What are the differences between merit pay and incentives

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Reference no: EM133406951

Questions:

1. What are the differences between merit pay and incentives? Why might you choose one over the other? ie. Indicate their respective advantages and disadvantages. Which one would you prefer to receive? Clearly explain why this is so.

2. Why does the notion of a "present value of a stream of earnings" have relevance for compensation? Explain fully from both the employer and employee perspective.

3. Describe the main features of equity theory and tournament theory and contrast their predictions. Which is more important to ensure it is appropriately considered an organization? Why is this so?

4. Based on the research discussed in the textbook, in what circumstances would you recommend a skill-based approach? A competency-based approach? Fully explain.

5. What does efficiency wage theory have to say about an organization's pay level and its profitability? How would you ensure that efficiency wage theory outcomes accrue to the organization?

6. How does a pay structure combine external competitiveness and internal consistency? Why is this important? Fully explain.

Reference no: EM133406951

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