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4 pages/β‰ˆ1100 words
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Business & Marketing
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Coursework
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English (U.S.)
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Business And Marketing: Human Resources Compensation Worksheet

Coursework Instructions:

This is course work from a compensation class in Human Resource major.
Please answer the following two compensation-related scenarios in no more than 1-2 pages (for both). Before responding think about what questions need to be asked and what additional pieces of information might be needed to properly respond to the scenarios.
Scenario 1 – Balancing Internal Alignment and External Competitiveness
An employee says she received an offer from another employer and is considering accepting the offer. Money is a huge factor. She currently makes $60,000 per year and the offer is for $68,000 per year. The employee says she will decline the offer if you agree to a $5,000 pay increase. What should you consider in this situation to make a responsible decision about how to proceed? (20 points)
Scenario 2 – Adjusting Compensation
As the hiring manager for an open position in your department, you decided to offer the job to an employee who works in another department in the organization. The position is classified two pay grades higher than the employee’s current position. What additional questions must be answered, and what additional information do you need to make a responsible decision regarding how much, if any, of a pay increase is appropriate in this case? How will you determine an appropriate starting pay for this employee’s pending promotion? (20 points)
Please discuss the following statements with your opinion, experiences, and research in no more than 2-3 pages (for all three total). You may agree or disagree but make sure to support your answers.
Statement 1
Employee performance can be recognized and rewarded through incentives. Raises based on merit should be done through an effective performance appraisal system so that only employees who are deserving should be given a merit raise. (20 points)
Statement 2
Organizations without a formal compensation structure usually base the worth of jobs on subjective opinions of people familiar with the jobs while organizations with formal compensation programs are more likely to rely on a job evaluation system. Most compensation professionals believe that a job’s value should be based on the total value that it delivers to the organization. (20 points)
Statement 3
Pay levels are limited by profits and financial resources available to employers. An organization’s ability to pay is partially determined by the productivity of the employees. Generally, increases in capital investment and technology may reduce the number of employees required to perform the work, thus increasing the employer’s ability to provide higher pay to the remaining employees. (20 points)

Coursework Sample Content Preview:
BUSINESS AND MARKETING Name: Institution: - Scenario 1: There are two central points to consider in settling on a choice whether to raise the worker's compensation or let her acknowledge the new offer on her way. To start with is to consider the organization's status. Second is to look at the remuneration package. While considering the company's status, the business should cautiously assess the following internal components that exist inside a company and incredible impact on the compensation structure of the organization. These can be capacity to pay, business system, work assessment, and accomplishment evaluation as well as and the worker as an individual. The worker influences the remuneration in one of the following techniques: Execution: The higher execution brings extra pay to the worker, and in this way with the extended remuneration, they get stimulated and play out their activity all with greater proficiency. Enjoyment: As the employee devotes his years within the affiliation, he hopes to get an accelerated pay for his experience. Capacity: The functionality is useless on the off danger that it receives since it is disregarded. In this manner, groups do pay extra to the workers having higher ability while contrasted with others. On the other, when contrasting the remuneration package, a business should take a gander at the external elements that exist outside the company yet exceptionally influence worker pay in one way or the other. These can be current labor market, going or winning rate and efficiency, the average cost for basic items, worker's organizations and work laws (Rothaermel, 2016). In this manner, there are a few interior and outside variables that dictate the measure of remuneration to be given to the laborers for the measure of work done by them. Scenario 2: As an employing officer, the following questions will be considered before hiring so as to settle on a dependable choice in this specific situation. First, Does the company have a strategy in regards to altering pay for advancements? How has the division administrator, contracting chief and additionally the association dealt with pay modifications for advancements previously? and Where does the worker's present pay rate fall inside the compensation scope of the new pay grade? Is the representative underneath the base, over the midpoint or over the most extreme? Consider the possibility that it will take a 20 percent boost in compensation to get the worker to the base of the new pay run. Is that a lot of a boost in compensation? Imagine a scenario where the worker is as of now being paid in any event the midpoint of the new pay run. Even further, the following questions should be considered. What is the association's theory about paying individuals outside of their compensation extend? Can it truly promote a worker and yet not give a boost in compensation with the promotion? To decide the proper starting pay for the worker, the employer needs to think about the following questions. What are others similarly situated in your area of expertise being paid? What is their capability level, execution level, and so on.? Are there any with a comparable ability level as the new worker? What is accessible in the monetary allowance to pay this new employee? What ar...
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