Give at least 5 examples ( your own example) of a non cash compensation items that can be used by the management to reward managers and employees for their efforts and good performances.
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Give at least 5 examples ( your own example) of a non cash compensation items that can be used by the management to reward managers and employees for their efforts and good performances.
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- Respond to each of the following short essay questions. Responses should be between 100 - 500 words depending on the complexity of the question. Use correct grammar and spelling to address each question thoroughly. Do not use direct quotes. Instead, to align your ideas with the text, paraphrase and summarize. Explain the basic compensation objectives of pay systems. Compensation systems can be tailored to general business strategies. List and explain these strategies. State the theory of marginal productivity. How do employees judge the fairness of their pay? Describe the ways in which job information can be collected for job analysis. What should the manager do if employees and their supervisors do not agree on what is part of the job? What are the two aspects of diversity in work? What is the significance of marginal revenue? According to efficiency-wage theory, how do increased wages increase efficiency and lower labor costs? Explain the low-high approach in selecting jobs for…What are employee benefits? Explain how they are a major part of the compensation package. Review a current compensation package and determine if it is adequate and fair given the tasks needed in the job.Which performance method would you say you like the most and the one that you like the least? Please share why you chose these two. For the most effective, how it is effective in doing the following: providing fair and reliable ways of differentiating employees; targeting and rewarding those who most deserve it; setting forth a fair and cost-effective plan for compensation; and motivating and ensuring the performance of employees. For the least effective, how it interferes with the above four items.
- Discuss a total rewards plan for a chosen organization and how the total rewards plan impacts quality employee selection and retention. Consider the type of discretionary benefits the organization offers. Do you think the benefit plan your organization offers is well designed and meets the needs of the employees?When employees feel valued, they feel better about coming in to work and overall company morale increases. Evaluate the fundamental goals of the compensation department in modern organisations.Traditionally organizations have taken a one size fits all approach toward providing benefits. However, considering the diversity of today’s workforce, more organizations are modifying their compensation packages to include a variety of packages. Some of the rewards organizations can provide include: increased base pay, bonuses, shortened workweeks, extended vacations, paid sabbaticals, flexible work hours, part-time employment, guaranteed job security, increased pension contributions, college tuition reimbursement, personal days off, help in purchasing a home, recognition awards, paid club memberships, and work-from-home options. What are the positive aspects of having individualized rewards? (Think in terms of employees and managers.) What are the negative aspects of having individualized rewards? (Again think in terms of employees and managers.)
- What are the disadvantages in terms of costs that a company could expect when changing the merit pay program?Pay-for-performance compensation models improve employee engagement and retention by clearly tying employee or company achievement of performance goals to tangible financial rewards. 1. What are the advantages and disadvantages if pay-for-performance compensation model will be adopted by the government? 2. Which government agency will benefit from this compensation model?You are asked to establish a worker’s compensation program in your organization that better manages your organizations workers’ compensation exposure. Identify six (6) specific services that you would include in this program and describe the value of each to the overall program.
- Do you support the use of job analyses? Provide a rationale for your answer and defend your position. Consistency Versus Competitiveness Which is more important, internal consistency or market competitiveness? Explain your answer. Is it possible to design a compensation plan that achieves both? Explain your answer.You want to transition your organization’s performance appraisal system into a performance management system. Write a one-page memo to your supervisor describing the advantages of having a well-designed, properly implemented performance management system.Definition of the compensation package. What four cost considerations would you take into account when revising the PTO section of your compensation plan? What four other considerations you would you take into account when developing a new PTO plan?