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[Virtual Presenter] Good morning everyone. Today I'm here to discuss the importance of compensation management and how it can be used to attract and retain top talent. I'm going to explain the five elements of the pay model and the compensation strategy for a company's marketing and sales department. Let's get started..

2. Group members. Karmjeet Kaur 4343374 Astinder jeet singh 4321523 Kawalpreet Kaur 4357413 Barinder Kaur 4357287 Ankush bansal 4357320.

[Virtual Presenter] Good morning everyone! Today, we are going to discuss an important topic: Vivo Team. Vivo is a Vancouver-based company that provides virtual training and development programs. We will discuss the market intelligence, competitive intelligence, and product intelligence of Vivo Team, as well as how it can help the company gain a deeper understanding of the Swiss market and identify potential demand for its product, so that it can remain competitive. Let's begin!.

[Audio] To help ensure that our compensation packages remain attractive and competitive, we must research the compensation models in the job market, and conduct periodic benchmarking studies to compare our benefits and salaries to those offered by employers in our niche. Our fifth element to consider is external competitiveness; using this data, we can adjust our packages accordingly so we remain competitive and attractive to top talent..

[Audio] Compensating employees is an essential element of any flourishing business. Companies should guarantee that their compensation plan is both viable and thorough, not just for their finest talent, but for all workers. Our slide looks at the compensation scheme for the Marketing and Sales Department. To recruit and retain superior sales personnel, a competitive base salary and commission scheme must be provided. To guarantee performance, bonuses should be granted for realizing marketing and sales objectives. Training and development chances should similarly be provided for sales and marketing squads, as well as encouraging collaboration between the two teams. Following these steps enables companies to take full benefit of the skill of their personnel..

[Audio] Compensation management requires taking different factors into account. For instance, the Sales and Marketing Manager role (NOC code #0124) requires a university degree or college diploma in business, marketing or a related field, and several years of experience in sales and marketing. The same qualifications are required for the Sales and Marketing Representative Furniture role (NOC code #6233), Sales and Marketing Representative Medical role (NOC code #6216), and Sales and Marketing Representative Residential and Construction supply role (NOC code #6221). These are just a few of the components to consider when discussing compensation management..

[Audio] Proposed structure for our organization outlines our current job titles and respective levels; Sales and Marketing Manager at Level 5 and three Sales and Marketing Representatives at Level 3 specializing in Furniture, Medical and Residential and Construction Supply..

[Audio] Compensation Management is an important part of any business. It is important to consider the education, experience and level of responsibility that each position entails. Education is an important factor in determining which positions a candidate is suitable for. With more education, comes more prestigious positions that require more experience. Experience is also an important factor when determining what positions someone is suitable for. Positions with higher responsibility requires more experience. Working conditions are similar across all positions and are not a factor in determining relative worth.” Compensation management is a vital part of running a successful business. It is essential to consider a number of factors when determining the suitability of a candidate for a particular role. These include the type of education they have, the level of experience they possess and the level of responsibility the job entails. Education can determine what roles a candidate is suitable for, with more education and experience enabling them to access more prestigious positions. Level of responsibility is also a key factor when determining what roles someone is suitable for, with higher positions requiring more experience in budgeting, project management, and managing other employees. Working conditions are generally similar across all positions and are not a factor when determining relative worth..

[Audio] When discussing compensation management, it's important to consider the benchmark jobs associated with the positions in question. In this slide, we are discussing two such jobs, namely the Sales Representative and the Sales Manager. Both of these jobs are well-known, stable, and common to all employers, and a reasonable proportion of the workforce is employed in each of them. This makes them useful benchmark jobs as they provide a reliable reference point to compare against. " Compensation management is an essential activity for any organization and requires careful consideration when it comes to benchmark jobs. In this slide, we have looked at two such jobs - the Sales Representative and the Sales Manager. Each job is well-known, stable, and common to all employers, and a reasonable proportion of the workforce is employed in each of these jobs. This makes them reliable benchmark jobs and can provide a useful reference point for comparison..

[Audio] ""Determining external competitiveness involves comparing our company's salary levels to those offered in the market. The geographic scope of the job, as well as its level, are taken into consideration to identify if the salary is usually low or high. A salary survey is then used to ensure the job-level and associated salary rate increase together. Pay ranges are then created based on this data to ensure our compensation package remains competitive..

[Audio] The pay ranges for three positions are as follows: sales representative with a minimum of $48000, a median of $60000, and a maximum of $72000; level 1 marketing manager with a minimum of $80000, a median of $100000, and a maximum of $120000; and the director of sales and marketing with a minimum of $120000, a median of $150000, and a maximum of $180000. Comparing these pay ranges to the market rate is necessary to provide a competitive and appealing compensation package for potential employees..

[Audio] Compensation Management is the practice of assigning financial or non-financial rewards to employees for their job performance. A well-organized compensation system can be beneficial in helping to attract, motivate, and retain talented employees. When establishing compensation plans for employees, two important variables must be taken into account: employee contributions and appraisal format. Employee contributions encompass the individual effort of each employee that has a measurable effect on the performance of the organization, while appraisal format concerns the systems used to assign value to the employees. The most widely used appraisal format is Management by Objectives (MBO), which links individual performance goals with the company’s targets and expectations. This approach is based on the core principal of Goal Setting Theory, which suggests individuals are motivated by the pursuit of objectives. Although MBO format can be advantageous, providing a strong connection to company objectives and agreement on individual objectives between employee and manager, it may not be suitable for all types of jobs or industries..

[Audio] Compensation Management is a vital component of any successful organization as it ensures employees in the Sales and Marketing department are paid competitively and appropriately rewarded for their individual achievements. An effective compensation plan must integrate various components and techniques to tailor to each organization’s specific needs. These include Base Pay, Cost of Living Adjustment, Merit Pay, and Group Incentives. All of which must be incorporated into the compensation plan to ensure its success..

[Audio] Compensation management is an effective way for companies to reward their employees for their performance. ABC Company should provide an average merit increase of 5% of current payroll, according to their recommendations. To ensure fairness in pay, research should be conducted to determine industry standards for similar positions and a pay-for-performance system should be implemented. Proper communication is essential to ensure employees understand how their performance is being evaluated and rewarded. Taking this approach helps ABC Company ensure their employees are satisfied and motivated in their jobs..

[Audio] We’re going to talk about the new compensation system and how it works. It is important to understand the different pay techniques available and how they are designed to support the company’s mission statement and goals. Additionally, we need to understand how the alignment of the compensation strategy to the company’s mission statement can motivate employees. Let’s get into it and understand how the system works..

[Audio] Compensation Management is an essential part of any successful organization. This slide will focus on the communication strategy and plan related to compensation in the Sales and Marketing department. Internal alignment and the use of compensation levels were achieved, as well as external competitiveness was reached through wage surveys and benchmark data. Performance can be used to determine employees' actual pay, along with exemplars from the strategic objectives part of the case. This enables us to shape our compensation strategy and ensure our organization's success..

[Audio] Compensation management is an integral part of both marketing and human resource management. It involves ensuring employees are justly and appropriately paid in exchange for the services or products they provide. To gain insight into compensation management, one must understand the basics of marketing, human resource management, consumer behaviour, and organisational buying behaviour. Kotler's marketing management covers fundamental marketing basics, while Ferrell and Hartline's marketing strategy delves into marketing strategies from a strategic and tactical standpoint. Additional sources, such as Hughes and Fill on marketing communications and Czinkota and Ronkainen on international marketing, further increase our understanding of compensation management within the bigger picture of marketing. This presentation has shown that with complete, up-to-date knowledge of the elements of compensation management, we can ensure our employees are properly and fairly compensated for their services and products..

[Audio] I hope this presentation was informative and helpful in understanding the complexities of the issues associated with this topic. Thank you everyone for your attention. We have now reached the end of this presentation on Compensation Management. Once again, thank you for your attention and have a wonderful day..