What are employee benefits? Explain how they are a major part of the compensation package. Review a current compensation package and determine if it is adequate and fair given the tasks needed in the job.
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What are employee benefits? Explain how they are a major part of the compensation package. Review a current compensation package and determine if it is adequate and fair given the tasks needed in the job.
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- 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.)What are suggestions to improve the problems of forcing employees to sign salary reduction contracts ? the recommendations must be related on concepts of compensation managementWhy are employee benefits sometimes referred to as "indirect compensation"?
- Discuss with the business 3 job evaluation methods utilized to determine compensation strategy. Include advantages and disadvantages of each method.Critically analyse the compensation system in an organization of your choice and suggest improvement to the current compensation system.You are asked to establish a worker’s compensation program in your organization that better manages your organizations workers’ compensation exposure. Identify six (6) specific services that you would include in this program and describe the value of each to the overall program.
- There are 4 basic parts of a compensation system. Which one do you think is the most important when recruiting new employees, and why? Which one is most appealing to you when you begin a job search upon graduation, and why?Explain why is Job Description important before the Management of an Organization can decide on the Compensation package of an employee.Give at least three (3) examples of internal and external factors to consider when developing a rewarding compensation plan and identify the advantage and disadvantage of each factor
- 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 benefitsdevelop a table on performance appraisals (PA) and how they are applied to training. identify three different types of Performance appraisals that can be offered. analyze how the Performance appraisals can be applied to a training effort. identify one type of training and one assessment tool for each PA that could be used to identify training success.discuss the role of compensation surveys in benchmarking and setting pay levels.