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

Question 1 in reflecting on the complementary nature of

Question 1: In reflecting on the complementary nature of managing and leading, John Kotter suggested that leadership is about coping with __________ while managing is about coping with __________. change; complexity comp ...

In this paper examine your organizations generic and

In this paper, examine your organization's generic and diversification strategies, its international moves, and its ethics, social responsibility, and environmental sustainability practices. Submit your work in your assi ...

Task -read a business proposal - customer records

Task - Read: A Business Proposal - Customer Records Management Replacement System for the fictional organisation Tangle Corp. This document will be made available via the Resources section of Interact for this subject. T ...

Written report - individual assessmentpurpose this

Written Report - individual assessment Purpose: This assessment is designed to reinforce the subject content and develop students' skills and application of knowledge of the subject content to business situations. Topic: ...

Topic 1 origins of management practices1explain what is

TOPIC 1: ORIGINS OF MANAGEMENT PRACTICES 1. Explain what is meant by ‘management'. In your answer discuss how the definitions or ‘management' have changed over time. 2. Explain the differences between effectiveness and e ...

This assessment aims to allow participants to explore and

This assessment aims to allow participants to explore and develop key capabilities in one of the three key leadership capabilities (competencies) addressed in the unit. There are three sections to this report: 1. A self- ...

List and describe the three guidelines for sound policy as

List and describe the three guidelines for sound policy, as stated by Bergeron and Bérubé ? Describe the bull's-eye model. What does it say about policy in the InfoSec program? In what way are policies different from sta ...

Problem 11 formulate the equations to determine the optimal

Problem 1 1. Formulate the equations to determine the optimal shipments from each point of embarkation to each destination along this supply chain that will result in the minimum total shipment cost. 2. Solve the model u ...

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 ...

Case study - mighty metrics retail is in the detailsto

Case Study - Mighty Metrics: Retail is in the Details To assist you with this assignment, complete an internet search on the current hiring practices and assessment tests employed by Home Depot. You just became the head ...

  • 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