Posted: November 9th, 2015
Compensation & Benefits Management
Review the article, “Management Without Consequences: 24% of Companies Pay Bonuses
to Failing Performers.” Compensation and benefits is a very important part of the
strategic plan of an organization. Compensation and benefits are designed to
attract, motivate, and retain employees and to achieve an advantage over
competitors. Financial forms of compensation include direct pay (including base
salary) and variable pay (also known as incentives or pay-for-performance).
Indirect pay is more frequently known as benefits, such as paid and unpaid time
off, insurance protection, and retirement programs. Lifestyle benefits or quality
of work-life (QWL) issues are very important for achieving a competitive edge in
efforts to attract and retain top talent.
Describe the relationship between an organization’s business strategy and its pay
systems. Demonstrate an understanding of a pay model.
Discuss a goal or objective of your current organization. What aspect of the
company’s compensation system aligns with this goal/objective?
Discuss specific outcomes in the pay model an organization could impact through the
use of quality of work-life (QWL) programs. What do you think is the most
important outcome resulting from these programs? How can an organization formally
evaluate whether a QWL program has been effective?
Global Wage Rates
Wage rates in the United States are higher than similarly skilled workers in other
countries such as China, Mexico and India. Consequently, many U.S. businesses have
outsourced their manufacturing and production needs to take advantage of these
lower wage rates. Discuss how, working collaboratively, the federal government and
U.S. businesses can modify employee compensation packages to become more globally
competitive. Respond to at least two of your classmates’ postings.
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