Setting the Stage for Strategic Compensation and Bases for Pay - Assignment Example

Comments (0) Cite this document
Summary
Name Surname Professor Name Subject 14 January 2012 Setting the Stage for Strategic Compensation and Bases for Pay Introduction: The departments of human resources in any organization involves strategies for their compensation and bases for pay to the employees since they prove to be significant for the betterment of the employees as well as their services to the organization…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93% of users find it useful
Setting the Stage for Strategic Compensation and Bases for Pay
Read TextPreview

Extract of sample "Setting the Stage for Strategic Compensation and Bases for Pay"

Download file to see previous pages The present study focuses on the setting of the stage for strategic compensation and bases for pay in organizations, by answering five questions in association. Question 1: Describe the three main goals of compensation departments. Solution: The primary stakeholders for an organization’s compensation packages include the employees, the management or the executives, and the government. Thus the three main goals of the compensation departments in an organization are associated with satisfaction and gain advantages from these three above mentioned sources (Compensation’s Role in Human Resource Strategy, 22). The first and most important goal that the compensation departments have reflects on keeping the employees of the organization satisfied such that they perform efficiently and with sincere concerns working towards the achievement of the organizational goals. Secondly the concern of the department is associated with the management and executive teams since these individuals are the experts of the organizations and need to be retained for future endeavors. ...
Thus the three primary goals of the compensation department could be learnt from the above section of the study. Question 2: Describe the contextual influence that you believe will pose the greatest challenge and the contextual influence that will pose the least challenge to companies’ competitiveness and explain why. Solution: A company’s competitiveness and the level of competitive advantage that it gains over its competitors depend significantly on the performance of the employees of the organization. However, with the changing world of businesses and the market trends that determine the level of competition, the compensation systems have also significantly altered and modified. This in other words reflects the influences of the contextual factors in association with the competitiveness of an organization. The most important factor that seems to influence the compensation program is the determination of the wage rates for the employees. High wage rates on one hand increases the cost of the company and thus the prices of the goods reflecting on decreasing financial performances for the company; on the other hand, it guarantees the gain of competent workforce. Thus this factor poses the greatest challenge for an organization. The factor that poses least challenges in the present times include the determination of wages according to the geography or industry, since now the satisfaction of the employees influence more depending on the needs of the organization. Thus strategic compensation system has become significantly necessary in the planning for wages within organizations (Kim, 2-5). Question 3: Describe when subjective performance evaluations might be better (or more feasible) than objective ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Setting the Stage for Strategic Compensation and Bases for Pay Assignment”, n.d.)
Retrieved from https://studentshare.org/business/1440924-setting-the-stage-for-strategic-compensation-and
(Setting the Stage for Strategic Compensation and Bases for Pay Assignment)
https://studentshare.org/business/1440924-setting-the-stage-for-strategic-compensation-and.
“Setting the Stage for Strategic Compensation and Bases for Pay Assignment”, n.d. https://studentshare.org/business/1440924-setting-the-stage-for-strategic-compensation-and.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Setting the Stage for Strategic Compensation and Bases for Pay

Compensation Programs: Seniority Pay Systems vs Performance Pay Systems

..., who also conduct training of employees. Thus, in most Japanese firms, rise in employee salaries bases on their job classification and years in service. In addition, the compensation comprises various levels with differences between them. This is because the increases based on merit or time period are minimal. Japanese firms also set pay levels at the same level as competition. They fix the levels with the information they get from comparing different series of tables, which relate the basic salary of employee to their age. Generally, the compensation system of Japan is very transparent and open. This therefore has led to the...
16 Pages(4000 words)Research Paper

Setting the stage for strategic compensation and bases for pay

...?Running Head: STRATEGIC COMPENSATION School: Topic: Strategic Compensation Lecturer: presented: Compensation DepartmentGoals Milkovich & Newman (2005) define compensation as the financial returns and benefits employees receive from employer in order to achieve a positive relationship between employer and employee. It is geared at enhancing employee’s performance and organizational effectiveness and consequently competitive advantage in the labor market. The compensation department is part human resource department as it is concerned with employee base pay and benefits administration. The...
4 Pages(1000 words)Term Paper

Setting the Stage for Strategic Compensation and Bases for Pay

...? Setting the stage for strategic compensation and bases for pay Table of Contents Introduction 3 Contextual influence posing greatest and least challenge for companies’ competitiveness 3 Subjective Performance versus Objective Ratings 5 Conditions in which profit sharing plans motivate employees 6 Pay-for-knowledge pay concepts 7 Conclusion 8 References 9 Introduction The main goal of compensation departments in organizations is to develop compensation practices which allow organizations to remain competitive in the labour markets and demonstrate it as an employer...
6 Pages(1500 words)Essay

Pay and Reward Compensation Management

...? Reflection of Lecture 5 and 7 May 12 Lecture 5- Pay and Reward Compensation Management This paper will seek to express in brief what I understood from the lecture about pay and reward compensation management. I learnt several things about payment systems, the amounts paid methods and how pay is determined. I also learnt the reasons why pay systems vary. In the pay setting practice, I confirmed factors I already knew such as pay is based on hourly rates, and that the casual workers pay is not as predictable as the salaried ones. The internal market influence pay setting based on the local labor markets and the internal wage structures of the firm as well as internal equity. I learnt the importance of international comparison... . This was a...
3 Pages(750 words)Research Paper

Early Years Foundation Stage Setting

...?Early Years Foundation Stage (EYFS) Setting Early years foundation stage (EYFS) setting Introduction This paper summarizes facts about the processes that are involved in the implementation of Early Years Foundation Stage (EYFS) and assess the extent to which the early years curriculum it proposes has been implemented. According to Palaiologou (2010, p4) and the Department of Education (2012, p.1), under the EYFS setting, each and every child must be helped acquire the best possible start in life and this refers to every child early years development. EYFS suggests a standard policy and curriculum that, in the view of the Department of...
7 Pages(1750 words)Essay

Compensation

...projects or even their own entrepreneurial developments (“Facebook beats google”, 2012). 2. The best fit and best practice approaches constitute different perspectives. The best fit approaches argues that compensation pay should be aligned with the organization’s strategy and values. The challenge these becomes finding the ‘best-fit’ between the strategic approach and compensation. These practices are contrasted with ‘best practice’ approach that argue there need not be a best fit between strategy and approach, but instead a universal approach to compensation in the organization. 3. A customer service-agent that manages issues that arise between...
2 Pages(500 words)Essay

Pay Structures, Pay & Merit

...realize that their success is counted on how the organization successfully attains its goals (Peter, 2002). Consequently, failure of the organization to achieve its goals will be their failure, and this will be a determining factor on their compensation package. This proposal will align individual employee interests with the company interest based on the understanding that any individual employee failure will be a contributing factor to the company failure or success. In addressing individual failure, I would make the employees aware that failure will not be tolerated. In assisting individual employees to boost their motivation, I would form formal working groups, set objectives for them...
2 Pages(500 words)Assignment

Compensation

...banding practice is compensating workers based on their performance, secondly, employees would be able to receive salary increment after improving their skills and level of knowledge rather than waiting to the reclassified in another job group. The practice of broad banding encourages employees to develop their skills since they can move lateral within the organization while in the same band and they will still be able to receive salary increment. The key disadvantage of adopting the broad banding practice is that it reduces the level of competition within as organization because of lack of emphasis on status or title, which could have otherwise, been used by others as a motivating factor. 4.0...
3 Pages(750 words)Essay

Strategic Compensation

...Case study A. Issue from last Case Study One of the issues identified in the last case study is how much employees are paid. From the knowledge of Week 3 readings, I think employees should be paid for overtime based on person-focused pay. This is a plan that rewards employees according to skills, knowledge, and job-related competencies. The two criteria that should be used to pay overtime according to person-focused pay plan are skill-based pay and pay-for-knowledge. Incentive pay in the company should be defined as compensation, whereby the rewards vary according to a...
2 Pages(500 words)Assignment

Executive Pay Compensation

...considerably, the pay for other lower level workers has remained highly stagnant. According to the studies by some publications, it was discovered that the compensation given to company CEOs was way beyond 400 times that of the average workers, which raises the question of whether this is an ethical perspective that companies should consider in their management. Inasmuch as top level managers are significant in creating strategic management approaches, it is important to realise that the implementation of such ideas is the most essential; therefore, the people implementing them should be given due consideration just like the top managers. In this case, companies can have a highly...
9 Pages(2000 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Setting the Stage for Strategic Compensation and Bases for Pay for FREE!

Contact Us