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Dato’ Jimmy Choo, OBEWhen you have a theme song and that song was recorded by Ashanti, you know you have made it. When people like Jay-Z and Lil’ Kim mentions your name too, there is definitely something right in what you are doing.

Jimmy Choo is not your ordinary shoemaker. His name is synonymous with luxury footwear and women all around the world would do just about anything to own a pair designed by him. He was born in Penang to a shoemaker and he is now 69 years old. At the age of 11 years old, he had already crafted his very first shoe. He went to London to study and in 1983, he graduated from the London College of Fashion. Three years later, he opened his shoe shop in Hackney. His designs quickly established himself as an up-and-coming shoe designer and when British Vogue expressed a desire to feature him in their publication, his career as a shoe designer took off.

The magazine gave him a record 8-page spread where he featured his collection and from then on, Jimmy Choos have become the sought-after footwear of the rich and famous. From ordinary people to celebrities and even royalty, people from all walks of life desire a pair of Jimmy Choos. Even the late Princess Diana was a loyal client of his.In the fashion world, there is definitely no Malaysian who can compare to Jimmy Choo. He is probably the most talked about Malaysian out there today. The UK has even recognized his contributions to the fashion and shoe industry by conferring him an Order of the British Empire (OBE). Dato’ Jimmy Choo comes from a family of shoemakers in Penang.

His name, Jimmy Choo, was actually misspelled on his birth certificate; Jimmy Choo was supposed to be Jimmy Chow! His company’s international recognition for its expensive and high-end handmade women’s shoes can be traced back to his father who taught Choo how to make his first shoe at the age of 11. Jimmy co-founded Jimmy Choo Ltd in 1996 but has since sold his 50% stake in the company to his co-founder, Tamara Mellon. Based in London, Jimmy Choo is currently involved in a project to set up a shoemaking institute in Malaysia.Quotes by Jimmy choose artist in me cries out for design.The right shoe can make everything different.Personal Life & LegacyChoo lives in London but continues to be involved with his native country of Malaysia with reported plans to set up a shoemaking institute there. He has one daughter and a son who is a television personality in Japan and the owner of ‘Mirai Inc.

’.Net WorthJimmy Choo is one of the best known and most successful businessmen to come from Malaysia, as well as one of the most recognizable fashion designers. His net worth is estimated at about $50 million.

TOTAL COMPENSATION PLAN 2 Running Head: TOTAL COMPENSATION PLAN 1 Total Compensation

TOTAL COMPENSATION PLAN 2

Running Head: TOTAL COMPENSATION PLAN 1

Total Compensation Plan

Name

Institutional Affiliation

Wage management (process and rationale)

Wage management process focuses on the market standards as well as the nature of operations for the company. To avoid killing staff motivating and prevent possible skill competition by Starbucks, the company has to develop a compensation plan for exceptional performance as well as offer reasonable remuneration as base pay for its employees. This comes as per the job group and work output against the company’s financial strength. The wage management rationale is based on the legal regulations, the employee performance, control costs to avoid over or under payment and the hiring of qualified personnel to match the company needs (Watanabe & Maeda, 2014).

Retirement plan and participation

A good retirement plan could be a gift to ageing employees on their exit. This would include details on eligibility, the amount and timeframe for remitting. According to Copeland (2014) such a company would encourage all employees to take part by training them on the benefits. While Starbucks already has a functional plan in place, a better plan would be established to compel employees to join. By giving employees a pay rise, they would feel encouraged and commit the extra amount to contribute to their retirement program (Poterba, 2014). Employees’ financial management training plan would help them choose to prepare for retirement.

Reference

Copeland, C. (2014). Employment-Based Retirement Plan Participation: Geographic Differences and Trends, 2013.

Poterba, J. M. (2014). Retirement security in an aging population. The American Economic Review, 104(5), 1-30.

Watanabe, S., & Maeda, M. (2014). A Note on Law and Economics: Wage Rate Leadership, Price Leadership, Quality Leadership and Unemployment in the Absence of Efficiency Wages.