A Reflection from the lesson discussed: What is the significance of compensation to employers and employees in terms of: 1. Work 2. Person 3. Outcomes / Performance
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- In terms of compensation, how do employees view fairness? Cite 3 ways and give concrete, specific examples for each.Pay-for-performance compensation models improve employee engagement and retention by clearly tying employee or company achievement of performance goals to tangible financial rewards. 1. What are the advantages and disadvantages if pay-for-performance compensation model will be adopted by the government? 2. Which government agency will benefit from this compensation model?What are some ways that pay-for-performance schemes could backfire if acompany doesn’t set them up carefully or effectively manage the factors thataffect employee performance?
- How are benefits designed for employees? Explain the types of benefits that are offered by employers. Should all employers have to offer benefits?Briefly explain the importance of organizations having good compensation and benefitsplans for their employees.critically analyze and discuss the myriad factors that frequently shape an organization's compensation decisions, considering both internal and external influences."
- Discuss with the business 3 job evaluation methods utilized to determine compensation strategy. Include advantages and disadvantages of each method.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.What are the factors affecting employee compensation? How to develop a strategic compensation strategy?
- 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?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.When employees feel valued, they feel better about coming in to work and overall company morale increases. Evaluate the fundamental goals of the compensation department in modern organisations.
