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Human Resources Management Milestone IV.docx - James...

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James KelliherOL-211-J3409Human Resources ManagementSouthern New Hampshire University02/20/2022
A compensation philosophy is a company’s statement as to where the company standswhen it comes to employee compensation.Maersk can compensate their employeesappropriately because of their business principles and values.When Maersk transitioned theircompany for strategic hire, they were better able to place personnel into the jobs that fit thembest.The mission of the company and vision of the business were better understood using thetalent management process.The company chose to use the global compensation system for theirexecutives to cap what they could earn in incentives for the year.Maersk strongly improvedtheir short-term incentives and creating a 5-year plan that allowed them to assess their needs forfuture ideas.Salary surveys allow for companies to assess their budget while also ensuring that theircompany is staying competitive with pay and benefits.A company benefits from a salary surveybecause it is public knowledge that lets potential employees know what they could possibly earnwith the company.

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Term
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Tags
Human Resource Management, Maersk, company s statement

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