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Compensation and Benefits
April 2022 Examination
Q1. Describe what compensation is and give at least three examples of core compensate practices followed in organizations. (10 Marks)
Answer 1.
Introduction
Repayment can be described as the systematic technique carried out by way of any employer towards its employees inside the manner of presenting some financial fee in alternate for the work they’re doing for the organization. There are numerous methods via which any employee of an organization can reap this repayment, including task performance, job delight, and recruitment support. Numerous different matters may be defined further, like how the compensation is used and the kinds
Q2. Explain how internally consistent compensation systems and competitive strategy relate to each other. Explain the basic building blocks of compensation system. (10 Marks)
Answer 2.
Introduction
The internally consistent compensation structures can help achieve competitiveness inside an organization’s market. These two techniques are related to every different, and many companies have carried out those strategies simultaneously and have excellent results similarly. There are many basic building blocks or repayment systems included, which might be mentioned in the next part of this answer. Within the internally regular repayment device, it gives fairness, which can be similarly defined as the cost earned through funding. The companies need constant inner
Q3. As the Office Manager at Custom Carpet Cleaning, Bob Huffman must handle a wide range of responsibilities. As the company has grown to over fifty employees, the human resource management practices of the company have become a more significant part of his role. Bob has had little formal education or training in human resources management, but works hard to ensure that the company manages its’ staff effectively. With a new fiscal year approaching, Bob is examining many aspects of the company’s budget. As he reviewed the payroll budget, he noted some wide variations in pay rates of the carpet cleaners across the company’s seven locations. He also noted that some of the pay rates seemed to be higher than what the competition pays. Pay rates and pay increases are determined at each location by the local supervisor and as a result, there is not consistency in the company’s pay practices. Some of the pay differences may be justified. Different locations work on different types of assignments and the jobs the carpet cleaners do may be different. For example, some locations work primarily at residential clients. Cleaners at these locations work directly with the clients and need strong sales and customer service skills in addition to carpet cleaning skills. Whereas locations that work primarily on commercial property have very little client contact, but they face tougher cleaning challenges and must have stronger technical skills. However, Bob does not have a good understanding of which locations have which kinds of responsibilities. He has done some research online and believes that a good starting point for examining the company’s compensation practice would be to conduct a job analysis and create written job descriptions. Based on what he learned through his research, he has decided to create a questionnaire to complete the job analysis process and he will ask one cleaner from each location to complete it. The questionnaire asks the employee to explain the tasks they complete and how they complete them. It also asks the employee to describe any equipment used. Bob plans to use the information collected in the questionnaires to create written job descriptions. Once he has the job descriptions complete, he will use them to help determine if internal pay rates are consistent and if the company is paying competitively in the market.
a. Which job evaluation technique do you think Bob should use when he gets to that step? Why? (5 Marks)
b. Make a final recommendation. What should Bob’s approach be (market meet, market lag, market lead)? (5 Marks)
Answer 3a.
Introduction
Task evaluation strategies may be explained as the manner this is used by organizations to make sure that the exceptional work that is being finished is up to the standard. The primary problem inside the bob situation is that many employees are not centrally dealt with, and raises are given
Answer 3b.
Introduction
The final recommendation needs to be furnished by BOB desires to make sure that there are techniques required to be made certain that the suggestion that the technique is with marketplace lag. This procedure helps ensure that there’s proper cash flow and that there is the right business
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