There has recently been substantial media attention on the “controversy of executive compensation” Taking this into consideration, examine the objectives of a compensation system, employee benefits and benefit planning.
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There has recently been substantial media attention on the “controversy of executive compensation”
Taking this into consideration, examine the objectives of a compensation system, employee benefits and benefit planning.
Step by step
Solved in 5 steps
- How does real-time performance management compare to the traditional annual performance process? How can a real-time process help an employee be more effective? What are some potential drawbacks?Why are many companies interested in moving to a pay-for-performance strategy?Where did the concept of performance management originate?
- What does a pay-for-performance strategy mean for a company?What are the three main types of delays in terms of compensation and time adjustment. Briefly explain each.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.
- Give an example of a compensation package a company can offer to ehnahce their current compensation package to retain employees in the compay . The package must include Paid Time off, sick leave benefits holiday benefits health insurance, pension plan. Please keep in mind the company has full time and part time employeesWhat are the factors affecting employee compensation? How to develop a strategic compensation strategy?Discuss with the business 3 job evaluation methods utilized to determine compensation strategy. Include advantages and disadvantages of each method.
- 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?The “controversy of executive compensation”Taking this into consideration, examine the objectives of a compensation system, employee benefits and benefit planning.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.)
