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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Chapter 9 Solutions
UNDERSTANDING MANAGEMENT EBK
- There are 4 basic parts of a compensation system. Which one do you think is the most important when recruiting new employees, and why? Which one is most appealing to you when you begin a job search upon graduation, and why?arrow_forwardAre employees more likely to favor defined contribution plans over defined benefit plans? What about employers? Explain your answer.arrow_forwardHow 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?arrow_forward
- Assume you received a job offer with a base salary of $35,000 and a commission of 10 percent. How would you plan to approach your prospective employer to increase your overall compensation?arrow_forwardHow 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?arrow_forwardIn your view, should employers be entitled to ask job applicants about their salary history? Why or not?arrow_forward
- 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?arrow_forwardMany compensation professionals are faced with making choices about which discretionary benefits to drop because funds are limited and the costs of these benefits continually increase. Assume you make such choices. Rank order (at least five) discretionary benefits from the ones you would most likely eliminate to the ones you would least likely eliminate. Explain your rationale. Do such factors as the demographic composition of the workforce of the company matter? Explainarrow_forwardAt what levels are unemployment liabilities incurred? What are some additional employer-borne liabilities that exist with having employees?arrow_forward
- What is a lump-sum salary?arrow_forwardWhen applying for a job, what is the personal "point of difference", and why would this make you stand out versus other job candidates?arrow_forwardYour 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, whyarrow_forward
- Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub