What are the pluses and minuses of variable-pay programs from an employee's viewpoint? From management's viewpoint?
Q: What could be the best cash compensation plan that would be fair to both management and employees,…
A: Monetary compensation is cash paid to a worker in return for the representative's work. Regular…
Q: Discuss what are the benefits and drawbacks of time based pay plans?
A: A time-based compensation structure is one in which an employee is compensated primarily on an…
Q: Who should be involved in developing Pay-For-Performance Plans and why?
A: The pay for performance plans means the plans which are made by the managers to reimburse its…
Q: Do contingent pay plans help improve employee motivation and performance? Why or Why not?
A: Contingent pay plans refer to those type of employee benefit plans under which the incentives are…
Q: Why might an organization choose to pay employees more than the market rate? Why might it choose to…
A: Organization: A group of people organized to do something that can be a business, institution, and…
Q: Is executive compensation excessive or appropriate?
A: Executives compensation refers the system of reimbursement of the compensation to the employees of…
Q: Are employees more likely to favor defined contribution plans over defined benefit plans? How about…
A: Employee benefits can be defined as benefits and services which is offered by an employer to the…
Q: What are the two types of bonus pools for bonus incentive plans? How do they differ, and how…
A: A company decides to give an unexpected or unplanned bonus: Is a great recognition tool and does…
Q: What are the basic requirements of an effective employee incentive pay plan?
A: Introduction In managing Human Resources a company needs to design its Incentive pay plan system…
Q: What are the different types of Compensation?
A: Compensation is described as the total of the non-cash payments and the cash payments that will be…
Q: What are some potential risks or limitations of performance- based pay systems?
A: In the past, there was large-scale standardized production to gain economies of scale. But now the…
Q: Your company has recently implemented a pay-for-performance model for compensation. This worries you…
A: Pay for performance model is the performance-based pay program where an employee gets paid…
Q: For you, how can you solve paycheck errors and or employees being underpaid?
A: Compensation management is the type of management practice which deals with designing and…
Q: Why have many organizations begun to supplement their traditional pay systems with…
A: Tradition pay systems is a plan where the companies use to pay the fixed amount of compensation to…
Q: Describe what are the benefits and drawbacks of time based pay plans ?
A: A time-based compensation system is one in which an employee is paid mainly on an hourly basis…
Q: What is The difference between strategic planning and tactical planning in compensation management?…
A: Planning in Compensation Management : Planning in compensation management refer to process in which…
Q: Is it true that Person-focused pay plans are least preferable compared with individual incentive pay…
A: with the rising competition and increasing uncertain circumstances of business environment,…
Q: What is a lump-sum salary?
A: Compensation management is the program in which HRM tends to identify and set appropriate salary…
Q: Under what circumstances are pay differentials justified?
A: Pay differentials mean the difference in the wages of different employees or workers in the…
Q: What is the important of compensation management? Please explain, give an example and 1 theory.
A: Compensation Management : Compensation management is the type of management practice which deals…
Q: Name some methods of measuring job satisfaction. Describe the causes of job satisfaction. Why is pay…
A: SINGLE GLOBAL RATING- The single global rating method is nothing more than asking individual to…
Q: Explain what are the key pros and cons of time based pay plans?
A: A time-based compensation plan is one in which an employee is primarily compensated on an hourly…
Q: What are the key advantages and disadvantages of time-based pay plans?
A: A time-based pay plan is a plan in which an employee gets paid on an hourly basis mostly. This is…
Q: Which reward/pay systems are more acceptable to employees: stock, bonuses, or salaries? Why do you…
A: The compensation and benefits process in HRM includes processing payrolls, stocks, bonuses based on…
Q: What is unemployment compensation? Who does the unemployment compensation apply to
A: Unemployment compensation is paid by the state to jobless workers who have lost their positions as a…
Q: individualized rewards
A: Incentives are variable incentives offered to workers due to the differences in their results. An…
Q: The benefit plan that offers employees the opportunity to tailor a benefit package to their needs is…
A: Employee benefits can be defined as benefits and services which is offered by an employer to the…
Q: Are there any positive motivational consequences of tying compensation pay closely to firm…
A: Motivation is the mechanism used to initiate, drive, and sustain goal-oriented behaviors. If you…
Q: In terms of compensation, how do employees view fairness? Cite 3 ways and give concrete, specific…
A: Compensation is one of the key organizational strategies which can have profound impact on…
Q: What are the legally required and discretionary benefit programs important and why are they a great…
A: Discretionary benefits Discretionary benefits are business benefits that are not commanded by law.…
Q: What are the different types of compensation? Explain each type.
A: The phrase ‘compensation’ mentions to all kinds of financial returns & tangible benefits that…
Q: “Job evaluation determines the worth of a job and not of a job-holder.” Critically examine this…
A: JOB EVALUATION: The Worth of Jobs and Not Job-Holders Meaning: Job evaluation refers to the process…
Q: How are "Person-focused pay plans"different from "Individual incentive pay program"? "Person-focused…
A: PERSON FOCUSED PAY PLAN : MEANING- ITS A PLAN WHICH INCLUDES EMPLOYEES BENIFITS POLICY SUCH AS IT…
Q: What is compensation? How is compensation used? What is the purpose and importance of compensation?
A: Compensation Management : Compensation management is the type of management practice which deals…
Q: What are the points that you have to consider when you are designing a Benefits Plan? Who should be…
A: It is important for an organization to design a benefit plan because it helps an organization for…
Q: Describe the three components of expectancy theory and how they can be enhanced in a training…
A: Training is teaching any skills and knowledge or fitness that relate to particular useful…
Q: What are some potential risks or limitations of performancebased pay systems?
A: As the name means, performance-based pay is payment linked to workers' contributions to a business.…
Q: How would you go about deciding whether to use a job-based, skills-based, or pay-for-performance…
A: Compensation plan states about the employees' wages, incentives, bonus and perks, which an…
Q: What is the difference between employee training and management development?
A: Human resource management deals with upliftment and encouragement of employees to make sure they…
Q: Do incentive pay systems improve job performance?
A: Incentive pay is the performance-based bonus that rewards an employee for completing set objectives…
Q: Explain the different types of pay?
A: Pay refers to the amount given to someone for the work done by him, or for the goods received, or…
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- Our textbook describes the process of environmental analysis, which includes a SWOT analysis. Refer to Figure 2-6 and create a SWOT analysis of your Human Resource Department. You should have a minimum of 2 HR Factors for each SWOT element. For example: Strength: HR Factor #1 HR Factor #2 Weakness: HR Factor #1 HR Factor #2 must use apa format with references and in text citationsA 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…Which performance method would you say you like the most and the one that you like the least? Please share why you chose these two. For the most effective, how it is effective in doing the following: providing fair and reliable ways of differentiating employees; targeting and rewarding those who most deserve it; setting forth a fair and cost-effective plan for compensation; and motivating and ensuring the performance of employees. For the least effective, how it interferes with the above four items.
- “We know from the text that the ultimate criterion is theoretical, whereas the actual criterion is our best attempt at capturing the ultimate criterion. What are some implications of having little overlap (relevance) between an ultimate criterion and an actual criterion? What would this mean for an organization that is trying to assess the performance of its employees?”true or false 1. To be fair, the pay differential between succeeding positions should be the same as you go up the pay structure. 2. Cost-of-living allowances are based on performance 3. Cash compensation is transactional while relational is psychological. 4. As long as a compensation plan is ethical, legally compliant and fair, it does not need to be efficient. 5. An incentive pay received in Year 2020 of P25,000 is expected to be received in Year 2021 also. 6. When you create more levels for a position, it will provide an employee a psychological feeling of promotion and mobility within an organization.You wish to integrate business and HR plans more effectively and so intend to increase your workforce planning activities. Write a short report of 400 words for your department evaluating the importance to your plan of each of the following:(a) Forecasts of future activity levels (2 marks)(b) Scenario planning (2 marks)(c) Data collection (2 marks)(d) Demand forecasting (2 marks)(e) Managerial judgement (1 mark )
- The Kirkpatrick Model of evaluating training includes reaction, learning, behavior, and results (Kirkpatrick Partners, 2020). How can this model be implemented in your organization? Share an example of how you might evaluate a training using each of the levels. How would it inform the way you measure the success of the training example you shared?Answer the following questions: 1. What are the benefits of a salary survey can offer? Discuss. 2. How executive compensation is different from others? Explain. 3. Design / write a small case study of any topic as given in the delivery plan with 2 questions and answers.Once a month, Tom meets with a group of employees from various departments at his firm. They gather for breakfast in one of the firm's conference rooms to discuss their individual career goals. Which of the following terms most likely describes Tom's group? A) labor union B) career success team C) corporate fraternity D) career anchor team E) management planning group
- What can other organizations learn from H&R Block when it comes to offering employee perks that encourage personal time for workers even during the busy tax season?Review the SHRM case: “Designing a Pay Structure” You will prepare the SHRM case analysis on “Designing a Pay Structure,” which consists of your completion of Tasks A–J that simulate the creation of a compensation system for an organization in meeting its goals and supporting its mission. In your analysis, respond to the following tasks found in the case study by using Excel. Your case analysis should consist of: Task A: Create a complete job description for the benefits manager position using O*NET. Task B: Calculate the job evaluation points for the administrative assistant, payroll assistant, operational analyst, and benefits manager jobs. Provide a rationale for assigning specific degrees to the various jobs. Task C: If there were any outliers (i.e., extreme data points) in the data, what would you recommend doing with them? From this point forward, assume no extreme data points exist in the dataset. Task D: Conduct a simple regression in Excel to create a market pay line by…How large would you estimate the implied costs of fluctuations and other personnel-related issues? How would you address the difficulties of the employees (if at all)? Which programs would you implement? What would you do exactly and how? Estimate the cost implications of your planned programs/actions! Make assumptions and justify them! How would the operating profit/net income/EPS/etc. change?