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JVA Corporation Simulation - Assignment Example

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Summary
This report sets out a recommendation on how to reduce the cost of JVA from 8% to 5%, without having a major effect on employee morale. The author concludes that JVA  needs to embed the new approach into the strategic plan, making a permanent link between profits and non-core compensation…
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JVA Corporation Simulation
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JVA Corporation Simulation

Download file to see previous pages... Additionally, a communications and consultation plan needs to be put in place, so that employees understand the reason for these changes and see them as an alternative to redundancies, which would be a far worse option because they fail to take into account the future of the workers (Rue & Lloyd, 2009).
Internal equity is when the job evaluation determines the internal value of the job. The point factor job evaluation is the quantifiable process explaining the reasons for pay differences and classifications. The point factor jobs evaluation determines the internal value of jobs by placing them in a hierarchy of grades based on compensable factors. Compensable factors include experience, education, technical skills, and working conditions (Rue & Lloyd, 2009). This approach is to be retained, with no major changes proposed to core salary levels. This will reassure workers.
External equity is the second principle in compensation and it compares the salaries and benefits of the JVA Corporation employees to other workers in the same industry. In order to be competitive, the JVA Corporation must conduct a survey to see if the salaries/additional compensation perks are similar in other agencies. The jobs in other companies dealing in wireless technology devices are benchmarked because they include bonuses, travel rewards, commissions, profit sharing, and duties in a broad range of jobs. External equity can help managers make strategic decisions regarding the company’s compensation programs (Flannery, 2011). ...Download file to see next pagesRead More
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