Within this business report, I have analyzed three different employee compensation strategies that I feel could be well executed within our organization. Employee compensation is key to recognizing and rewarding our employees for their performance and contributions to the overall company’s success. Because it is a signficiant factor, we need to carefully evaluate the three options in my report.…
"Use Compensation Strategy as a Tool to Motivate Your People." Strategic Human Resource. SBI, n.d. Web. 20 Oct 2012. .…
1. Which of the following is not one of the steps in planning and strategic management?…
References: Henderson, R. I. (1998). Compensation management: rewarding performance. ( 2nd Ed.). Reston Pub. Co.…
The manager and team leaders will be communicating with employees on a daily basis to keep them informed of the reward system's details and deadline that they will be required to meet. Employees will be shown respect at all times and encouraged to work harder, at no time will an employee be disrespected because of his/her level of work productivity. Praise and recognition will be the priority of manager when it comes to motivating the employees. Each employee will receive both verbal and written praise from the management team. Managers are expected to do their part with working towards the goals of each department also; no one will be exempt from the rewards program do to unfair treatment within the departments. The managers are expected to conduct themselves in a professional manner at all times, regardless of their feelings toward an individual employee. Any manager who is found to be bias or giving special privileges to an employee will be held accountable for his/ her actions including but not limited to suspension and or termination. Any employee who engages in unprofessional work ethics will be held accountable to his/her actions including but not limited to suspension and or termination. This reward system will be conducted in a honest and…
for the employees that are suitable for their employees. The laws of benefits and pay…
The strategic criteria associated with strengthening performance places a focus on individual equity. If an organization intends to see a ROI for their most valuable asset, they will need to design a compensation system that rewards employees for their constructive efforts. (Henderson, 2006, p. 360). To keep employees engaged and committed to the organization, a short term incentive plan must be incorporated in the compensation system design.…
Employee compensation can be a very complex issue in any organization. This area combines basic human resource concerns as well as financial aspects of the organization. When dealing with compensation, an organization must balance the employee’s expectation and its own financial abilities. Employee compensation not only covers the salary but also includes other indirect benefits that may be part of a total compensation package. Compensation packages are set up to appeal to potential employees within a competitive business world. In other words, “compensation is the total of all rewards provided employees in return for their services. The overall…
Compensation and benefits concerns are very important to employees and employers. A lot of the top performing employees are drawn by successful organizations, as well as the organization providing a detail compensation and benefit plan. Now it is time to focus on the performance management structure that will help you succeed in your business. In this document I will focus on different aspects that will help you launch a well-done performance plan. This plan will also help you increase the performance of your associates and prevent a high turn over.…
Meanwhile, the said program for employees should provide changes based on performance, promotion or changing conditions and provision of regular remuneration and performance reviews is considered essential. Similarly, incentives remuneration such as giving bonuses as discretionary rewards for achieving targets can also heighten the determination of employees to work. Gerhart and Rynes (2003) support the idea that individual incentives can generate substantial increases in performance. On the other hand, benefits can also be given to compensate salary costs such as health care plans, life insurance and retirement benefits. The remuneration program should be aligned to both the organisation’s strategic objectives and employee needs and must be supported by the human resource department to attract, retain and motivate employees within the…
Traditionally, all incentive plans are “pay-for-performance” plans. They pay all employees based on the employee’s performance (Dessler). Compensation is a primary motivator for employees. People look for jobs that not only suit their creativity and talents, but compensate them both in terms of salary and other benefits accordingly. Compensation is also one of the fastest changing fields in Human Resources, as companies continue to investigate various ways of rewarding employees for performance. It is very important for organizations to make sure that the incentive plans are well structured to need the needs of the employee and in return make the organization profitable. Giving incentive pay to employees that has not earned them destroys the motivation and moral of employees which leads to less productivity. Thanks to public outcry, shareholder outrage, and increased government scrutiny, companies are making some adjustments to their executive incentive programs. At the very least, it gives the appearance of linking pay to performance.…
First, the rewards part is not big enough to attract employees’ attention. All we can see from the case is to give employees points and small percent of salaries. The reward should not limit in monetary reward, if an employee does a great job, manager can increase his/her salary, give monetary reward and promote him/her.…
One of the things that Peter learnt after he joined to Hi Tech systems was the importance of having good personal contacts within the company. Peter must follow the competence development of his employees, also all employees should carry out performance management discussions with their superiors. Peter believe that the compensation system work well for China giving to employers a package of bonuses if they fulfill well the tasks. Peter wanted to sent employees clear message that their performance equals what they deliver.…
We had been opt-'fating our company like a family, but maybe we're too big to opemte Ihat way. I think some of our people have gotten lazy, and ourperfonn· anee has suffered. That is why r asked for Ihe design of a new ineentive .compensation plan. We need !O be more compelitive to survive. I Want OUf people to focus on what they can do to imp. ove .company r perfollllanee, and if we're successful, I am quitt willit;lg to share a good proportion of the pro.ceeds of our success.…
After implementing this incentive program production employees complained that the reason of this problem is the slowness of other departments, and also 60% production employees were complained their objections through their Trade Unions. After that TUs called a meeting to its members. 60% employees said that this is not an incentive scheme but just another way of exploiting labor and they suggested a TU action. Then TU representatives met management and informed them that this incentive scheme is not lucrative or equitable. But management said that if they are not in a position to carter to this increase in order in the future, they are in for a heavy loss and as a result they might even consider an employee redundancy plan also. After this meeting trade unions requested some conditions also.…