In a firm, Compensation is understood d as the entire amount of both monetary, as well as non-monetary forms of reimbursements offered to individuals as payback for the provided labor service. This act of payment both direct, as well as indirect financial compensation that each employee is entitled to receive. On the other hand, indirect forms of compensation entail all the monies paid to the workers and are not included in the direct payments. It is also a kind of employee’s contract which covers items like temporary leaves of absence, retirement plans as well as benefits. Direct financial compensation is the most renowned form of payment in most organizations. It refers to the funds that are paid directly to the workers as an exchange for their labor. It encompasses everything from wages, to set salaries, tips, commissions, as well as bonuses (Andler, 2013).

Compare the direct and indirect compensation requests for each candidate

In the given case, the first candidate has a somehow achievable direct compensation demands. For instance, he is just asking for a competitive base salary, while the second prospective employee is requesting for the same competitive base salary. Both f the potential employees have a humble request regarding their intended direct compensations. They are asking for nothing more than the typical competitive salary (Reitz, 2016).

Regarding the issue of the indirect compensation favors from the Organization, the first candidate is requesting for a one week vacation as part of the benefits package. On the other hand, the second candidate is seeking for a paid Internet service at his home, in addition to the already competitive base salary. Between the two, the request for the former candidate sounds a bit friendly to the organization. Although the applicant has not provided the destination for his vacation, it is evident that is only going to be for a single moment within this contract period with the firm. On the other hand, the request for the latter appears difficult for the organization as he is asking for a fully paid internet service at home by the company, a form of compensation that is going to run as much as the employee will be attached to the company as its staff (Reitz, 2016).

As an HR professional, what do you think is the best hiring decision for the company and why?

Looking at the qualification credentials for both candidates for the marketing position, both of them owns similar educational backgrounds as well as certification regarding the job. However, the former candidate holds a twenty-year job experience in the marketing, a probability that he holds s more skills of customer persuasion, as well as being conversant with the type of challenges he is likely to face, as well as the solutions of going through such challenges. On the other hand, the last candidate despite having the same e academic credentials as his counterpart, he has only a six-year work experience; an indication that he has less experience regarding the field of marketing. It is evident that I will go for the services if the former candidate with vast expertise in the marketing field (Reitz, 2016).

Another aspect that I will put into consideration is flexibility at work. The first candidate shows a high level of flexibility at work as he is willing to work under flexible schedules such as during the nights, weekends and much more. This decision is beneficial to the firm as it will enable the organization to make extra customer base on the weekends when our competitors are probably enjoying their weekends. Contrary, the second candidate displays a high level of rigidity regarding flexibility as he is only willing to work at home. Such decision gets somehow involved as no one will be there to supervise hi operations, as well as the quality of services regarding marketing. More so, his services will not offer any extra benefits to the organization regarding flexibility as he is only willing to work during the regular working days, while at home, unlike his counterpart.

As a HR professional, basing on the aspects of both job experience, as well as matters flexibility at work, I would advise the management to go for the first candidate’s services as the comparison made between the two shows that the former is likely to create more positive gains for organization in term of creating more market base for the company’s products and services. The issue of company’s annual bonus inclusion will not be a headache, provide the candidate enables the firm to achieve its marketing objectives that will eventually result in the company’s benefits regarding market expansion, as well as profits.

References

Andler, E. C. (2013). The complete reference checking handbook. New York: AMACOM.

Reitz, A. E. (2016). Labor and employment law in the new EU member and candidate states.

Chicago: American Bar Association.

Strategic Plan Assignment

The ability to think strategically and make choices based on solid analysis and evaluation, in order to capitalize on achieving optimal results when applying limited resources of the firm, are at the core of this strategic initiative plan. Strategic initiatives act as the vehicle to accomplish strategic goals. Strategic initiatives translate vision into reality. The strategic management process enables organizations to achieve objectives through three stages: strategy formulation, strategy implementation, and strategy evaluation.

For this assignment, create a market entry plan (entrepreneurial), a market expansion plan for an existing organization, or a mergers and acquisitions plan that seeks to increase your organization’s competitive advantage. Your strategic plan should aim to innovate. Throughout the development of your strategic plan consider your organization’s responsibility in the greater social good from a Christian perspective and how your plan address ethics, cooperate social responsibly and sustainability. Globalization brings both benefits and challenges in the business sphere. Be sure to consider how globalization impacts your strategic plan and address any international considerations if needed. Your strategic plan will be completed throughout the course in Topic 1, Topic 3, Topic 4, Topic 5, Topic 6, Topic 7, and Topic 8. Be sure to address instructor feedback when possible.

Part 1: Overview (Topic 1)

Imagine you need to present your initial pitch for your Strategic Initiative Plan. Create a 5-8 slide PowerPoint presentation with speaker notes that seeks to get permission from key stakeholders.

In your presentation, address the following:

1. Identify the type (market entry, market expansion, merger, and acquisition) of Strategic Plan that you will be creating.

2. Provide the vision, mission, and values of the organization.

3. How do organization values drive the culture?

4. What is the culture you intend to build, or exists, today?

5. What is your competitive advantage?

While APA format is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to Turnitin. Please refer to the directions in the Student Success Center.

Part 2: External and Internal Assessment (Topic 3)

An environmental scan seeks to ensure your original pitch is viable (Part 1: Overview). External and internal assessment tools are utilized your to ensure strategic initiative is viable. You may find after completing your environmental scan your strategic initiative idea will change. The environmental scan helps you develop Key Performance Indicators (KPIs), which will help focus the application of limited resources to produce above-average returns. During your scan, address the following:

Internal: Identify your strategic initiative using various internal assessment tools to evaluate your organization’s strengths and weaknesses in functional areas of business which include

· Management

· Marketing

· Finance

· Accounting

· Productions/operations

· Research and development

· Management information systems

External: Identify your strategic initiative using various external assessment tools to evaluate outside trends and events outside the control of the organization, and the industry.

Create a 5-10 slide PowerPoint presentation that shows the results of your environmental scan. Include the following:

· Identify what you found in your environmental scan.

· What did you learn about the industry?

· What did you learn about your organization?

· Include the external and internal assessment tools you used at the end of your presentation as an appendix.

· How did you apply the results of your internal and external assessment tools in your decision making process.

· Describe what you learned during the process including key issues that will be reviewed going forward.

· How does this challenge or support your original vision/concept?

· What is emerging from your learning?

· Outline the preliminary strategic initiative plan.

· How have you considered the selected organizations culture within the context of implementing your strategic initiative plan?

Provide three to five sources in your presentation.

While APA format is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to Turnitin. Please refer to the directions in the Student Success Center.

Part 3: Organizational Chart and Operations Chart (Topic 4)

Organizational structure is a factor in implementing your plan. Using a graphic organizer, create an organization chart. Be sure the graphic organizer describes the relationships between people.

Completing the “Operations Chart,” begins to provide a plan of how strategic initiative is executed. Be sure the “Operations Chart” is in the context of the Organization Chart.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

Part 4: Marketing (Topic 5)

Consider if your strategic plan is a market entry plan (entrepreneurial), a market expansion plan for an existing organization, or a mergers and acquisitions plan. Deciding who the target market is and determining their demographics, behaviors, motivation, needs, and goals is essential because the target market drives the marketing plan. This is typically done through studying research and data related to how potential customers are willing to invest their time and energy. Additionally, by deciding who potential customers are, deciphering their needs, and likes and dislikes, learning about their lifestyle, and observing how the target market behaves, creating a brand that appeals to these customers is possible.

Create a 15-20 slide PowerPoint with speaker notes that explains your marketing strategy. Refer to the Marketing section of “Operations Chart” that was due in Topic 4. Based on your research and experience, your ideas may have changed and can be modified at any time during this plan.

Address the following:

1. What is your target market?

2. What is the size of your target market?

3. What resources do you believe would be required to implement your plan?

4. How will you reach your plan?

5. How does your marketing strategy seek to achieve your vision? How will you measure if the marketing strategy is achieving your vision? What are the indicators to identify this?

6. What type of leadership and innovative qualities do you plan to implement in order to execute your marketing strategy?

Provide three to five sources in your presentation.

While APA format is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to Turnitin. Please refer to the directions in the Student Success Center.

Part 5: Financials (Topic 6)

A projected financial statement analysis seeks to forecast the impact of various implementation decisions. The pro forma financial statement can be part of the risk analysis of strategic plan. The goal of this assignment is to ensure your strategic plan is viable financially. In other words, does it create value for the firm?

Consider the cost structure and revenue streams for your strategic initiative plan. Research and data collected so far and will likely change once your product or service is commercialized. Each statement should address financial components of features, expenses, and sales of your product or service. It is typical for net income to be negative at this point. Do not assume that you have sales at this point unless you have sold your product or service.

Research the following if your plan is entrepreneurial:

1. Balance sheet

1. Income statement

1. Statement of cash flow

1. Fixed and variable expenses

1. Startup expenses

1. Breakeven analysis

Research the following if your plan is a market expansion plan for an existing organization, or a mergers and acquisitions plan:

1. Balance sheet

2. Income statement

3. Statement of cash flow

4. Fixed and variable expenses

5. A projected budget

6. Breakeven analysis

Complete the “Projected Financial Statement Analysis (Pro Forma 3-Year Financial Plan)”including the “Questions” tab, “12 Month P& L" tab, “Year 1” tab, "Year 2 P&L” tab, and “Year 3 P&L” tab. The first year is monthly and the second and third year are presented quarterly. Please note the questions in the “Questions” tab may be answered at different points in completing the Profit and Loss information.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

Part 6: Critical Milestones (Topic 7)

Gantt Chart

Refer to Gantt chart resources in the topic readings. Create a Gantt chart that displays 36 months, using the Office Timeline tool or any other tool to produce a Gantt chart. Be sure to include rational 1-36 months

Create a Gantt chart that outlines multiple critical milestones.

Summary

In a 250-300 word summary, address the following:

· Include rationale for your Gantt chart.

· Identify one critical risk you could encounter that could prevent you from meeting each of your goal/objectives.

· Develop a contingency plan for the identified risk. Explain how this could maximize management efficiency and the allocation of resources. What leadership qualities are essential when dealing with the identified critical risk?

Provide three to five sources in your presentation.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to Turnitin. Please refer to the directions in the Student Success Center.

Part 7: Executive Summary and Consolidated Presentation (Topic 8)

Executive Summary

Write a 500-750 word executive summary that seeks to spark interest in potential investors/stakeholders. The goal of the executive summary is to create an opportunity for investors/stakeholders to consider the full details of your Strategic Plan and then decide to provide support.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

While APA format is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

You are required to submit this assignment to Turnitin. Please refer to the directions in the Student Success Center.

Consolidated Presentation

Create a consolidated Strategic Plan PowerPoint in 25-30 slides with speaker notes that is directed towards interested investors/stakeholders (3.4). Address Parts 1-7 and include improvements from better understanding of the concepts, strategies, and instructor feedback.

Address the following:

· The presentation seeks to explain how your competitive advantage is achieved through your strategic initiative plan. (1.1)

· Describe why your organization’s mission and vision seek to promote the greater social good from a Christian perspective. How does your organization or perhaps even your plan accommodate an organization’s responsibilities to the greater social good, from a Christian perspective? (4.1)

· Include how your plan address ethics, cooperate social responsibility, and sustainability.

· Describe how your plan utilizes your leadership skills to encourage innovation within your organization. (1.4)

· Include an explanation of the global and international considerations in your strategic plan.

Provide three to five sources in your presentation.

While APA format is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to Turnitin. Please refer to the directions in the Student Success Center.

© 2016. Grand Canyon University. All Rights Reserved.

6