Reference no: EM132006379
1. Compare job-based pay with skill-based pay and provide an example of each. Determine which pay you would prefer. Support your decision.
Determine how government regulations affect compensation and if the regulations are needed. Support your position with examples.
Please respond to the following post.
Compare job-based pay with skill-based pay and provide an example of each. Determine which pay you would prefer.
Skill based pay (SBP) is a compensation system that rewards employees additional pay for their formal certification of the employee's mastery of skills, knowledge, and/or competencies as well, it's a pay system in which pay increases are related to the number or depth of skills an employee gets and applies.
Meaning, you get paid for your certificate and degrees earned too whereas in comparing to Job-based pay (JBP) is a compensation system that pays employees based on the task they are assigned to perform as well, it's related to the job analysis and the requirements of a job assign then the employer pays in accordance to the expectations and needs of a given post. Meaning, no matter how many certificates or degrees you earn you are only paid based on the task you have performed and completed.
With that in mind, the pay I would prefer would be the skill- based pay because if you earn certificate or degrees it's relevant to your job and your pay, this skill encourages development of a broader and range of skills of higher levels within the company for their employee in their current jobs or positions. In other words, there is no limit to what you can earn if you so desire.
2. Examine the common elements of compensation packages. Determine which two elements you believe to be the most motivational to an employee and to you. Support your position.
Compare team and individual bonuses and incentives. Determine which type of bonuses and incentives you would prefer. Support your position with examples.
Please respond to the following.
In this week's reading examining the common elements of compensation package is I discovered that the two elements I believe to be the most motivational to the employee and to self is the base pay and employee rewards the base paid that comes with their hourly wages and the annual salary and an employee rewards that gives the individual and group incentives but my favorite is the group of rewards that is based on the collective performance of a team or the organization this helps the team to share goals of the broader group.
I like gainsharing in group level incentive program for that program explores the working together as a group and also shows that it helps the organization as a whole to reduce costs and improve for the productivity.
In healthcare working in the well working in the emergency department they came up with the idea of team sharing to process the people that come to the emergency room in a faster way servicing them to get seen faster was a group activity that reduce the calls and improve productivity within the the organization.