Exclusive Foods remuneration strategy and benefits plan scope
Operational plans which include morale maintenance, retain our staffs, maintain our outcomes and sustain the image of the company.
Strategic plans for maintaining our position as one of the best food retail chain store in Australia.
In this situation, the scope of remuneration and benefits need to be expanded as a way to encourage the staffs to stay with Exclusive Foods and work towards achieving the organizational goals. Working with our employees in providing tailored and commercial solutions is our approach that will help to develop employee incentive programs.
These incentive programs will be appropriate for Exclusive Foods life cycle and would support the current and the expected business strategy. This will help to attract, motivate and maintain the key employees balance. These strategies will also help to satisfy Exclusive Foods stakeholders’ needs and comply with regulatory environment.
Features the of remuneration strategy and benefits plan
Exclusive Foods is aware of issue concerning employee remuneration and benefits, executive termination and governance requirements. We also understand that we should work with lawyers who are expert and who understand our needs, business and the industry that our business operates in.
The remuneration plan will provide adequate income to our employees. This will help them meet their needs and the company will not lose them for a higher pay.
The remuneration strategy and benefits plan will be flexible. This will help Exclusive Foods to adjust it due to dynamic environment. It will also be simple to understand and implement.
It will be competitive so that we can maintain our position as the one of the top food retail outlet in Australia. It will also help to encourage our employees to work with us instead of our competitors.
Remuneration strategies and benefits legislative requirements and ethical practices
The National Employment Standards set a law that employees should be given parental leave and elated entitlements. They are also entitled to annual leaves. Employees are not supposed to work during public holiday. When the company wants to terminate an employee, they should issue them with a notice and they are redundant to pay.
Every employee will be explained the type of leaves they are entitled with such as sick leave, annual leave and the payment of wages as required by Fair Work Ombudsman
Fair Work Ombudsman requires all companies to comply with gender pay equity. The company will not discriminate when it comes to increase in payment. Both men and women who are in the same position will be paid the same.
An outline of principles, models or approaches
Bonuses and incentives is one of the proposed remuneration strategies. Implementation of bonuses and incentives will help to encourage and motivate our employees in meeting the company needs and maintaining high quality outcomes.
Competency based progression remuneration strategy that will help to motivate employees to work hard and deliver great services to our customers. This strategy will also help to reinforce the organizational culture since it will self motivate and self improvement. It will also encourage them to seek for skills improvement opportunities. Competency based pay will increase employee retention. Employee’s turnover is very costly and this strategy will help to solve this issue.
Family and carers leave strategy. Employees will be given 21 days paid leave per year. Exclusive Foods employees feel like the company management does not care about their family life. This strategy will help to curb this issue. This will help Exclusive Foods to reduce the chances of losing its employees to the competitors. Lack of leave provision strategy makes employees unable to balance work requirements and family requirements which can make them to leave the company.
Performance based incentives will help to appropriately evaluate employees based on their performances. This includes merit pay which is based on employees reaching a certain performance level and paying them commissions based on their performances.
Salaries and wages increment will make employees feel appreciated and well rewarded which result to increase in their productivity and contribute to maintaining Exclusive Foods position. We will balance the benefits and cost of remuneration benefits so that the employees and the company can benefit from it.
Employment security strategy will help to reduce employees’ redundancy during periods of economic downturns or poor performance of the organization as a whole. This is a tactic that fits with the concept of high performance management, which, will recall, involves careful recruitment and selection procedures, extensive training, information sharing and delegation. Such practices involve high expenditure and organizations adopting them would expect employees to stay with them for sometime so that the investment can be recouped.
The company will be able to maintain their employees in the long run which will help it to benefit from investing on our employees. The company will also increase its performance every day which will later be a massive increase in the future. The customers will also be satisfied since they will be served by professional and experienced employees, as a result, the company will increase customer retention.
Remuneration strategy record
Exclusive Foods agreed remuneration strategy will be recorded and documented in the company database. The strategies will also be printed and archived in the company human resource files. This will be physical evidence in case the soft copy documents get tampered with.
The strategies will also be pinned on the company and outlet notice board. This will help all employees to access it and will also be issued with a copy.
The strategies will help Exclusive Foods to be employer of choice. This is because the company will be offering the best work culture and a fantastic workplace environment. This will help to retain employees and attract other experienced and professional employees.
There will be job security in Exclusive Foods and employees will not be worried of losing their jobs. They will be able to put their concentration on their work and core function. Employees will opt to work with Exclusive Foods since their positions will be secured.
Exclusive Foods will be employer of choice through remuneration strategy. Employees will have an opportunity to grow. They will feel encouraged and will continue to develop their skills and seek more opportunities to improve their skills.