Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Management Theories Expert

Section A

problem1)i) Discuss the different factors which might influence an organization's compensation strategy.

ii) Describe what is meant by equity and how it is an significant consideration in compensation.

problem2)i) Discuss the concept of job evaluation, including the most common methods used by organizations.

ii) Describe the philosophical basic assumptions behind variable pay plans.

Section B

Case Study:

In a speech to employees, chairman of Praveen Metals said that to survive in dynamic market, they should be able to switch gears and perform differently in response to change. According to him, traditional job titles and descriptions indicated a restricted set of work duties. Paying employees according to these structured duties led to rigidity during times of change. Paying employees according to their competencies seemed to be more rational approach, allowing organization to speedily change employee assignments and motivate their employees to gain skills and become more valuable. The workers will be motivated as they were being paid according to their skill sets.

The chairman felt that by doing this, employees will gain some control over their pay. All in all, such a pay system had potential of being more motivating as well as of retaining employees. More motivated and performance-oriented employees will be drawn to such a system as it allowed them to realize their potential. Such people were often the high achievers and effective employees.

Management initiated skill-based pay in an organization, replacing earlier system of job grades based pay. During this transition, employees assisted in writing skill definitions and benchmarking skills. Jobs, based on job scope and complexity, defined benchmarked competencies. Company conducted training sessions and made sure that employees understood the new system.

Supervisors and team leaders assessed employee application of knowledge. If employees were applying skills beyond their designated skill base pay level, the supervisors initiated certification and approval processes to promote them to next higher level. If employees’ performance was below standard, their pay remained the same. Though, the supervisor and the employee were needed to establish a training plan of action.

After a year of operation, employees were asked to provide inputs in three areas: (1) access to training and job rotation, (2) how well they understood new plan and (3) their view of advancement under new plan. After implementation, following results were identified. Employees, who had the positive perception of their access to training and job rotation during first year of the new pay plan, were also satisfied with their skill based pay in the second year. Employees who understood new plan in year one were also satisfied with their skill based pay benefits in year two. Overall, these employees felt that the system was fair. So, from these findings, the management found that both employee understanding of the pay system and their being able to affect their pay through access to training and job rotation were important for the success of the skill-based pay plan.

problems:

a) The chairman suggested the replacement of job grades. Could you suggest some of the modern approaches to wages and compensation determination?

b) According to the Chairman, employees don’t have control over their pay by using traditional approach. Is it possible for employees to have control over their pay?

Management Theories, Management Studies

  • Category:- Management Theories
  • Reference No.:- M93158

Have any Question? 


Related Questions in Management Theories

Identity the supply chain process of anti retro virus drugs

Identity the supply chain process of anti retro virus drugs by NACO of GOVT OF INDIA With its comparable to planning framework and enables with four different head 1.demand management 2.supply management 3. enablers 4. i ...

Part 1 scenarionbsp you have been hired as a consultant by

PART 1: Scenario:  You have been hired as a consultant by the CEO of a medium-sized business with a limited budget to help address concerns that he has about his organization's information security - and to bring efficie ...

Managing recruitment and selectionthe recruitment and

Managing Recruitment and Selection The recruitment and selection process is often challenging, as it can be expensive and time-consuming for health care organizations. Administrators are frequently under pressure to quic ...

1 search the internet for information about a technology

1. Search the Internet for information about a technology called personal or home office firewalls. Examine the various alternatives, select three of the options, and compare their functionalities, cost, features, and ty ...

The fine garments company sells fashion clothing the

The Fine Garments Company sells fashion clothing. The forecasted annual demand for their premium leather jacket is 2,000. The order-processing cost per order is $40, and the inventory holding cost is $35/item/year. How m ...

Minimizing supply chaindisruption risk through

Minimizing supply chain Disruption risk through enhanced ?exibility Joseph B. Skipper Department of Operational Sciences, School of Engineering and Management, Air Force Institute of Technology, Dayton, Ohio, USA, and Jo ...

Read the article below and complete a 1-2 page article

Read the article below and complete a 1-2 page article review. The article review should include the following: Summary of the article. What are the key points of the article? How does military conflict management differ ...

Supply chain integrationthe tui session long project is not

Supply Chain Integration The TUI session long project is not a term paper due at the end of the course. Rather, the SLP acts as a vehicle to give the topics of each module a personal, concrete expression. These modular s ...

Assignment marketing of the acquisition by edusin this

Assignment: Marketing of the Acquisition by EDUS In this assignment, you will research information related to the marketing and promotion of the acquisition by EDUS and provide an assessment. Topics for Research and Anal ...

Assignment briefdevelop an annual report for a company of

ASSIGNMENT BRIEF Develop an Annual Report for a Company of your choice. Company - National Bank of Malawi 2015 Annual Report From a technological point of view, the "internet" is all the computers in the world that are c ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro