Lakhasly

Introduction:

Compensation in companies is a critical aspect of employee management and refers to the total package of financial rewards and benefits that employees receive in exchange for their work and It is the reward given to an employee in exchange for his individual contributions or services at work.. It is a key tool for attracting and retaining talent, motivating performance, and ensuring employee satisfaction. Compensation packages typically include various components such as base salary, bonuses, incentives, benefits, and perks

•	Purpose of the paper :

Clarifying and provide a comprehensive analysis and understanding of the various the policies and techniques related to compensation used in Saudi Golf Company.

•	What you intend to write:

Policies and technologies in the Saudi Golf Company, in addition to the goals of these technologies.

•	Background of the company:

The Saudi Golf Company was established in 2019 with the aim of uniting experienced stakeholders to strengthen its position on the global stage, provide the most comprehensive opportunities for golf in the Kingdom of Saudi Arabia and diversify the lifestyle of its members, It works in the field of providing services to facilitate absorption and participation in the game of Saudi golf by establishing facilities. World-class operational excellence, implementing global best practices while harnessing the broader business opportunities within the game of golf, in addition to hosting golf events in the Kingdom, developing emerging players through special programs, and trading and distributing game equipment including putters and balls.
THE VISION : To be the catalyst for Saudi Arabia in becoming an exceptional golfing nation.
THE MISSION: Our mission is to promote and encourage the growth of golf in Saudi Arabia by providing exceptional facilities and services, and aim to achieve this by implementing best practices, ensuring operational excellence, and capitalizing on various commercial opportunities within the golf industry.The goal is to make golf accessible and appealing to a wide range of individuals, fostering a thriving golf community in Saudi Arabia.

•	The policy and why the policy is chosen: 

Management policy in the pay model is crucial in any company or organization. This policy is intended to determine how wages and benefits are determined and distributed to employees. In this model, policy is a strategic tool aimed at achieving a balance between employee needs and company requirements. Management policy is influenced by multiple factors, including the labor market, the level of skills required, industry competition, and the individual performance of employees. The policy aims to ensure that employees are motivated to achieve excellent performance and stay long in the company. One of the companies where we can review the Management policy is Saudi Golf Company. Saudi Golf Company adopts a fair and transparent Management policy, where wages are determined based on several factors such as job level, experience, and individual performance. The company uses a performance-oriented appraisal model, where employees' performance is regularly analyzed and evaluated against specific criteria. This information is used to determine employee salaries and provide bonuses and promotions based on their performance. In addition, the company studies the labor market and analyzes industry wage levels to ensure that its wages are competitive and attract and retain talented employees. The company also provides additional benefits such as health insurance programs, financial incentives, training, and professional development to enhance employee satisfaction and enhance their performance. Saudi Golf Company also adopts the principle of equal pay between the sexes and non-discrimination based on age, gender, race, religion, or any other personal characteristics. The management policy is applied fairly and objectively to ensure fair treatment of all employees.

Golf Saudi Arabia chose the management policy in the pay model for several reasons, including attracting and retaining talent, motivating excellent performance, balancing employee needs and company requirements, equality and fairness, and complying with laws and regulations. The choice of policy depends on the company's values, strategy, and the challenges it faces.

•	The strengths and weaknesses of the policy 

The strengths of the management policy include:

1. 
   

   Fairness and transparency: The policy is based on the principle of fairness and provides clear standards for determining wages based on specific factors such as job level and individual performance. This contributes to creating a fair and satisfactory environment for employees.

   
   


2. 
   

   Motivation and Encouragement: The performance-oriented evaluation model is used to motivate employees to achieve excellent performance. By linking wages and rewards to performance, employees feel motivated to perform best and achieve set goals.

   
   


3. 
   

   Attracting and retaining talent: By offering competitive wages in the labor market and providing additional benefits such as health insurance, financial incentives, and professional development, the company helps attract and retain talented and qualified employees.

   
   


4. 
   

   Equality and non-discrimination: Following the principle of equal pay between genders and not discriminating between employees based on personal characteristics is important. This enhances a sense of justice and contributes to building an egalitarian organizational culture.

   
   

Weaknesses of management policy include the following:

1. 
   

   Complexity of the process: Determining wages based on multiple factors and estimating individual performance may be a complex process and take significant time and effort on the part of management. It can sometimes be difficult to make accurate and objective assessments of performance.

   
   


2. 
   

   It may lead to tension and competition: Linking wages to individual performance may exacerbate tension and competition among employees, especially if clear and fair standards for evaluating performance are not available. Some feelings of injustice and resentment may arise among employees who may feel they are not receiving fair rewards.

   
   


3. 
   

   Not taking into account unseen factors: The pay policy may not take unseen factors such as hidden abilities or teamwork into account. This may result in some employees who contribute significantly to the overall success of the company being under-appreciated but whose performance is not properly evaluated.

   
   


4. 
   

   It may lead to dissatisfaction and criticism: Linking wages to individual performance may lead to dissatisfaction and criticism if the pay policy is not applied fairly and objectively. Feelings of injustice can deteriorate relations between employees and management and negatively impact the overall performance of the company.

   
   

   • How you choose the policy

   
   

Golf Saudi Arabia chose the management policy in the wage model based on several factors and foundations, including:

1. 
   

   The company’s general strategy: The wage policy depends on the company’s strategy and general goals. For example, if a company seeks to innovate and attract leading talent in its industry, it may choose a pay policy that offers competitive salaries to attract this talent.

   
   


2. 
   

   Market and competitiveness: Market and competitive situations are also taken into consideration. If there is a talent shortage in the market, the company may need to offer higher salaries to attract qualified employees and prevent turnover to competing companies.

   
   


3. 
   

   Laws and Regulations: The company must comply with local and international laws and regulations regarding wages and benefits. The company must ensure that the pay policy complies with these laws and meets the required legal standards.

   
   


4. 
   

   Employee needs: The company must take into account the needs and aspirations of employees. This may include providing competitive salaries and benefits, incentive programs, and developing professional growth and training opportunities.

   
   


5. 
   

   The company's ability to pay wages: The company must take into account its financial ability to pay the specified wages. The policy must be sustainable and consistent with the company's budget.

   
   

   • Techniques

   
   


6. 
   

   Cost: Cost refers to the financial expenditure associated with implementing and managing a payment model. It includes various expenses, such as salaries of personnel involved in payment processing, technology infrastructure, transaction fees, administrative costs, and any other expenses incurred in the payment process. Cost considerations are important when designing a payment model to ensure its sustainability and cost-effectiveness. Golf Saudi used this technique through consider the cost implications of the payment model policy. Analyze the expenses associated with payment processing, technology infrastructure, personnel, transaction fees, and other related costs. This analysis helps ensure that the payment model is cost-effective and aligns with the organization's financial resources and objectives. Regular cost assessments can also identify opportunities for cost reduction or optimization in payment operations.

   
   


7. 
   

   Communication: Communication in the payment model refers to the exchange of information between relevant parties involved in the payment process. This includes conveying payment instructions, providing updates on payment status, addressing inquiries or issues related to payments, and facilitating the flow of information between payers, payees, financial institutions, and other intermediaries. Effective communication is crucial in payment model policy management. Clearly communicate the payment model policies, procedures, and guidelines to all relevant stakeholders, including payers, payees, financial institutions, and intermediaries. Golf Saudi used this technique through Establish channels for timely and accurate communication of payment instructions, updates, and addressing inquiries or issues. Clear communication helps prevent misunderstandings, improves transparency, and enhances the overall efficiency of payment processes.

   
   


8. 
   

   Change: Change in the payment model refers to modifications or adaptations made to the existing payment processes or systems. This can include changes in payment methods, technologies, regulations, or policies that impact how payments are initiated, authorized, processed, and settled. Change management in the payment model involves assessing the impact of changes, planning and implementing necessary modifications, and ensuring a smooth transition while minimizing disruption to payment operations. Golf Saudi used this technique through Implement change management techniques when introducing or modifying payment model policies, Assess the impact of proposed changes on payment processes, systems, and stakeholders, Develop a comprehensive change management plan that includes communication strategies, training programs, and support mechanisms to facilitate a smooth transition, Proactively address any potential challenges or resistance to change, and monitor the effectiveness of the implemented changes.

   
   


9. 
   

   Evaluation: Evaluation in the payment model involves assessing the performance, effectiveness, and efficiency of the payment processes and systems. It includes analyzing key metrics such as transaction speed, accuracy, security, cost-effectiveness, customer satisfaction, and compliance with regulatory requirements. Evaluation helps identify areas for improvement, optimize processes, and ensure that the payment model aligns with the organization's objectives. Regular evaluation allows for ongoing monitoring and continuous improvement of the payment model. Regularly evaluate the performance and effectiveness of the payment model policies. Golf Saudi used this technique through assess key metrics such as transaction speed, accuracy, security, customer satisfaction, and compliance with regulatory requirements, And Using data analysis and feedback from stakeholders to identify areas for improvement and refine payment model policies. Evaluation helps ensure that the payment model remains efficient, secure, and aligned with the organization's objectives.