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The Effect of Compensation Administration on Employee Productivity

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Added on  2021-04-13

The Effect of Compensation Administration on Employee Productivity

   Added on 2021-04-13

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1.One alleged problem with performance appraisal is that most employees seem tothink they are above average and do not like to be told otherwise. Do you think this is true, and, if so, how would you design an appraisal system that might avoid this problem? (10 marks)Confident workers have it going for them, since they are self-motivated and optimistic, they are important assets for businesses. We have the qualities of leadership, do not fear taking chances and are very reliable. Problems starts when employee’s confidence turns into over confidence and gains arrogance [ CITATION EMI19 \l 1033 ]. Turning a blind eye to the negative nature of others does not change it [ CITATION EMI19 \l 1033 ]. As team leader, it becomes necessary to direct this unreasonable employee until their conduct affects the effectiveness in organisation[ CITATION EMI19 \l 1033 ].Assessment programmes assess employee performance against previously established targets, define strategic goals and offer feedback to employees about their growth and training needs[ CITATION Mel17 \l 1033 ]. This helps managers recognise productivity strengths and failures and offers a roadmap for potential changes[ CITATION Mel17 \l 1033 ].In the particular situation I would choose characteristic checklist as it describes the basic traits and attributes of employees. It can calculate, timeliness, reliability, initiative, and interest. I may assess unique organisational characteristics of workers, such as customer generosity [ CITATION Mel17 \l 1033 ]. The key benefit of this approach is that it not only measures an individual's present performance but also forecasts potential jobs results [ CITATION Per20 \l 1033 ].In this system workers have to take part in social-simulation activities, including in-basket simulations, informal meetings, fact-finding activities, decision-making issues, role-play simulations, and other activities that ensure the involvement of a person in a task. Improve awareness, encourage thinking, and improve employee performance [ CITATION Per20 \l 1033 ].2.If one were to be introduced, which Organizational Performance Pay Plan would be best for your most recent employer? Discuss also why the other options wouldnot be preferable. (If you are using a different employer than previously noted in Test I and II, briefly introduce the employer) (10 marks)“Organizational performance pays plansinclude employee profit-sharing plans, employee stock plans, and other organizational pay plans” [CITATION Ric181 \l 1033 ].Preferable plan for my position at e commerce company purchasekaro.com would be group incentive plan as we work in team and I have always been a team player. The implementation of group reward programmes can be used to address the difficulty and interdependence of
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employees, the need for collaboration with a work group and the presence of working group norms and also have a motivational opportunity for specific goals, consistent pay-to-performanceties and fairly small pay increases [ CITATION Geo91 \l 1033 ]. Many of today's community benefits, such as opportunities to share income and benefit, are consistent with reward plans; they are bound up with relative quantitative performance metrics, give comparatively large payouts and do not include payouts in simple wages[ CITATION Geo91 \l 1033 ].Team benefits areconnected to more collective performance metrics – at the working group, facility / plant / office or company level – in order to dramatically attenuate the relation between the individual workers' performance and compensation [ CITATION Geo91 \l 1033 ].Including merit-based incentives, partial incentive schemes, various types of premium schemes and commissions, a wide range of strategies can be found between individual incentive schemes that could make employees work more individually and simply focus on pay and not for efficientperformance [ CITATION Org12 \l 1033 ]. Most organisations have used company or corporate compensation programmes to fix some of these deficiencies [ CITATION Org12 \l 1033 ]. Group incentive programmes base on group or organisational productivity at least some employees receive [ CITATION Org12 \l 1033 ]. Employees are therefore encouraged to collaborate with each other and the company in order for every employee to support [ CITATION Org12 \l 1033 ]. Initiatives such as income sharing or revenue sharing systems are structured to connect the potential benefits and wealth of workers to that of the company and reduce the antagonism between the two for years. The outcome is often dramatic [ CITATION Org12 \l 1033 ].3.Gain-sharing and goal-sharing programs have high discontinuation rates. Why doyou think this may be? (10 marks)Gainsharing is better characterised as a management programme in which the engagement and participation of its workers aims to achieve higher levels of success. For improved results, workers share the benefit financially [ CITATION Rob15 \l 1033 ]. It is a team strategy, generally involving all the workers at a site or project [ CITATION Rob15 \l 1033 ]. The standard company Gainsharing tracks efficiency and transfers savings with all workers using a pre - specified formula. The real performance of the organisation is compared to the minimum performance to assess the sum of the profit [ CITATION Rob15 \l 1033 ]. Goal Sharing is a system by which performance reward is related to particular goals that are met,including bonus rewards for those responsible for the objectives that are accomplished [ CITATIONEco20 \l 1033 ].
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Typically, a weak or slow manufacturer is a root cause [ CITATION Kat16 \l 1033 ]. Instead, companies often come up with brilliant ideas after a contract has first been signed that contains a winning clause [ CITATION Kat16 \l 1033 ]. Some of them in other situations. The question is not the lack of imagination but instead of the institutional deficiencies that prevent changes from gaining momentum in the contract and governance system. Unfortunately, the Good Idea Graveyard will take these thoughts [ CITATION Kat16 \l 1033 ]. Gainsharing is not achieved becausethe issue is outsourced, the working reach of the producer is not controlled and is limited and the term of math is short [ CITATION Kat16 \l 1033 ].4.“Defined contribution pension plans are nothing more than an attempt by employers to shift risk from themselves to employees, who are much less able to bear this risk.” Do you agree or disagree with this statement? Discuss why (10 marks)I assume that, yes defined contribution plans in a way are an attempt by employers to shift risk from themselves to employees, who are much less able to bear this risk. Employer should be careful choosing retire plan for employee, he should opt for less risky plan. This would help change employee’s perspective towards pension plans. The employer and often the employee contribute annually to the pension plan of the employee. Contributions are usually defined as a fixed portion of income, although that portion does not need to be consistent in a profession [ CITATION Zvi88 \l 1033 ]. The Defined contribution pension plans calculation is simple, only the market value of the retirement plan resources is calculated [CITATION Zvi88 \l 1033 ]. Nevertheless, the Defined contribution pension plans is part of the framework that also provides employees a lifetime lump sum that starts at a retirement age and which can be bought with a gain on their account in variousconditions as a reference for personal financial management [ CITATION Zvi88 \l 1033 ]. Clearly, the real value of the pension annuity would depend on the investment performance of the pension fund, the retirement rate and the employee's final compensation trajectory[ CITATION Zvi88 \l 1033 ].Defined contribution pension plan providers are focused on cost savings and personalised programmes, along with increased insights and investment. “Nonetheless, a defined contribution plan has considerable legislative / regulatory risks, said Robert Landry, Chief Council Officer forAurora, Ontario based Magna International, Inc. with most of its employees on defined
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