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All for One


Submitted By gabbipav
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Team F | FastCat | Compensation and Rewards | |

Spring 2011 |

FastCat’s priority is to increase revenue and the new pay structure will accomplish that goal in the long run. The new, cost containment, policy rewards, among other things, behavior aligned with FastCat’s objectives. This in turn will increase revenue, innovation, and customer satisfaction. This new system will need to be assessed over time to make improvements.
Choosing a multiple job structure with a person-based pay will allow FastCat to utilize a hybrid structure. We have decided to lead with pay in the more critical jobs and match with the remainder jobs which include low skill or are entry level positions. We have assessed present salaries, created a merit pay plan, and suggested a bonus structure and benefits package. Employee buy in is vital to this new structure and it is FastCat’s responsibility to keep the communication channels open.
Strategy for Recognizing Performance
Performance based pay plans are based on a number of dimensions. In light of the work done at FastCat, we have chosen criteria that allows for a better distribution of wages and implies sacrifice on everyone’s behalf. However, in the long run, most employees, and the organization will benefit from the new pay structure.
Assess Present Salaries
Changes for costs in the employee group did not directly translate for FastCat; there were several red and green circle employees. Benchmark jobs were able to alleviate most of these problems. For the remainder of the deviant salaries, FastCat should instate adjustments, followed by a total compensation package implementation. These decisions should yield the lowest voluntary turnover.
Red and Green Circle Employees
According to our initial grades and ranges, some employees needed to be adjusted (Appendix 3.1). Green circle employees were adjusted to the

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