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Advanced Remuneration and Performance Management Assignment
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Added on 2021-06-17
Advanced Remuneration and Performance Management Assignment
Added on 2021-06-17
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Running head: ADVANCED REMUNERATION AND PERFORMANCE MANAGEMENTAdvanced Remuneration and Performance ManagementName of the Student:Name of the University:Author Note:
Table of ContentsIntroduction......................................................................................................................................3Analysis of the position based remuneration system and person based remuneration system........3Position based remuneration system............................................................................................3Person-based remuneration system..............................................................................................5Arguments for the most appropriate person-based remuneration system.......................................7Conclusion.......................................................................................................................................8Recommendation.............................................................................................................................8Reference.......................................................................................................................................10
IntroductionRemuneration is a term which means pay or compensation, however, it is a broader termand it includes not just the pay but also the basic salary, bonuses and commissions. Thisremuneration also includes the other types of the pay benefits and the terms of the employmentcontract as well. remuneration is of the several elements that affect the employees and thesuccess of the company as well (Gigliotti, 2013). It is important to note that there lacks auniversal efficient system which is applicable to the wide type of individuals and businesses.Setting up the best remuneration system involves the best output from the employees and thus isfound to be tricky. When the remuneration includes both the employees and the top managers,then it seems difficult to get things right (Pencavel, 2012). This study focuses on a case studycompany named O’Meara Electronics Company and the company recently recruited a HumanResource consultant for the purpose of revamping the person based remuneration system andperformance management system. Analysis of the position based remuneration system and person based remuneration systemThe position based remuneration systemThe position based remuneration system contrast with the person based remunerationsystem and in this pay system includes the position and responsibilities of a person rather thanthe personal skills. While some of the employees might think that there is a wide opportunity foroptimizing the earning and matching the abilities. The position based remuneration system offersome amount of benefits to the women employees (Madhani, 2014). Pay for value- The position based remuneration system is based on the job-based paysystem. A person gets paid for the work he or she does in a company. This provides a scope of
compensation in the form of a tangible quality in comparison to a skill based system, where asupervisor has to assess an employee based on his or her qualities and skills. Employersspecifically designate the schedules and the grades that indicates the quality or the wage for aparticular job and this enables an employee to see the duties assigned and the assigned pay(Gupta, Conroy & Delery, 2012).Fairness and equality- If not 100 percent, but position based remuneration system ispotential enough to reduce the likeliness of gender discrimination in pay. Since the focus alone ison the job, the pay system does not get affected by the qualities of the person holding the job. Itis also a fact that some of the employers use the position based systems to gain protection againstthe discrimination claims. Although there exists a wide gap between the pay system of men andwomen, the position based remuneration system thrives to bring the ambiguity into a particularposition (Lips, 2013). Clear steps for higher pay- the process through which more money is earned is through aclear position based pay system. In order to gain more money, a person needs to gain in positionto experience a significant boost in pay. It is rather easy for a person to get a promotion to afeasible job and it is possible through analysing the qualities and the skills possessed by theconcerned person. In a position based remuneration system, the path through which a personearns a promotion is informal and is also grounded and depends on the development of newabilities and skills (Perry et al., 2012). Pay comparisons- Although it is not necessary then it depends on the intent of anemployee, the position based remuneration system allows an employee to easily make acomparison of the salary offered by the other companies or the employers. This can beconsidered to be true when most of the companies use the position based remuneration system.
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