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Compensation and Benefit Systems: Mid-term Essay Exam (Essay Sample)

Mid-term: Essay Exam on an assigned topic. Submissions are due at the end of week 4, Sunday night at midnight CT April 17, 2011. Mid-term Exam must be completed no later than midnight Sunday, April 17, 2011. You will have a full week to prepare it. Post assignment in the DROPBOX ONLY. Editing assignments after the due date will result in point deduction. Post your assignment in Word format, in the Dropbox by midnight CT Sunday. Covering Chapters 1-8. 100 points: 25 points for each of the four areas covered. Topic: Explain how Strategic Compensation is a major component of human resource systems. In your discussion include the four aspects: 1. strategic analysis and contextual factors 2. traditional basis for pay and motivational concepts 3. building internally consistent compensation systems. 4. aspects of designing a competitive compensation system. The discussion should be comprehensive and thorough. source..
Name of Writer: Date of Submission: Introduction Throughout the twentieth century all the practices pertaining to human resource management was known as man power planning or personal management. In the early 20th century the main focus of human resource management was on employees in factories and their effective deployment in order to boost manufacturing output. After some time the government imposed extensive payroll taxes and fixed the minimum wage law. It became legal binding for all the manufacturers to integrate administrative function into personal management. It is a fact that companies that manage their human resources and employees have higher rate of success. In order to run the HR function effectively and smoothly the compensation function is introduced. Compensation is a vital component of human resource system. There are different types of compensations. My paper will discuss about strategic analysis, contextual factors, traditional basis for pay, motivational concepts, building internally consistent compensation system and aspects of designing a competitive compensation system. Strategic Analysis and Contextual Factors In order to run a successful company there is a need that compensation professionals must have a good knowledge about competitive situation of the company. This knowledge is very useful for compensation professionals because it helps them in properly implementing strategic compensation practices and guides them to develop such practices. According to compensation in action feature, there is a need to invest in human resource in order to achieve competitive advantages. (Martocchio, 16) The role of strategic analysis is very important in achieving such competitive advantages. Strategic analysis helps in the examination of company`s internal c...
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