AssessmentPrintEvaluations, Compensation, and Firm ObjectivesThis Competency Assessment assesses the following outcomes:MT203M3-3: Explain how companies link compensation and evaluation to organizational objectives.GEL-1.02: Demonstrate college-level communication through the composition of original materials in Standard English.Introduction: A company’s mission, vision, and values must be aligned with the company strategy. Then each of the functional areas of the company have their own strategies that align with the overall company strategy. In thisAssessment you will explain how a company can link their compensation and performance evaluations to the organization’s innovation objectives. Read the case study below and respond to all the checklist items.Scenario:Mindful Toys is a toy maker that has as its mission, “Our purpose is to expand the minds of children 1 month–100 years old.” Currently they use a product development strategy but believe that maybe they need to orient their company towards an innovative strategy. Their current objectives are to:● Invent 10 new toys every year and reinvent at least 10 more.● Increase revenues by 15% per year.● Employ motivated and committed workers.● Provide safe and intellect-expanding toys for everyone.Mindful Toys has operated as a medium-sized company for about 20 years. Their compensation to date has been based on longevity at the company. Employees’ evaluations were performed by their managers after reviewing their results based on their influence on: (1) increased department product output (75%), and (2) increased department sales (25%) at the end of the year. With the increasingly mechanized and digitized toys, and now robotics involved in toy making, many employees have been let go or offered early retirement due to their obsolescence.The new objectives in line with the new innovation strategy include:● Enhance attributes and convenience in at least 20 existing products.● Launch at least 15 new products that appeal to new customers and new markets.● Develop 5 new markets.● Hire personnel that think innovatively.● Hire diverse support personnel and designers who are customer service oriented to support new products and markets.The 200 remaining employees are beginning to worry, and feel their compensation and evaluation process needs an overhaul.Checklist:● Explain the process by which a company would link individual employee performance to addressing the company objectives.● Explain how Mindful Toys can link their compensation and evaluations to the company’s new objectives and innovation strategy.● What methods of performance evaluation might they use?● Explain your reasoning for using the method of evaluation you chose.Access the MT203M3 Competency Assessment rubric.Disclaimer: The organization and characters depicted in this exercise are fictional. Any resemblance to real organizations or individuals is purely coincidental.Minimum Submission RequirementsAddress all the checklist items in a thorough manner.Provide your minimum 2-page (i.e., 500-word) expository essay in APA format and citation style with additional title and references pages. Make sure your paper is logical and insightful usingcorrect Standard English spelling and grammar. Ensure there is an introductory paragraph, each paragraph has a minimum of 3–4 sentences, and a closing paragraph is provided.If work submitted for this competency assessment does not meet the minimum submission requirements, it will be returned without being scored.PlagiarismPlagiarism is an act of academic dishonesty. It violates the University Honor Code, and the offense is subject to disciplinary action. You are expected to be the sole author of your work. Use of another person’s work or ideas must be accompanied by specific citations and references. Whether the action is intentional or not, it still constitutes plagiarism.For more information on the University’s Plagiarism policy, refer to the current University Catalog.