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Enhancing Employee Retention through an Effective Compensation and Benefit System: A Strategic Proposal for Holland Enterprises

Proposes a compensation and benefit system to enhance employee retention.

Dylan Price
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Enhancing Employee Retention through an Effective Compensationand Benefit System: A Strategic Proposal for Holland EnterprisesHolland Enterprises, the largest employer in your city, has experienced a significant loss of staffdue to a perceived unfair and uncompetitive compensation and benefit system. As a highlyregarded human resource consultant, you have been hired to revise and enhance thecompensation and benefit strategy to address these concerns and improve employee retention.Using the information provided, prepare a comprehensive proposal for a revised compensationand benefit system for Holland Enterprises. Your proposal should include the following:1.A discussion of how an effective compensation and benefit system contributes toorganizational effectiveness.2.A detailed description of the principal components of the revised compensation andbenefit system, including:oCompensation and benefit philosophyoPay structure architecture (pay grades, pay ranges, and pay width)oRatio of base pay to incentive (bonus) payoEmphases on external equity vs. internal equityoKey types of benefits to include (e.g., health insurance, retirement planning,vacation time, etc.)3.A persuasive argument for the skeptical top managers to increase their compensation andbenefit expenses, demonstrating how this investment will reduce employee attrition andcontribute to the long-term success of the company.Your proposal should be between1,500 and 2,000 words.

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Subject
Human Resource Management

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