StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Variable pay strategy and program for an online retailer - Research Paper Example

Cite this document
Summary
VARIABLE PAY NAME INSTITUTION Introduction This is a significant component of directly compensating packages of the tedious growing organizational sector. This technique is to frequently use variable pay, increasing prominence, and expanded eligibility of variable pay while dealing with the package of direct total compensation…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.2% of users find it useful
Variable pay strategy and program for an online retailer
Read Text Preview

Extract of sample "Variable pay strategy and program for an online retailer"

Download file to see previous pages

Variable pay can at times be long termed (more than a year) while at times it can be short termed (less than a year). Incentives refer to pre determined standards or criteria used in award determination. Bonuses on the other hand are wards delivered to the people concerned at the end of a certain period. The period on the case of bonuses is determined by the subject judgment of the quality of the performance while a reward is warranted (Variable Pay and Performance Linked Incentives, 2010). Strategy An effective variable pay program is as result of a strategic variable pay strategy, this strategy acts as a guideline for a quality design and program administration.

A strategic program has the following characteristics: the clearly fit in the organizational structure and are steers of the organizations success. For a strategy to contribute to the success any organization, it must be in line with the mission and vision of the organization concerned. The speed of a strategy does not bring about and importance because most likely it may be speeding to the wrong direction. A quality and strategic program should target to meet the objectives of the organization by lying down the require plans which if properly and rightfully administered, it would take the firm to another level.

The strategy of the program should be also sound enough to bring about sustainability of the firm putting in consideration all the core strengths of the organization. It is also critical for a strategy to be in a specific context. It must bring out feasibility where it suits with the culture of the organization and that of the human resource, this must consider the organizational environment and realities that exists. Integration must also prevail where the structure of the program suits in the structure of the specific organization including the human resource’s structure.

The program must also be flexible enough to respond to appropriateness and changes within an organization (Variable Pay Plan Development, 2011). There are differences between other compensations and variable pay, this differences occur on the bases of benefits and base pay. Variable pay program does not fit in entitlement cultures, this is because it’s not career annuity where base pay increase and must be compensated trough earnings over the given period. In reference to financial perspective, variable pay is a variable cost but the benefits and base pay are naturally fixed.

There are difficulties in administering variable pay, competitive measurements is on of these difficulties. Levels of variable pay vary dramatically unlike levels of base pays, this helps in transforming average of the prevailing market into a broad-range, other than a specific point. One of the major characteristic of these variable pays is that it can be combined with other components to evaluate the performance of different levels in the organization both long term and long term (Variable Pay and Performance Linked Incentives, 2010).

The most significant benefits associated with variable pay compared to other types of compensations it that cost related to planning can be combined with performance/revenues and therefore vary economically. In Alaska, there is an advantage of using this kind of system because when the world’s economy is open to large variation, it carries with itself competitive advantage because the situation disadvantages them

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Variable pay strategy and program for an online retailer Research Paper”, n.d.)
Variable pay strategy and program for an online retailer Research Paper. Retrieved from https://studentshare.org/business/1437670-variable-pay-strategy-and-program-for-an-online
(Variable Pay Strategy and Program for an Online Retailer Research Paper)
Variable Pay Strategy and Program for an Online Retailer Research Paper. https://studentshare.org/business/1437670-variable-pay-strategy-and-program-for-an-online.
“Variable Pay Strategy and Program for an Online Retailer Research Paper”, n.d. https://studentshare.org/business/1437670-variable-pay-strategy-and-program-for-an-online.
  • Cited: 0 times

CHECK THESE SAMPLES OF Variable pay strategy and program for an online retailer

Retailing Lessons from Loyalty Programs Around the Globe

Its uniqueness in its market strategy and no competition with other companies seeking traction makes it not to have a customer Loyalty program.... Kroger has leapt ahead in the retail sector, becoming the second general retailer by volume.... Seven- Eleven Japan in terms of operating income, represented japans largest retailer and number of stores.... According to Nikkei business online (November 2007), Seven- Eleven Japan rules customers to buy food, using the Nanaco e- money, cooked at convenience stores....
3 Pages (750 words) Research Paper

Tesco Company Core Values and Objectives

The giant retailer's current position as a prominent worldwide trademark is well illustrated by its international growth into twelve countries, with a total work force of over 530, 000 employees as per 2013.... Company Core Values and Objectives The most outstanding values of the company are its commitment to providing high standards of service and quality products to its customers by being a responsible retailer.... In order to do so, the company opened the initial zero-carbon hypermarket in Ramsey in 2010, which led to Tesco winning the tribute as the Green retailer of the Year in 2012....
11 Pages (2750 words) Essay

Retail Theories and Strategies

Most retailing involves buying merchandise or a service from a manufacturer, wholesaler, agent, importer or other retailer and selling it to consumers for their personal use.... The price charged for the goods or services covers the retailer's expenses and includes a profit.... Labour represents the second largest financial outlay for the retailer after merchandise costs.... This is highly time - consuming and irrelevant and inappropriate data might result in the loss of the retailer....
8 Pages (2000 words) Essay

The world economy is in turmoil. Supermarkets are no different, as we discovered during the year

Customer is the focus of any strategy by any retailer and Tesco says they listen to what the customers want during the period of economic recession (BEN Rooth, 2008).... Retailing involves communication, distribution and transaction and these can be independent or interrelated; they can take place simultaneously or… The retail market power has become concentrated in the hands of the giant retail chains which poses a challenge because the consumer suffers through higher prices, lower quality, less choice of goods and services and lack of Retailers are in a position to exploit buyer power to distort competition....
14 Pages (3500 words) Essay

Promotional Strategy for JFs Electronics Customized Cell Phones

It also provides the distribution strategy and overall marketing objectives for JF's Electronics.... It covers both online and offline marketing channels.... We need to be selective in choosing from a number of online and offline marketing mediums.... Using online media tools judiciously can make the marketing campaigns more effective and relevant (http://en.... This essay outlines the promotional strategy for JF's Electronics customized cell phones....
6 Pages (1500 words) Essay

Effective Marketing Strategy in Retail: Simon and Smith

This paper "Effective Marketing strategy in Retail: Simon and Smith" presents the positions of Simon and Smith in their store's direction as well as the alternatives that would help in looking for potential changes.... This purpose can only be achieved through a marketing strategy that is ongoing and current.... This is the reason why critical knowledge about fast-changing trends must be integrated into the retail strategy to drive opportunities....
7 Pages (1750 words) Case Study

Strategic PR Plan for Tesco

nbsp; … TESCO aims to maintain its top positioning strategy, bringing the merits of competition, and the benefits it brings to the consumer.... The management has to apply an effective PR strategy to cope with the challenges.... This case study "Strategic PR Plan for Tesco" focuses on the stakeholder issues of Tesco, and attempts to answer on how to respond to these issues....
14 Pages (3500 words) Case Study

Marketing Systems and Structures, Tesco in the United Kingdom

The reporter describes Tesco grocery retail store as considered to be the largest grocery retailer in the British economy.... In the rankings at the international Tesco comes at the third level.... Tesco grocery retail store has its stores across Europe, Asia, and the USA.... The founder of Tesco was Jack Cohen who founded it in the year 1919....
12 Pages (3000 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us