Vivendi: Revitalizing a French Conglomerate(A) Essay

How this system works is employees are paid a standardized salary which entitles extra benefits and or bonuses on the side. The main focus of benefits is to focus on stability, health, wellness, and lifestyle. These benefits are there to make the employees life’s more comfortable and enjoyable, not necessarily cash incentives. However, there are cash incentives offered as-well. Incentives are the drivers of employee performance, as short term incentives are cash bonus based on performance, or rather long term incentives being stocks in the company you work for. How we will implement this is through transferring your average paycheck to a salary. Meaning a 40-hour work week at 11.40 is $456 a week before deductions. The math equates to a base salary of 21,888. From there employees will be able to receive benefits or incentives based upon work efficiency. We will have assigned goals to achieve by set deadlines to determine employee efficiency. All employees in this system are inclined to do more work at a more efficient rate since they are now being rewarded further than their salary or prior their hourly wage. This business function being salary based with incentives and bonuses will take a greater toll on management. Management will be deemed in charge of bonuses and benefits. It will be their responsibility to determine whether said employee deserves certain benefits or certain incentives based on their work efficiency. As management takes on a heavier role in the company it is better for the greater good and is a sacrifice they will have to be willing to

The right compensation program will depend on the organization’s business strategy and goals. To achieve these, an organization must recruit and select the best possible employees. To attract such employees, there must be an attractive compensation plan. Competitors will be offering different payment options, this may be based on pay rate or special perks, and a company’s stock options. Organizations must be aggressive yet reasonable to compete with competitors. Retaining and encouraging employees to perform at their best may be achieved through an immediate incentive award

To foster competitiveness and deliver better results, there is a program called STACK where employees are ranked based on the work done and their incentive is decided based on it. Better the rank, better the incentives.

There is an older incentive (Scanlon) plan put in place which worked very well for this company and its employees, helping them to rise up from an unproductive state in the 1990’s. Now that it has been in place for quite some time, it is getting stale. No bonuses have been given in months. The employees are not satisfied with the management of the

The leadership team, namely CEO Michael Riordan has been looking at this situation earnestly for the past two years. The leadership team has struggled with making the necessary decisions, whether they be from avoidance or lack of how to knowledge as how to approach the situations successfully by increasing profitability and simultaneously implementing new organizational processes. The leadership team has their individual views about the company’s reward and compensation model that is presently being used and unsuccessful. They would like to resolve this problem with the least amount of out of pocket costs but with expeditious results to increase employee motivation and retention issues in the organization.

Everybody 's compensation incentives, financial incentives, were short-term, not long-term. There are a lot of lessons to be learned to this, but if there 's one, it 's that the compensation structures, especially for the originators, needs to be

Having buy-in from key stakeholders is crucial for the success of an incentive pay system. For example, if top management does not support such a program, lower-level managers will place little importance on effectively administering the program. Hence, a lack of top management support often leads to a lack of accountability. (Gordon, Kaswin)

Therefore, it leads to the conclusion that in this case the main issue is appropriate employees motivation and satisfying job conditions, which could be achieved by choosing right incentives plan. However, sticking to the same incentives plan also might not be a good idea because people usually get used to such things very easily. As it can be seen from Engstrom Auto Mirror Company’s case employee’s motivation and morale can

Again, prices will be cut and reduce our company’s perceived value (Conrad “The Advantages of…”).

Establish a partnership with local food takeout and delivery services such as BtownMenus and Mr. Delivery, and offer unique food specials through these companies.

Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.

1. Incentive compensation is a major practice that has continually been adopted by healthcare organizations, especially for managers. Most of these organizations use this tool as a means of rewarding employees financial for outstanding performance. Generally, incentive compensation involves the use of monetary reward for managers to attain specific established goals. Therefore, incentive compensation can be a motivational tool that benefits health care managers and the entire organization because it enables managers to achieve greater compensation while promoting organizational productivity. As the Chief Executive Officer of a hospital, I would design an incentive compensation program for my management team by aligning the financial rewards with business objectives and people costs. This will involve the use of a comprehensive approach that examines basic pay, health benefits, incentive opportunities, and retirement programs. The alignment of the compensation program is geared towards promoting organizational productivity and employee motivation.

Instead of jumping to different achievement goals as problems arise, the visions and beliefs should have been determined first and that would help shape the overall goal of the company. While working towards goals such as profitability and growth, the visions and beliefs help keep employees in line and to some extent control the minimum expectations of the development of products, thus possibly lessen or avoid problems that did arise. The incentive scheme were not properly designed to take into account effects of employee actions and the impact it would have on the company as a whole and other stakeholders. It should some what reflect and reiterate these visions instead of promoting and motivating employees to be self interested in their own affairs and achieving the targets at “all costs”. All in all, there were minimal controls and checks in place, it was more of a one way push towards the goals and not looking back

Keeping employees motivated in addition to creating incentives and/or additional ways for employees to receive more compensation will create better performance overall within an organization. Contrary if company B gives their employees incentives to perform, without any motivational tactics they probably will not have as many top performances as company A, in addition the company may only seek short term rewards verses have long term success. Lack of motivation for employees within an organization, can cause long term damage for the company’s success. Different things motivate everyone; therefore there should be a system in place to keep employees motivated for the long term success of the company. In the MBM textbook under the concept of incentives, compensation, and motivation, there are a couple of different views of how it should be applied within an organization. We will discuss The Social Role of Profit, Personal Profit and Losses, and the way Market-Based Management view how incentives, compensation, and motivation should be applied and the things that effectively drive employees’ actions while at work.

Creating and implementing of incentive pay system supports to solve organizational problems to align the preferences of business and employees. In addition, the system serves as an organizing tool to identify and attract the most capable employees since companies need to deliver the product or