Reference no: EM131419127
"Compensation Systems" Please respond to the following:
- Analyze the compensation professional's goals to determine which would be the most difficult for you to realize. Discuss ways you might be able to overcome these difficulties.
- Create a list of five best practices that any organization could use to leverage a compensation system for positive impact. Provide specific examples to support your response.
Here is a sample answer.
Compensation Systems-
Quoted by our text, Compensation professionals promote effective compensation systems by meeting three (3) important goals: internal consistency, market competitiveness, and recognition of individual contributions. Internal Consistency involves doing a job analysis and job evaluation. This process would not be an issue to perform. I would base the recognition of an individual contribution through appraisals and feedback from managers. Market competitiveness would involve a lot of research and strategic analysis to be competitive in the market place. This process can be more difficult than the others because of the changes in any given industry and the economy. I would hire a special target group to stay on top of the research in the marketplace producing annual reports showing any changes that may occur in the industry.
Five (5) Practices that any organization could use to leverage a compensation system for positive impact:
1. Align Finance and Sales for Growth and profits
2. Align Compensation to Employee's Performance
3. Automate and centralize compensation processes
4. Ensure internal process controls and ongoing compliance
5. Model, forecast and plan.
Reference: Martocchio, J.J. (2013). Strategic compensation: A human resource management approach (7th ed.).
Reference: https://blogs.richardson.com/2012/12/06/5-best-practices-for-sales-compensation-management-start-by-aligning-finance-and-sales/
What will the price per share of the merged firm
: Suppose Firm T is agreeable to a merger by an exchange of stock. If B offers three of its shares for every five of T's shares, what will the price per share of the merged firm be?
|
Determining the area of compensation
: Determine the kinds of challenges Sportsman will face specifically in the area of compensation and which competitive strategy will serve them best in the future. Explain your rationale.
|
How does the story develop tension between nature-culture
: Our culture - and cultural changes - affects how we perceive nature, human nature, and "the natural." This theme continues to fascinate science fiction writers. Recall a recent science fiction book, movie, or TV program that creatively explores ..
|
Is given an observational or an experimental study
: What is the variable of interest?- Is this sample random? If so, justify your answer. If not, describe a technique to obtain a random sample.
|
Determining the compensation systems
: Analyze the compensation professional's goals to determine which would be the most difficult for you to realize. Discuss ways you might be able to overcome these difficulties.
|
Create a job description for an hr manager
: Create a Job Description for an HR manager. At a minimum, the job description should include the sections of 1.) Position Description; 2.) Duties and Responsibilities; and, 3.) Minimum Knowledge, Skills and Abilities. Share the job description in ..
|
What is the variable of interest
: Public Policy and Political Science- Is this an observational or an experimental study?- What is the variable of interest?
|
Society of human resource management code of ethics
: This unit introduced the Society of Human Resource Management Code of Ethics. The SHRM Code of Ethics is a rich source of ethical conduct designed to guide the HRM professional navigate the many complex issues that present themselves in the organi..
|
Discuss the integrative psychodynamic behavior therapy
: Mental health clinicians can work from a single theoretical orientation perspective or may integrate theories such as family systems or techniques such as Gestalt's empty chair into their clinical practices. Your required readings for this module ..
|