My part of the paper are these two sections we are using the company Amazon. These two sections must each have reference for them and also it must be in third person as this is APA format. I also attached the full assignment so you can see what we need to do. Again, this is a group paper and these are my two sections. Thank you for your help!
My two sections are:
-Internal and external equity
-How your plan will be communicated to leadership and employees
Design a 525- to 700-word total compensation plan (written in the third person voice) for an imaginary competitor of Amazon, Home Depot, Starbucks, FedEx Corporation, or Bristol-Myers Squibb.
Address the following details in your plan:
How your plan supports key objectives
An evaluation of current trends and issues in total compensation and a prediction of future trends
Internal and external equity
A wage management process and rationale
A retirement plan and how participation will be driven
The influence of the organization’s financial condition on the total compensation plan
How your plan will be communicated to leadership and employees
Format your paper consistent with APA guidelines.
Cite all sources according to APA formatting guidelines.
A total compensation plan refers to all the compensation elements accompanying the compensation mechanism. It also includes the reason behind employees’ bonuses, salaries, and increments with the external and internal aspects (Greene, 2018). It ensures employees receive equal benefits, besides increasing the firm’s external competitiveness.
Most large firms, such as Starbucks, may find it quite challenging to ensure a fair compensation process. Thus, there may be employee demotivation due to overworking. They, therefore, need to carry out an internal and external assessment to assess the compensation policy in ensuring equal treatment of all employees.
Such a firm may embrace current policies such as Amazon’s Two Pizza policy, whereby at least two pizzas should feed each working group. As a result, the firm can monitor the employees’ progress easily in addition to addressing any complaints (Titsworth & Okamoto, 2017). The groups also understand the firm’s mission and objectives and can work more effectively in achieving a common goal. The plan also runs on a budget due to the effectiveness of employees in accomplishing tasks in their various fields. Due to the size of the groups, the employees can encourage each other on the importance of retirement funds. The firm can also easily set up an employee retirement fund plan and actively engage in each employee in saving up for their future. As a result, there is increased productiveness, which improves…