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Google's total compensation plan

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  1. Introduction
  2. Company's pay philosophy
  3. Financial part
  4. Performance appraisal methods
  5. Factors to evaluate employees
  6. Conclusion

Google is a monopoly in itself, an Internet giant, and it has a different and special structure. Employees maintain a link among them, while simultaneously retaining a sense of autonomy. In this paper, we will examine Goggle's Total Compensation Plan, and its relevance in this company. Firstly, we will indentify Google's pay philosophy; we will explain the terms of lead, match and lag and how they are used in this company.

The most important part of our project revolves around the direct financial compensation, the wages, the salaries, the incentives, and also the indirect financial compensation, i.e., the mandatory and voluntary benefits. The non-financial compensation including the job environment aspects will be clearly presented as well.

Subsequently, the document will focus on the performance appraisal method that we have chosen to develop in this company. In this section, we will see that a company like Google cannot depend exclusively on one performance method to distinguish differences between employees.

Finally, we will develop the factors used to evaluate employee performance, for instance, the skill, knowledge, education and other factors. We have chosen these factors because they are really significant in this company.

[...] We must use various methods, like making comparisons between employees, rating individuals or measuring their results. But we think that one of the most important methods is rating an individual which means that performance measurement can look at each employee's performance relative to a uniform set of standards. The most important one we found was the measurement of results. For example, productivity is an important measure of success, and the company could make a lot of profit. In this company, productivity and innovation are very important and people are not only compared on their results but also on their behavior. [...]

[...] more. compromise stance is to match the market and compete on grounds other than labor costs.? (Heneman p.199) If we compare Google to its main competitors, they pay less but they provide so much more advantages and ways to grow within the company that they attract a lot of people. ?People are eager to work at Google and applications for our job openings are exceedingly high (approximately 1,300 resumes a (Great Place to Work Institute para.4). This is in fact creates the perfect situation for Google as it permits the company to retain superstar employees, recruit new employees and remain an incredible working place. [...]

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