(1) Composition and Benefits. 5-7 slides with speaker notes of 200-250 words per slide (excluding title and reference
Determining the value of work is critical to setting pay rates. After the job analysis and writing the job description, the human resources compensation specialist determines the process to apply to perform the job evaluation and compensation.
Develop a presentation that addresses the following for setting a final pay range for a position:
Explain the factors used in job pricing.
What are compensable factors, and how are they applied in determining pay ranges?
Discuss the point and job content methods, and give an example of how each is applied in determining compensation.
What would you recommend an organization use to define compensation for a customer service representative?
(2) Composition and Benefits Additional Incentive Programs
There are many types of monetary compensation not tied directly to salary or hourly pay.
Primary Task Response: Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:
Explain the difference between regular pay (for normal work hours and duties) and other forms of direct compensation, such as bonuses.
How would you recommend that an organization blend the types of pay to maximize employee motivation?
(3) Compensation and Benefits 750 words A strategic purpose for a well-blended compensation program, one that includes various types of direct compensation, is gaining employee commitment and productivity. One of the most effective tactics for this strategy is designing a process for linking individual achievement to organizational goals.
Prepare a report to senior leaders addressing the following:
Explain the concept of tying performance to organizational goals.
Describe the different types of individual and group-level performance measurements.
What are the advantages and disadvantages of individual versus group-level performance recognition?
Concept of tying performance to organizational goals
Determining the “right” compensation can be tricky. Not only is money a touchy subject, but so many factors play into determining compensation rates that are both fair and competitive. Factors that influence compensation rates the most include: years of experience and education level; industry; location; in-demand skill sets; and supply and demand. A compensable factor is a value or trait that employers use to determine how much to pay an employee. Compensable factors for sales employees could include the dollar value of new account registrations, contract extensions and upselling activities, as well as experience, education, and tenure.
eamwork Teamwork plays an essential role within both Fiedler’s Contingency Theory and Chelladurai’s Multi-dimensional model particularly regarding leader-member relations, if the group are familiar and trusting of the leader policy implementation becomes much simpler. Similarly to leadership, understanding and adapting to the situation is key to a leader being able to implement policies that ensure a group work as a team. Teamwork is a product of good leadership, and is again the responsibility of the leader to ensure the group are working successfully together. Highly functioning teams are essential within organisations to increase productivity and member satisfaction, by utilising the talents of all group members effectively within the constraints of the task, personal relationships and the group goals (Pettinger, 2007). Figure 2: Tuckman’s Model of Group Development (Agile Scrum Guide, 2019) Tuckman in his Model of Group Development provides easily identifiable stages that a groups performance can be measured against, making it useful for monitoring performance, Figure 2 shows Tuckman’s model. Ranking group performance against this scale can provide leaders with a clear understanding of how the group are functioning, allowing them to implement policies to change this if performance is unsatisfactory (Pettinger, 2007). Within organisations, the theory can be loosely applied to creating teams by grouping familiar individuals with the aim that they will reach the norming and performing stage of the model quicker. For short and simple tasks this is an extremely effective way of organising groups, due to the increased short term productivity. However there are significant issues with grouping individuals in this manner, particularly when tasks become more complex, and ultimately the model should mainly be used for monitoring the progress of groups (Pettinger, 2007). Figure 3: Belbin’s Team Roles (PrePearl Training Development, 2019) A more functional approach of grouping individuals is to utilise Belbin’s Team Theory (Belbin, 2017). Belbin identifies 9 key roles that must be fulfilled within a group to ensure success, the roles are summarised in Figure 3. The roles cover a wide spectrum of skills that need to be present within a group to ensure success, and becomes essential when tasks are lengthy and complex. Organisations can find the Belbin roles each individual fits through a questionnaire, and thus balanced groups can be formed covering all the roles. However, like with Fiedler’s contingency model, the theory when translated to practice can often become very impractical for organisations to implement regularly. This is largely because the organisation is constrained by the personalities of their employees, their may be an abundance of one personality type and an absence of another, the only solution is to hire externally to fill the missing roles within teams. This can result in an extensive payroll for an organisation and huge financial implications as they cannot legally dismiss employee’s if they have too many of one personality type. The importance of Belbin roles in a team became apparent for Group 1 o