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Management of process & people in engineering industary - Essay Example

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Management of Process & People in Engineering Industry Table of Contents Table of Contents 2 Pay System 4 Identification of Relevant Pay Systems 4 Performance Related Pay 4 Bonus Scheme 5 Single Factor Bonus Scheme 5 Multi Factor Bonus Scheme 6 Objective of Bonus Scheme 6 Financial Reward 6 Social Reward 7 Advantage and Disadvantage of Productivity Bonus 8 Advantages 8 Disadvantage 8 Advantage and Disadvantage of Individual and Team Scheme 9 Forced Ranking 12 Forced Distribution 13 Ford Motor’s Model 13 Implementation Plan 13 Reference 16 Pay System Pay system plays a crucial role in motivating workers to perform well and help organization to achieve its key objectives…
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Management of process & people in engineering industary
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Download file to see previous pages Pay system for engineering firms are regulated by industrial agreement. Antoni and Baeten have argued that profit related pay can be a much viable option for engineering industry in comparison to fixed rate payment system. PFP in engineering industry is directed by collective bargaining power of engineers working in particular organization (Antoni and Baeten, 2007, p. 123). Identification of Relevant Pay Systems Performance Related Pay Performance related pay is designed in order to measure performance of individual or group in monetary terms. Organizations using performance related pay believe increased pay can motivate employees to perform well. It is difficult to create a standard notion of performance related pay because definition of performance varies from organization to organization. Common performance related pay can be explained in the following manner. Small engineering firms pay price to employees on the basis of each unit of output. Although it is oldest form of performance related pay but very few organizations use this model in practical sense. Companies offer individual performance pay schemes in the form of fixed wage or performance related bonus. Engineer’s performance is measured in terms of his/her capability to produce target quantity of output in given timeframe. Cost to the company for engineers is adjusted in terms of fixed salary and variable pay. Variable pay is allocated to employees in the form incentives in order to motivate them to perform well. Individual measure of employee’s performance is subjective to assessment performed by particular supervised. Merit pay defines to pay hike due to good performance (Bryson et al., 2011). Bonus Scheme Research scholars have described bonus scheme as self financing method which provides reward to employees with an intention to motivate them to perform well. Bonus scheme is not a static reward system because many organizations change measurement norm of bonus scheme in accordance to business requirement. Basically bonuses are additional payment to base salary and important thing to remember is that bonuses are not paid in periodic manner. There are no fixed performance criteria to link performance with bonus scheme. Labour law suggests that bonus scheme must not be gender biased while research scholars have divided bonus scheme into two broad categories. Single Factor Bonus Scheme In single factor bonus scheme employee performance is measured in terms of key organizational objectives such as productivity, profit, quarter wise sales target and other short term targets. Multi Factor Bonus Scheme Multi factor bonus scheme is complemented by long term corporate level business objectives. Bonuses are given to particular individual or department on the basis of their overall performance in a particular financial year (Amicus, 2006). Objective of Bonus Scheme Improving performance of employees in terms of profit, sales or productivity Motivating employees to deliver key objectives of business such as service quality, customer relationship ...Download file to see next pagesRead More
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