Evaluate & Contrast Compensation Tactics

 Compare  Contrast Reimbursement Strategies Essay

10/11/2011

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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