Evaluate & Contrast Compensation Tactics

 Compare  Contrast Reimbursement Strategies Essay


Precisely what is Compensation The objective of Compensation How compensation is usually linked to general HR Technique This exploration objectives

Types of Compensation Approaches

◦ ◦ ◦ ◦ ◦ ◦ ◦ Spend on Performance Motivation based pay Broad fixing Team primarily based pay Proficiency based spend Hybrid System Condition structured pay

Pay for Performance

◦ Durability

◦ You have what you truly deserves

 Foster person performance  Creates competitive environment

◦ Weaknesses

 Quality of might be ignored

Motivation Based Spend

◦ Durability

◦ Motivate employee to go an extra mile

 Certainly not applicable to any or all kind of jobs

◦ Weaknesses

 Quality of work could be sacrificed

Broad banding

◦ Strength

◦ Creates different rings of careers

 Foster individual overall performance  Produces competitive environment

◦ Weaknesses

 Top quality of work might be ignored

Team Structured Pay

◦ Pay of individual staff is dependent upon the performance of his staff ◦ Strength  Reinforcing group efficiency through the Acknowledgement of powerful teamwork

◦ Weaknesses

 Promotes free-rider tendency

Competency structured pay

◦ Strength

◦ Rewarding employees based on his competencies

 Promotes Efficiency  Differentiate between artist and non-performer

◦ Disadvantages

 Problems to assess competencies

Other Settlement Strategy

◦ Condition Primarily based pay

 Keep workers motivated to work under difficult working conditions  Exploitive in nature

◦ Hybrid program

 A combination of pay for performance and competency based pay

Which will Strategy is better

◦ Company vision and mission has to be considered ◦ Functional level goals happen to be identified ◦ Appropriate reimbursement strategy picked ◦ Multi-layer compensation system is appropriate below  Spend on Performance-Resource level  Competency based-Management level

◦ Its not an convenient task to determine competitive payment ◦ This...



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