THE SUBJECT IS COMPENSATION Unit 2 Discussion Topic 1 Discussion Topic Please re
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Question
THE SUBJECT IS COMPENSATION
Unit 2 Discussion Topic 1
Discussion Topic
Please respond to the Discussion topics. Take time to review the responses of your classmates and provide your feedback. For each topic below, please respond to the individual issue in one initial post. This should be one substantial post that covers all the relevant issues.
A Pay Model and Strategic Perspectives
In addition to this week's Reading, visit the Library or use your favorite search engine and search for the following: determining a motivating salary. Learn about pay and salary issues that can contribute to employee motivation. Please relate anything useful from the article as it relates to this Discussion.
Describe an organization that you were or are currently employed with in terms of total compensation and relational returns. Explain how this combination of total compensation and relational returns did, or did not, help the organization succeed.
Unit 2 Discussion Topic 2
Discussion Topic
Please respond to the Discussion topics. Take time to review the responses of your classmates and provide your feedback. For each topic below, please respond to the individual issue in one initial post. This should be one substantial post that covers all the relevant issues.
A Pay Model and Strategic Perspectives
Provide an example of each of the four policy issues in the pay model presented in the text.
Compare the strategic business-based “best fit” and the alternative “best practices” perspectives in compensation. Are these perspectives necessarily divergent?
Explanation / Answer
Yes, Money can buy happiness. Specially when this question is asked in working environment where the ultimate motive of everyone working is same that is to earn, to earn more then mere livelihood, to lead luxury life and to earn for your dreams. When this combined to your organization Goal which is of course the motive for creating the wealth for it’s shareholders and profitability, the ultimate outcome would be to align the interest of employees to that of interest of Organization – Hence an employee can earn more by contributing his efforts and energy towards organization Goal and its profitability. Therefore, Incentive as a part of Total Fixed Compensation really does wonders in terms of employees productivity and challenge. It also affects the positive competition among the employees to earn more than others in the same field. Employees feels motivated when their efforts are recognized and appreciated in monitory terms. The Organization where I am working, is offering quarterly recognition certificates for the best performer of quarter and give him certificate and cash as winning prize. Every employee waits eagerly for every quarter to get that recognition and price and perform better to their level for getting the same.
Four policies issues are Internal Alignment in which the pay scale depends on Job responsibilities and skills of an employee in comparison with other employee within the same organization, External competitiveness in which the pay scale is based as per the industry rate prevailing in the same industry for same post, Employee contributions wherein the pay scale is performance based, Management which focus on employing the right person at right pay. Best Pay and Best practise refers to HR policy where they focus on paying the best pay to best employee in best way. They basically leads to rewards system based on effectiveness of an employee. Best fit refers to the policy which is best suiting to the organization strategy to gain competitive advantage. They both are similar as to the way both are judging the reward system of an organization one in terms of best pay more than the industry rate to gain the competitive advantage and other based on organization strategy whichever suited best to the organization.
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