Micropharm Biosciences

MicroPharm BioSciences (MBPS) is a small organization that has grown rapidly in recent years. Not much attention has been paid to the human resources department, it's management, or it's policies. Due to the lack of attention policy practices have developed inconsistently. MBPS has come to the conclusion that they need to implement a compensation plan that supports the continued growth of the organization and their business strategy. We at ABC consulting are going to work with the human resources department to create a compensation mission statement. This will be the first step in designing MBPS's compensation plan.

The mission statement will lay out the guiding principles for MBPS's compensation policy. When developing a compensation mission statement there are some important questions that need to be asked. How are the goals of the organization supported by the company's current compensation strategy? Where does the organization sit regarding compensation in our industry and in our market? Does the company demonstrate fair, equitable, and competitive pay practices? How do the skills and talents of our employees link to the goals of the organization? These questions need to be answered in a way that they consider every employee within the organization. The compensation packages may look different from one group of employees to another but the mission statement will ensure that each employees compensation package is derived from the same set of core values (Developing a Compensation Philosophy, 2009).

MBPS's compensation mission statement needs to coincide with the mission statement of the company as well as the values and goals of the organization. The mission statement of the organization reads, "We are the recognized pioneers in bioanalytical services for the life-science industry and continue to innovate and excel in the field (MicroPharm BioSciences, 2010)." The mission statement shows that MBPS is an innovative organization. Coupled with their stated values innovation seems to be a very important aspect of their organization. Reviewing MBPS's values they also value flexibility and the continual development and growth of their employees. These aspects need to be incorporated into the compensation mission statement. Here is the compensation mission statement that I recommend:

MicroPharm BioSciences Compensation Mission Statement

MicroPharm BioSciences mission is to be the leader in our industry and to continue to innovate and excel in the field of life-science. The employees of MicroPharm BioSciences are our greatest asset. We here at MicroPharm BioSciences invest in the continual development and growth of our employees. We encourage innovation within our employees and value flexibility. We also encourage the development of skills and talents within our employees.