The compensation plans for the textile manufacturing plant, waiters in a restaurant and for a salesperson in an insurance company. Introduction: Human resource management (HRM) is pre-planning for human resources in the organization which also includes the planning for filling the expected vacancies with appropriate talent in the organization. The Human resource planning includes procedures like choosing recruiting sources, Inviting applications, conducting tests and interviews and planning for retirements, growth, and resignations. Compensation: Compensation includes the monetary and nonmonetary payments or facilities given to the employees by the organization. The Compensation includes salaries and other benefits like insurance, travel facilities, accommodations etc. Developing an effective compensation plan is the part of Human resource management (HRM).

Question

How would you go about deciding whether to use a job-based, skills-based, or pay-for-performance com-pensation plan for employees in a textile manufacturing plant? For waitstaff in a restaurant? For salespeople inan insurance company?

Answer 1

Question

Chapter 12, Problem 10DQ

Summary Introduction

To determine:

The compensation plans for the textile manufacturing plant, waiters in a restaurant and for a salesperson in an insurance company.

Introduction:

Human resource management (HRM) is pre-planning for human resources in the organization which also includes the planning for filling the expected vacancies with appropriate talent in the organization. The Human resource planning includes procedures like choosing recruiting sources, Inviting applications, conducting tests and interviews and planning for retirements, growth, and resignations.

Compensation:

Compensation includes the monetary and nonmonetary payments or facilities given to the employees by the organization. The Compensation includes salaries and other benefits like insurance, travel facilities, accommodations etc. Developing an effective compensation plan is the part of Human resource management (HRM).

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