Examine how changing compensation environment is significant to the company for long run survival. Briefly explain your ideas 2. Select any two companies and try to compare the different types of compensation offered by the both the organizations 3. Identify and analyze
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- How are benefits designed for employees? Explain the types of benefits that are offered by employers. Should all employers have to offer benefits?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?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…
- define compensation, compensation philosophy, and critical components of a compensation strategy. Provide one solid example of an effective compensation practice/policy. Definition of compensation Overview of compensation philosophy Critical components of a compensation strategy Example of an effective compensation practice/policyBriefly explain the importance of organizations having good compensation and benefitsplans for their employees.What is compensation? How is compensation used? What is the purpose and importance of compensation? What are the different types of compensation? Explain each type. What are the factors affecting employee compensation? How to develop a strategic compensation strategy? What is incentives and benefits administration? Discuss the advantage of incentive programs. What are the categories of employees benefits? What are the legal considerations in offering administering benefits? What are the organizational challenges associated with a benefit package?
- In terms of compensation, how do employees view fairness? Cite 3 ways and give concrete, specific examples for each.A company’s compensation and rewards strategy is most effective when it remains in line with the organization’s overall business strategy and maximizes talent management. While human resources departments must strive to attract and retain the best workers for each position, the incentives needed to engage those workers must be balanced with the costs to the company. For this assignment, research compensation strategies, and consider general compensation programs for the position you identified in previous module assignments. Describe the base pay range and major incentives that are included in your benefits package and respond to the following: What types of rewards, both tangible and intangible, can be used to recognize and incentivize an employee in this position? Does your program include stock options, profit sharing, an employee stock ownership plan (ESOP), healthcare, etc.? Are your specified options provided for employees of all levels or just for certain positions? How…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.
- Many compensation professionals are faced with making choices about which discretionary benefits to drop because funds are limited and the costs of these benefits continually increase. Assume you make such choices. Rank order (at least five) discretionary benefits from the ones you would most likely eliminate to the ones you would least likely eliminate. Explain your rationale. Do such factors as the demographic composition of the workforce of the company matter? ExplainTraditionally 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.)Your company has recently implemented a pay-for-performance model for compensation. This worries you because you know that your employees will be even more upset with their performance ratings if they know that they are tied to compensation. What actions can you take to start to prepare for this change? How do you think your boss at the company where you work now, or where you have worked would handle the situation? If there are differences, why