Discuss significance of competitive pay policy alternatives

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Reference no: EM133306437

Assignment: Private sector wages up as inflation eases (The Straits Times, 5 June 2015) The Ministry of Manpower's report on wage practices showed that labour productivity gains have not grown in tandem with a rise in wages. It also reported that more firms are adopting flexible wage practices like linking bonuses to performance and introducing variable components into monthly wages. The year 2014 sew 80 per cent of staff working in private firms had some form of flexibility in their wages. Milkovich et al. explained that organisations which adopt a labour cost savings approach will receive marginal productivity. Singapore organisations. benchmarking with Switzerland's model to attract and retain talents, need higher than marginal productivity from their employees.

Question 1: Have organisations been poaching competitors' talents, thus pushing the wages up, but productivity did not rise? Should organisations adopt pure market pricing so as to retainhigh performers?

(a) Define external competitiveness. Discuss the significance of competitive pay policy alternatives and their impact on the compensation strategy. Provide one (1) example from an industry/ organisation that you are familiar with thatadopts market pricing.

(b) Examine the challenges and usefulness of the following pay structures: Pay grades and ranges Broadbanding

(c) Outline three (3) reasons for employers to conduct a pay survey. Illustrate the usefulness of the pay survey as a benchmark tool to adopt above market rate for high performers to sustain the competitive strategy.

Question 2: Intrinsic rewards trump more pay in keeping talent." A method to retain employees would be to keep them engaged, such as by building a coaching culture that reduces traditional command and control management of competent employees. (The Straits Times, 16 March 2015)

(a) Present your view, with two (2) motivation theories, that employees perform betteron their jobs because of pay- |

(b) Explain the balanced scorecard approach as an efficient pay-for- performance technique to reward department heads fairly. Relate to the concept of a virtuous circle and a vicious circle.

Reference no: EM133306437

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