assigment 1 bus 525 - Internals and externals factors...

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Internals and externals factors impact on compensation Internals and externals factors impact on compensation Bus assignment # 1 1
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idiane1000 11/8/2009
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Internals and externals factors impact on compensation 3
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Internals and externals factors impact on compensation Contents 4
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Internals and externals factors impact on compensation Figures: Median salary by job. .…………………………………………………………………5 Median bonus by job…………………………………………………………………. ..6 Average weekly vacation by years experience…………………………………………6 5
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Internals and externals factors impact on compensation Introduction With so many changes within the industry best buy the number one electronic retailer decided to implements new compensation strategy within their organization to gain competitive advantage against their competitors. An organization employing over 170,000 employees within the US will have hard time developing a compensation strategy for every employee. Therefore the organization decided to focus on its retail store managers. Data reveals that best buy Inc is employing little of two thousands retail store manager. The organizations is developing new compensation strategy so that they will be expose to fewer managers turn over, higher motivation and performance. But before developing this new compensation strategy the organization must do an analysis of internal and external factors that may have an impact or their compensation strategy. After taking a better look on the internal factors we discovered the issues that may have a bigger impact on the on the development of the new compensation strategy. These internal issues are the organization financial wellness which is if the organization has enough capital to pay for the new compensation. Next, the organization internal structure of the organization because best buy inc must be careful on what type of compensation they are offering to their retail store managers because they must make sure their supervisors managers don’t get lower compensation than retail store managers. And finally employees’ acceptance is also a key factor. The next step are the external factors that affect best buy new compensation strategies which are, macro economic factors such as recession, Competitors’ strategies, legal compliance. Each and every one of these issues has a great deal in the implementation to best buy co new compensation strategy. We will now get into the details of these issues and develop the right compensation strategy to get a competitive edge against competitors. Internal factors affecting the best buy co Inc new compensation strategy Best buy financial capital affect on compensation: 6
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Internals and externals factors impact on compensation As we just mentioned best buy is developing new compensation strategy just for their retail store manager to boost consumer satisfaction, higher sales, and reduce retail sale associates. Of course
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This note was uploaded on 06/06/2011 for the course BUS 525 taught by Professor Dr.brown during the Spring '11 term at Southern Adventist University.

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assigment 1 bus 525 - Internals and externals factors...

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