Choose two (2) objectives of compensation management and recommend strategies on how to achieve them
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1. Choose two (2) objectives of compensation management and recommend strategies on how to achieve them.
2. In no more than three (3) sentences, explain what compensation components are by providing examples.
3. In no more than five (5) sentences, give an example of how job evaluation occurs in the compensation system.
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- 47- Which one of the following statements is incorrect about the characteristics of a good compensation plan? a. It should be unfair and should ensure equal pay for equal work b. It should be easy to understand. Each employee should be able to compute his own salary c. It should be integrated to the motivational programme d. It should be flexible enough to accommodate changes in salary as per performance1. Choose two (2) objectives of compensation management and recommend strategies on how to achieve them. 2. In no more than three (3) sentences, explain what compensation components are by providing examples. 3. In no more than five (5) sentences, give an example of how job evaluation occurs in the compensationy system.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?
- What are the two critical uses of job analysis when applied to compensation? When conducting a job analysis, what is an advantage of conventional methods such as questionnaires and interviews?The HR director at Clearwater Electronics has had negative feedback from employees about perceived inequalities in compensation among its company subsidiaries. While the HR director believes compensation is already consistent and fair, a review of the compensation and benefits packages will be conducted and shared with the employees. Which of the following statements gives the best reason for conducting and sharing the compensation assessment? It is important that employees see that their contribution is valued. It is important that employees see that something is being done because of their feedback. It is important that employees perceive they are being treated equitably. It is important that employees believe their opinions matter.Q1:Being an HR manager at a pharmaceutical firm what do you think? (a) How the psychological biases of the reward system can affect employee performance? (Maximum 200 words) (b) What are the two best performance appraisal methods for employees? Discuss your answer with appropriate examples (Maximum 200 words)
- 3. As a HR Manager of PDO Company, you have been asked to make presentation on ‘Compensation and Benefits’. Express your detailed views on total rewards and benefits. Explain with reasons which compensation approach PDO should adopt to compensate its foreign employees.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…You just got a job as a manager with a start-up company. As a manager, you are responsible for contributing to the creation and establishment of the compensation system. You will work with the human resources staff to provide your expertise about job responsibilities for different positions within your supervisory responsibility. When designing your compensation plan which would you pay more attention to: Expectanxy theory or equity theory? Be sure to include the reason why in your response.
- What do you see as the advantages and disadvantages to a task-based job analysis versus a competency-based job analysis?what is the meaning of 'intrinsic' compensation and 'extrinsic' compensation. Explain how both types of compensation lead to a good compensation package that can Incentivize the employees to be more motivated in their job and give 3 examples of intrinsic' compensation and 3 examples of 'extrinsic compensation.Briefly mention the impact of incentives on employee performance. (in 300 words)