if anybody is willing to help me with this for a debate i would be really gratef
ID: 354702 • Letter: I
Question
if anybody is willing to help me with this for a debate i would be really grateful for your time. thank you. 1. It is important for pay to be externally fair 2. It is not important for pay to be internally fair 3. Paying higher wages will have a deleterious effect on Costa Vida in the short term 4. Paying higher wages will a deleterious effect on the business in the long term s. Employee pay cannot help to achieve the company's strategic objectives 6. Salaries and matters of compensation strategy should be left up to the franchise owners and their management.
Explanation / Answer
1. The compensation of the company for a particular profile is openly shared in the platforms like Glassdoor, and so the People are aware of the breakup and perks. If the organization doesn't keep it externally fair then it will become difficult to retain the employees and also the talent acquisition will fail.
2. Different employees have different needs according to the Maslow's Hierarchy Theory. So, the employees may have varying compensation package and varying perks. Also, some employees are given varying pay structures in order to increase the productivity of the employees.Thus, even if the pay is not internally fair, then also organization can do well.
3. The effect of higher wages on Costa Vida in the short term would be that they might go into debt quickly if sales are not being met to pay fixed and variable costs. Other short-term effects may include hiring new employees and by paying them a high wage, training and practice take time and they might not be contributing enough to meet revenue expectations.
4. However, high wages, in the long run, may retain employee and allow for teamwork and communication skills to build up which will contribute to higher revenue for Costa Vida.
5. Yes, it is true because if the company allocates that money in training the employees and increasing their productivity, and it also makes sure that the employees grow then the possibility of achieving the strategic objectives is high. So, in spite of giving higher pay, the company should help them in increasing their knowledge and skills and make them more competent so as to meet the strategic objectives of the organization.
6. It is because the HR strategy will be to include the basic components of the compensation schemes and it will be focused on making the working environment easier for the employees and bring more job satisfaction to them. Whereas the owner will be more efficient in deciding when and how will the compensation strategy will be implemented in order to meet the long-term objectives of the organization.
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