Compensation strategies employed by companies are offering higher pay, paying market rates, paying below the market rate and following mixed market approach. There are several advantages and disadvantages in this process. Companies develop a payment based on their objectives and financial performance. Best practices of payment have been suggested for the company. Empirical analysis shows that best practices ensure more productivity. Hence it is suggested for the company. Newport needs to develop an initial overall strategy of payment structure. This should encompass the different structural levels of the company. The financial impact and the feasibility of offering the pays should be analysed. Based on the market standards, competitive pay should be offered. They should maintain a balance between leading and meeting market standards in payment. There should be regular review of the processes and effective communication should be maintained to address any vulnerability in the process. This would ensure that the company develops a best practice approach towards compensation. Make comprehensive review of how the payment for services is structured with the financial statement of the company. This should be analysed with the short term objective and the long-term sustenance of the company (Saint-Onge and Wallace, 2012).
To motivate employees and to ensure that there is high level of remuneration, the company needs to develop a pay for performance metrics. In these high performing employees will be paid higher in lieu of the services they provide.
Reviewing and auditing of the processes are mandatory to ensure that the employees meet the required standards of payment (Saint-Onge and Wallace, 2012).
Always maintaining effective communication with the employees and making changes to the system will benefit the company (Saint-Onge and Wallace, 2012).
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