY TURNOVER
Alexander, M. (2012). Tuition Reimbursement & Professional Designations. Training, 49(2), 5455.
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