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Alt Furniture is a modern modular furniture company that began with a five hundred crore investment, a term loan from numerous financial institutions, and a sixty five percent contribution from traditional family businesses. This family comes from a long line of traditional woodworkers. Suhail and his wife Shaima, the current proprietors, acquired this business by capitalising on a family tradition. Subail has travelled extensively over the world with his father since he was a toddler. Oman’s northern states, including Suhail, are home to high-quality mountain forests supplied by countries such as the United States. However, due to a lack of awareness, Omanis utilise them as firewood. According to their research, the company has embarked on an ambitious strategy to manufacture and distribute hardwood furniture throughout the world, demonstrating that Omani society remains unorganised, and the upper class has relied on imported furniture, which is typically made of concentrated waste or wood dust. To accomplish this goal, the organisation enlisted the assistance of talented designers and managers from throughout the world. The majority of designers are of Italian ancestry or had their education in Italy. The company’s most difficult challenge was designing compensation for managers. Management compensation received more attention at Al Nadir Furniture due to its performance implications and strategic relevance. The human resources manager believed this had a favourable effect on the company’s financial performance and proposed that different firms should be considered in different strategic situations. He was unable, however, to convince management of the critical nature of adopting a management compensation plan. Suhail argued that alignment should be reserved for board leaders alone, stating that their accomplishments could be tracked. The human resources manager contended that the company’s compensation expenditures were the second greatest expense area, trailing only the cost of 111 raw materials and other instrumentation (excepting labour). It was consequently designed to be managed strategically, in accordance with the company’s performance and the organization’s overall strategy. He cited a plethora of literature to substantiate his argument. He chastised the organisation for not having a well-documented compensation policy, despite the fact that evidence was provided. Additionally, there were inadequate incentives. He also stated that the time hascome to build or build a management compensation plan that places a greater emphasis on the firm’s long-term mission than on short-term financial results. After hearing the HR head’s dilemma, the CEO directed him to develop a plan that would work for the organisation. IMPORTANT NOTES: ( Answer the questions in not less than 100 to 150 words) 5. Assume you are the Human Resources Manager of Al Nadir Furniture. Create a model of a suitable compensation scheme for the organization’s management.
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