This will be an option available to each associate. By offering Hourly, Salaried, and Longevity compensation strategies we appeal to a wider range of age demographics bridging the gap across generations and bringing new innovative ideas to already stable processes.
My final recommendation is to institute a monitoring program to ensure that our compensation plan is having the desired effect and make adjustments as needed. Commission based employment can appear to be a transparent reward structure based on success and is a common way to reward top performers.
Performance Based Strategy Performance based pay strategy is a variable pay system which is intended to increase employee productivity by rewarding employees based on their performance ather than paying based on the time that an employee spends at work Wisegeek.
Manufacturing facility with employees, I have been asked to evaluate different compensation strategies that are available for adoption within the PepsiCo.
A disadvantage is that some people find some hourly jobs degrading and undesirable with few opportunities for bonus or advancement.
Studies have shown that time based employees only produce 50 to 60 percent of the output of performance based employees Atchinson. Rwt1 bussiness research There are many ways to implement a performance based plan but all require that goals be set, measurable, and achievable in the given timeframe Intech.
A pay for erformance plan can lead to dissatisfaction among senior workers who feel they should be rewarded more than Junior workers. All employees should be offered pay increases after satisfactory 30, 60, 90 day performance evaluations are completed by their reporting supervisor or manager.
Competency requirements are not as straight forward as skill requirements and the most common way to develop these requirements is to observe the qualities demonstrated by those that are regarded as top performers as compared to those deemed as average and collect data via surveys, interviews, observations, and tests and use that data to identify the core competencies needed to be successful Heneman, The plan provides a large amount of flexibility and can be implemented over time.
We will write a custom essay sample on RWT1 Business Research Report Order now The goal of any compensation strategy is to recruit and retain the highest quality employees.
It requires a shift from the focus of what employees cost to what employees produce. My third recommendation is to use the data collected from market research and employee surveys to build upon the pay for performance plan we have instituted and develop a strategic plan that focuses on total compensation.
Clark, Robert, and Sylvester Schieber. Once the skills and competency requirements have been defined, a development plan for skilled employees would need to be designed as well as a method for evaluating and recording employees acquired skills.
Research Findings During my research I found that there are many different strategies regarding compensation.
Longevity pay is based on years of service and rewards the employees based on this factor alone in the way of a pension plan or K. Implementing this strategy requires a skills and competency inventory for all positions in the company. In the manufacturing environment we have many positions that are dependent on the demonstration of tangible skills, for example the ability to operate a forklift or to be able to repair specific machinery.
If they sale or make more the more they will be compensated. An advantage of hourly to the employee is that they get paid for overtime and have less responsibility than that of a salaried position. More often than not the salary worker puts in more hours than an hourly employee and still gets paid the base pay without overtime this is an advantage to the company but not the employee.
Based on the research I suggested that we take the steps to develop a strategic plan by initially implementing a pay for performance plan and continuing to build upon that base to work towards a total compensation approach.
Due to the fact that performance based employees have a vested interest in the success of the company their productivity is likely to improve which can lead to the need for fewer employees to maintain production levels leading to a reduction in labor costs to the employer.
For instance, if rewards are based primarily on individual goals this could lead to unhealthy competition in the workplace that can breakdown teamwork. I have selected three very different but potentially productive strategies I feel would best fit our business needs as well as the needs of our employees.
The plans can be designed to reward individual performance, team can be awarded as cash bonuses, commission, extra vacation or personal time off, company paid meals, or other incentives.
Also, due to the flexibility of performance plans if the desired results are not being achieved or if the needs of the business have changed the plan can be modified relatively easy compared to other compensation methods Wisegeek 2. Most salaried employees like the stability that making a set amount of money offers.
Effective implementation is dependent on employee participation in the development of the plan and continual open communication throughout the process.
Also, it has shown success in other manufacturing environments. Each strategy has advantages and disadvantages but ensuring the work force is diverse and well compensated will ensure our business future and we must appeal to potential employees to grow our business and market shareholder interest.
When a strategic plan is implemented it can provide several benefits to both he company and the employees and provide valuable tools when negotiating with potential new employees that can be used to differentiate us from our competition.
The longer the employee remains with the company the more these savings type accounts grow. Table of Contents Executive Summary Introduction As manufacturers of high precision electronic test equipment, ABC Electronic Test Equipment is in a highly competitive industry that is always looking for the most highly qualified and skilled employees.
Also many of the elements of this plan require very little overhead to implement and do not have the continually growing costs of base pay increases.
Business Research Report Compensation Strategies for Assessment Code: RWT1 Student Name: Student ID: Date: 9/15/13 Table of Contents Executive Summary Introduction Research Findings Salaried/Hourly Compensation Commission/Productivity-Based Compensation Longevity Compensation Recommendations6 Conclusion7 References8 Executive Summary This report reviews three different.
Business Research Report Compensation Strategies for Assessment Code: RWT1 Student Name: Student ID: Date: 9/15/13 Table of Contents Executive Summary Introduction Research Findings Salaried/Hourly Compensation Commission/Productivity-Based Compensation Longevity Compensation Recommendations6 Conclusion7.
Business Research Report Mobile Devices for Field Service Assessment Code: RWT1 Table of Contents Executive Summary 3 Introduction 4 Research Findings 4 Recommendations 7 Conclusion 7 References 8 Executive Summary The purpose of this report is to investigate the possibilities of using mobile technologies for the company’s field service.
The purpose of this report is to investigate the possibilities of using mobile technologies for the company’s field service personnel and how this would affect the business in three main areas.
In particular we want to investigate the use of mobile tablets to improve the efficiency of the field. For example, goals can be based on overall company profits, cost reductions, safety, sales, production, and/or demonstrating company values.
The plans can be designed to reward individual performance, team performance, companywide performance, or any combination. RWT1 Essay Business Research Report Benefits of Ethical and Social Responsibility in Business Table of Contents Executive Summary When a company becomes more ethically and socially responsible it creates a more efficient company.
This is evenident when you look at the cost to a company when unethical behavior is present.Rwt1 bussiness research