Recommended set of compensation objectives for FastCat

1. Attracting/Retaining Talent (Recognition and equity)

As the industry is growing tremendously, overall hiring by companies will increase, and
there will be competition between companies for the right talent. So FastCat must set their
strategy to recruit and retain enough people to take advantage of the expanding demanding
for EHR solutions. Attracting entry-level technicians will be comparatively easier when it is
compared to attracting engineers as engineers require several years of work experience.

Because of the specialized nature of its software, FastCat prefers to promote people from
within FastCat to higher level jobs rather than from outside, so retention of talent is essential.
To achieve this, giving recognition to well-performing employees is a must. Establishing
internal equity and communicating the compensation details to the employees is also
important. This will help to increase the employee engagement as well.

2. Cost Containment in the long term

As an IT company, FastCat employment costs are becoming a larger percentage of total

expenses (63%). Currently, the cost is not a big issue as there is an urgency to implement the
EHR software in healthcare centres as per the rules. In the long run, when things will come to
a normal stage, companies will have to go for consolidation and some companies will be
thrown out of the market. To be competitive at that point of time, FastCat must ensure its
cost structure allows it to contain the costs.

3. To promote Innovation/Creativity

FastCat’s strategy requires a great deal of creativity from marketing and engineering staff.
As the big players are trying to get into FastCat’s market, it is essential to make innovative
products to be successful. As technology is changing at high speed, giving enough updates for
customers is also crucial. To accomplish this, creativity and innovation are important. Useful
innovations can be rewarded to promote innovation.
4. To promote Collaboration/Teamwork

FastCat’s strategy needs a great deal of collaboration between marketing and engineering
for producing the right product for the market. Marketing people should understand the
needs of customers and market trends, and this knowledge should be efficiently transferred
to the engineering team who are designing the products. Customisation of products for new
customers also requires a great deal of collaboration between the marketing and engineering
teams.

5. To promote Customer Orientation (and acquisition of new customers)

FastCat sees its relationship with customers as a key to its future success. So employees’
customer orientation must be promoted. By being customer oriented, FastCat can drill deeper
into the existing customer base with new offerings and service contracts. New customer
acquisitions can be promoted by incentivising the sales team; this will help FastCat to expand
its customer base.