Which do you consider the most important base pay, premium pay, and types of variable pay as parts of a compensation program? how does the Total Rewards Strategy align with our business goals?
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Which do you consider the most important base pay, premium pay, and types of variable pay as parts of a compensation program?
how does the Total Rewards Strategy align with our business goals?
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Solved in 2 steps
- How does the implementation of a compensation plan contribute to the strategic goals and overall success of companies?Is pay-for-performance a better model than existing models of compensation? Are there limitations to it as well?Merit pay plans appear to be the most common form of compensation in the United States. Based on your knowledge of merit pay systems, identify one job for which merit pay may be appropriate and another for which it may be inappropriate. What is the rationale for your choices?
- What are the points that you have to consider when you are designing a Benefits Plan? Who should be involved in developing Pay-For-Performance Plans and why?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 factorWhat types of occupations may be more suitable for person-focused pay? Or, explain a job that may not be suitable for
- how do fringe benefits contribute to a company's overall compensation strategy and total rewards program?Merit pay plans appear to be the most common form of compensation in the United States. Although widely used, these systems are not suitable for all kinds of jobs. Based on your knowledge of merit pay systems, identify one job for which merit pay may be appropriate. Explain in detail why you chose the job for appropriate merit pay and the job you chose as not appropriate.In the “Pay-for Performance “ article the authors argue for differentiating among various incentives based on line of profession and industry. How do you approach this categorization and whether this works in reality or not? Does your organization exercise pay-for-performance strategy in general? Please, provide the context and justification for this.