Discuss why variable pay performance plans have become popular and what elements are needed to make them successful.
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Discuss why variable pay performance plans have become popular and what elements are needed to make them successful.
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- What types of occupations may be more suitable for person-focused pay? Or, explain a job that may not be suitable forhow is a job costing system implemented provide a brief explanation of each step in the implimentaion process?Discuss the trends that are leading to the increased interest in variable pay.
- Define: Part of this law encourages employees to make greater use of salary reduction (defined contribution) plans.What are the two types of bonus pools for bonus incentive plans? How do they differ, and how doeseach achieve (or not achieve) the three objectives of management compensation?A company’s compensation and rewards strategy is most effective when it remains in line with the organization’s overall business strategy and maximizes talent management. While human resources departments must strive to attract and retain the best workers for each position, the incentives needed to engage those workers must be balanced with the costs to the company. For this assignment, research compensation strategies, and consider general compensation programs for the position you identified in previous module assignments. Describe the base pay range and major incentives that are included in your benefits package and respond to the following: What types of rewards, both tangible and intangible, can be used to recognize and incentivize an employee in this position? Does your program include stock options, profit sharing, an employee stock ownership plan (ESOP), healthcare, etc.? Are your specified options provided for employees of all levels or just for certain positions? How…
- As an associate member of the institute of human resources, you have been invited to give a presentation on employee benefits. Briefly outline your presentation under the following sub headings Justification for employee benefits Statutory benefits and their importance Factors considered in benefit planning Effective administration of benefitsExplain what are the key pros and cons of time based pay plans?Traditionally organizations have taken a one size fits all approach toward providing benefits. However, considering the diversity of today’s workforce, more organizations are modifying their compensation packages to include a variety of packages. Some of the rewards organizations can provide include: increased base pay, bonuses, shortened workweeks, extended vacations, paid sabbaticals, flexible work hours, part-time employment, guaranteed job security, increased pension contributions, college tuition reimbursement, personal days off, help in purchasing a home, recognition awards, paid club memberships, and work-from-home options. What are the positive aspects of having individualized rewards? (Think in terms of employees and managers.) What are the negative aspects of having individualized rewards? (Again think in terms of employees and managers.)