Compare and contrast the advantages and disadvantages of pay-for-performance and competency-based pay. What strategy would you recommend for your organization, and why?
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Compare and contrast the advantages and disadvantages of pay-for-performance and competency-based pay. What strategy would you recommend for your organization, and why?
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- In the “Pay-for Performance “ article the authors argue for differentiating among various incentives based on line of profession and industry. How do you approach this categorization and whether this works in reality or not? Does your organization exercise pay-for-performance strategy in general? Please, provide the context and justification for this.Do you support the use of job analyses? Provide a rationale for your answer and defend your position. Consistency Versus Competitiveness Which is more important, internal consistency or market competitiveness? Explain your answer. Is it possible to design a compensation plan that achieves both? Explain your answer.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…
- Under what set of conditions is external recruitment recommended? As potential recruit who will probably be looking for a job after graduation, what general approach and method or methods of recruiting do you think would be most effective in attracting you? It is not always necessary to fill up a position when it becomes vacant. Explain alternatives to recruiting After your college graduation, you will probably enter the work force. What are the implications of job analysis for you?Describe how organizations can build an equitable compensation system, using both internal consistency (job evaluations and pay grades), and external competitiveness (salary surveys, pay policy, pay rates, employee contributions). Share examples in order to illustrate your response.How invested should a company be in hiring and providing benefits to their hires? Is it too demanding for certain companies to expect nothing but high standards for who they hire, or should they provide opportunities to those with different goals that don’t have certain qualities?
- Business ethic Should employee job scheduling be subject to government regulation or be left to employers and employees to work it out? Discuss substantively the pros and cons of each option. Provide practical personal examples or any other examples you may have heard or read about.Answer the following questions on different pay systems 1. Discuss the Merit pay system. How does the merit pay system differ from the incentive pay system? 2. Describe the seniority pay system and explain its advantages and disadvantages.Why are many companies interested in moving to a pay-for-performance strategy?
- Your company has recently implemented a pay-for-performance model for compensation. This worries you because you know that your employees will be even more upset with their performance ratings if they know that they are tied to compensation. What actions can you take to start to prepare for this change? How do you think your boss at the company where you work now, or where you have worked would handle the situation? If there are differences, whyFrom an internal perspective, what are the potential consequences of having a pay structure that is out of line relative to those of your competitors? Consider the impact of pay and incentives on employees' motivation, engagement, and retention?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.