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New Compensation Program
Discuss how changing the compensation program was consistent with the strategic shifts occurring in the organization.
This program reflects profound shifts in the company's philosophy regarding its employees and overall organizational strategy. It shows a more forward-thinking focus on the part of the company. Formerly individual jobs and job descriptions have now been changed with the intent of using a more team-oriented approach and cooperative philosophy amongst employees. This cooperative and team-oriented approach encourages employees to perform to their maximum capacity as members of a team. It states that all workers have a responsibility to all of their fellow employees, as well as a responsibility to simply monitor and institute quality controls over their own work performance. This shift takes away the focus on rewarding the individual on a personal level and shifts the focus to the object of the project, encouraging workers to be 'task oriented'...
Workers do receive individual rewards because they are increasingly required to be skilled at multiple tasks. This decreases boredom but more importantly increases worker's on-the-job education and training and the worker's ability to be promoted within the organization. It increases worker's employability within and without of the organization, creating a sense of potential loyalty to the organization. The pay-for-performance program also encourages workers to perform to their maximum personal capacity and to work on perfecting their tasks, yet without an expense to teamwork. If the task is performed well, everyone is rewarded. The emphasis on skill blocks, and the holistic nature of the tasks additionally encourages workers to view the tasks performed in light of the company's overall objectives in the long-term, rather than simply focusing on…
At the same time, there will be increased amounts of compensation. This will ensure that all employees are treated equally by: receiving a salary that is in line with their skills. Over the short-term, this means that there will be a decrease in earnings and profit margins. However, over the long-term is when there will be an increase in productivity and earnings. The way that this will affect employees is
Compensation Practice Ford Motor Company Henry Ford established the Ford Motor company in the year 1903. This was done with the help of eleven other business associates at a time when there were eighty seven other motor companies in the U.S. Before Henry Ford got into the motor business, cars were very expensive and were considered as luxury possessions and that only the wealthy minority could afford them. What set Ford apart
Interclean New compensation plan for the employment team As a result of the changes which have recently been implemented within InterClean, a new need arises in the necessity to align the compensation plan with the new organizational features. In other words, the changes implemented would only succeed if they are adequately supported by the staff members and a means of attaining employee support in times of organizational change is that of readdressing
Rewards for Employees and Company ValuesStrategic planning in nonprofit organizations is helpful in ensuring that the management can align the employees� and agency�s goals and objectives to be achieved. This approach further influences the way a reward system is designed in meeting the workforce needs. The systematic and continuous nature of strategic plans implies that the organizations will be in a position to adapt to their future endeavors. The process
Compensation is a sub-discipline of Human Resources Management and has become even more critical for organizations in the 21st century. Compensation, of course, is the salary or pay an employee receives from an organization and may fall into four categories: 1) Guaranteed Pay (fixed), 2) Variable Pay (Performance or results based); 3) Benefits (Medical, etc.), and 4) Equity-Based Compensation (Stock or organizational programs). There are many forms of compensation, many
Compensation Management Explain the job characteristics theory. How does it tie in with intrinsic compensation? Job characteristics theory was first introduced by Hackman and Oldham. Later on the basis of this theory, a job characteristic model was proposed which is also known as JCM. The theory focuses on five job attributes which helps in motivating the employees and make them feel satisfied at their job. The five job characteristics are as follows: Task