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Compensation Analysis, Research Paper Example

Pages: 1

Words: 1020

Research Paper

Financial/Material Rewards

As a member of the human resources department in a manufacturing organization with 120 employees, one would have to be very careful with the compensation strategies adopted in the company. This will call for a critical evaluation of different compensation strategies that are available for adoption. This requires comparison and contrast of several compensation strategies and the determination of the appropriateness of each compensation strategy to the organization (Livermore & Ang, 2009).

Compensation strategies are very important tools with which organizations can move forward. Indeed, an organization is as good as its compensation strategies. This is because the compensation strategy would affect issues to do with efficiency, effectiveness and the rate of employee turnover. Besides, human beings are motivated by a reward system (Gordon, 2008). Whereas an individual may have high capability of performing at the organizational level, the rate at which they are paid would determine how committed they will be in delivering on their duties and functions. It is out of this that staff compensation remains to be the greatest tool with which effort can be enhanced at the organizational level (Honaker, 2001).

In an organization with only 120 employees, the compensation strategy must be one that is very straightforward. This is because of the relatively smaller size of the staff. In this case, communication and interaction between and amongst staff is quite easier. This implies that the organization would have to be very clear with staff remuneration and compensation strategies. The Employee Benefits Package would be the most preferred strategy in ensuring that effective compensation takes place. In this case, much concentration would be on the position of duty of an employee in terms of hierarchy and the level of the level of Competitiveness and innovativeness.

The aspect of hierarchy cannot be ignored in developing the compensation strategy of the company. Indeed, the top ranked employees would have to be paid more than their subjects are. This augurs with the desire to foster efficiency and effectiveness at the organization. For a total of about eight supervisors and other top rated staff, there is no way that they could be paid the same amount of salary or remuneration as their juniors. This will ensure that these officers have pride in executing their duties and that their role is not just because of the aspect of title (Ghorbani, Kouhestani, & Rasouli, 2012).

The other aspect will come in the form of allowances to the employees. Whereas the difference between top staff and other junior employees in the company might not be far stretched, the allowance, which is way out of the basic salary, will help create confidence and facilitate effort by those holding the managerial and other administrative positions. This will also work well for a case where the juniors fetch a relatively the same amount of money in terms of basic salaries (Erasmus & Schenk, 2008).

The aspect comes in terms of competiveness. As a manufacturing company, there is need for boosting innovativeness at the work level. This will call for a comprehensive “Why Perform Job Evaluation” criterion. It is through this criterion that effort and level of innovativeness of staff would be determined. Innovativeness will only be archived where there is a motivating factor (Henry, 2004). In this case, the motivating factor would be reward system. In order to boost innovativeness at the work place the results oriented and innovativeness system would have to be developed. This will ensure that all employees that are very innovative and efficient are reward in terms of tokens of money within a specified period of three months (Plum, Achen, & Dræby, 2003).

Non-Financial/Non-Material Rewards Compensation System

Spotlighting the employee of the month will help initiate further effort. In this case, individual effort would be appreciated. Given that the company is a manufacturing based company, it may be difficult for individuals to move out of their console areas and have a good performance. However, this facility will help in instilling pride and bolster individual effort. Individual’s effort would be encouraged because there is reward for the same (Harris, 2002). As every employee strives to get on the coveted position of the employee of the month, the general performance of the company would improve. However, this sachem requires that staff evaluation systems are as accurate as possible. This implies that whereas the management may recognize the staff of the moth, their musty be clear reasons as to why the person or individual was selected amongst the rest of the 120 member staff (Peterson, 2004).

Hosting firm and/or department outings would be a very important strategy in ensuring that staff is well compensated. In this case, staff that would be found to have performed well over a given period would be granted the opportunity to visit various places courtesy of the organization. This will work well for company in that staff will be motivated by such provisions as it gives them to opportunity to access facilities that were way beyond what the ordinary compensation scheme would have provided. It will also help the company cut the costs of remuneration due to the advantages of blanket cots, as group investments would attract cheaper packages (Hiam, 2003).

References

Erasmus B. & Schenk H., (2008). South African Human Resource Management: Theory & Practice. Juta and Company Ltd

Gordon V., (2008). Selection Criteria Exposed: 101 Examples of Statements Addressing Selection Criteria, California, CA: Review Consulting

Harris, D. M (2002). Human resource development. Fort Worth: Harcourt College Publishers.

Henry R. (2004). Writing Responses to Selection Criteria, New York City, NY: Robin Henry

Hiam, A. (2003). Motivational management: inspiring your people for maximum performance. New York: AMACOM Div American Mgmt Assn.

Honaker, P. (2001). Training in management skills. New Jersey: Prentice Hall.

Ghorbani M., Kouhestani H.A., & Rasouli A., (2012). Study of the relationship between cultural intelligence and organizational effectiveness in Esfarayen industrial complex of Iran, African Journal of Business Management Vol. 6(4), pp. 1491-1498

Livermore D., & Ang S., (2009). Leading With Cultural Intelligence: The New Secret to Success. New York City, NY: AMACOM Div American Mgmt Assn

Plum E., Achen B., & Dræby I., (2003). Cultural Intelligence: The Art of Leading Cultural Complexity, London: Middlesex University Press

Peterson B. (2004). Cultural Intelligence, Yarmouth, USA: Intercultural Press

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