Factors affecting effective incentive plan

Assignment Help HR Management
Reference no: EM1336462

Compensation plan:Factors affecting effective incentive plan

Scenario:

You are the Director of Compensation and Benefits for Lansing-Smith Corporation, a 6-month old sales and service organization that currently has a workforce of 150 employees. You recently joined the organization when the Vice President of Operations decided to move the Compensation and Benefits function out of the Accounting Department, into a separate function. From your own observations you have identified several areas in need of review, redesign or development, including projects such as an audit of current pay plans to ensure they are aligned with federal regulations, an analysis of various pay plans to assess which plans will provide maximum benefit for Lansing-Smith, extensive job analyses to ensure a solid understanding of each position, job evaluations to determine the worth of the positions, consideration of various incentive plan designs to identify a plan that effectively drives individual and group performance to achieve production goals and research, development, communication and management training for a company-wide performance appraisal process.

You are dedicated to developing compensation and benefit practices that are motivating and empowering for employees. You are confident that with well-developed programs and practices, employees will be motivated to perform at higher levels, thereby driving overall company performance.

Details: You are a member of a national human resource management society which provides web materials for members, as well as on-line chat learning events with field experts. You have just finished reading a live chat presentation with the Martocchio, leading author on strategic compensation. Martocchio says that when designing incentive pay programs, there are 5 factors that should be considered.

Whether the plan should be based on group or individual employee performance.
The level of risk employees will be willing to accept in their overall compensation package.

Whether incentive pay should replace or compliment traditional pay.
The criteria by which performance should be judged
The time horizons for goals, long term, short term, or a combination of both.

You are asked by the chat moderator to contribute to the learning event by choosing 2 of the 5 factors, and posting chat on them. Discuss why those factors are important to consider, and the role each plays in developing effective incentive programs.

Reference no: EM1336462

Previous Q& A

  Explain how has the internet changed the tactics

Explain How has the Internet changed the tactics and How has the Internet changed the tactics organizations use in their marketing mix

  Write down the largest and the smallest numbers to screen

Write down a Java program that will search a text file of strings representing numbers of type int and will write the largest and the smallest numbers to the screen.

  Explain about marketing

Explain about Marketing and Discuss the dimensions for segmenting markets and Provide a succinct overview of the key components of a marketing plan

  How to define a class named document

express a class named Document that contains an instance variable of type String named text that stores any textual content for the document. Create a method named toString that returns the text field and also include a method to set this value.

  Show the important hr skills for supervisors

Important HR Skills for Supervisors - Demonstrating Communication Skills and Determining Effective Orientation and Training Methods

  Management of human resources

What do you think about the way executive compensation has escalated over the last several years and Do you think it is justifiable? Why or why not?

  Design a script that will allow the user to enter one

make a script that will allow the user to enter one of several choices from the command line.

  Explain consumer behavior principles

Explain Consumer behavior principles and Explain the roles of learning and memory theories in developing marketing strategies

  Expalin the file system that will be installed

define the file system that will be installed in the server of your local hospital to support remote access of information by the hospital's doctors while they are using their mobile devices such as cellular phones or PDAs.

  How does project planning improve the chances

How does project planning improve the chances of project success and Who is involved? Roles and responsibilities

Reviews

Write a Review

 

Similar Q& A

  Who approves and rejects resources

Who approves and rejects changes to the scope of the project and Who approves and rejects resources

  Electronic monitoring of employee behavior

Electronic Monitoring of Employee Behavior - Show whether managers are justified in monitoring employees to this degree.

  Show the role of hr management in international strategy

Show the role of HR management in international strategy (with two articles: Going beyond hiring, firing and compensation and Does your HR management support your International Strategy?)

  What is the general context of the press release pr

Choose a Fortune 500 company and visit its website. Search for Press Releases and read two or three of them. Take notes on the following and What is the general context of the Press Release PR

  Write an abstract on joint publication 5

Submit an abstract in which you summarize "Joint Publication 5-0: Joint Operation Planning." Discuss the major sections, what you feel are the important points of the document, and how it is used for deliberate and crisis action planning in the U...

  Wage and benefit issues

Why do employees today place such a high priority on paid time off and Do you feel that companies are fair in their offerings for vacation/personl/sick time? Why or why not?

  Check an issue within that organization

Check an issue within that organization that would have both organizational and societal implications and For that organization, explain how you would address both the organizational and societal audiences.

  Important for organization to view components of staffing

Human resources - Why is it important for the organization to view all components of staffing (recruitment, selection, and employment) from the perspective of the job applicant?

  Hr depts. dealing with retrning vets

Issue of concern that needs to be managed by organizations and what actions would you need to take as the HR manager.

  Human resource management plan

Human Resource Management Plan - A human resources management plan for a Special Education Teacher employment position

  Examine a business problem confronting an organization

Examine a business problem confronting an organization that could be addressed through the application of business research principles. Begin by evaluating three possible outcomes to the research problem.

  Show the concept of a reward system

Concept of a reward system and its affiliation - Show the concept of a reward system and its affiliation with a performance management system.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd