Please Give Answer Both Question Dont copy from internet please The compensation
ID: 352788 • Letter: P
Question
Please Give Answer Both Question Dont copy from internet please
The compensation strategy is extremely important as the right compensation strategy helps to build the effective and competitive organization globally and the wrong setting of the compensation strategy, which does not fit with the needs of the organization and with the HR and Business Strategies, can destroy the organization within several years and the organization suffers from decreased performance and not utilizing the full potential of employees. The compensation strategy defines the pay market, the organization follows, the desired position on the pay market and the way, how the desired level and position on the pay market will be achieved. The compensation strategy defines the basic compensationn components used in the organization and the standard rules applied to each compensation component The compensation strategy has to be in line with the business and HR Strategies as the compensation of employees is aligned with the expectation of the top management fronm them. The compensation strategy does not change often as the compensation principles cannot be changed within few days. Q1. Discuss the general compensation strategies used by any two companies with worldwide operations. 10 marks Q2. Compare the compensation strategies of two worldwide companies as stated in answer above with the compensation strategies of your organization. 10 marksExplanation / Answer
Q1.
Organizations with global operations need to build up compensation strategies for workers that are in line with their international business policies. Corporations that communicate a comprehensive worldwide compensation philosophy and grow an equivalent compensation policy are most excellently positioned to efficiently implement their strategies. An efficient worldwide compensation policy helps to generate uniformity in compensation administration and makes possible worldwide worker mobility.
Several aspects have an effect on the pay of a particular expatriate which comprises of job category, time-span, location, family requirements and remuneration. Globalization of business has augmented the utilization of variable and incentive compensation around the globe.
However some traditions do not willingly recognize the observance of connecting compensation to individual or group performance. Other obstruction to compensation for performance consists of monetary, goal setting and remuneration evenhandedness and fair pay.
Q2.
Job evaluation facilitates to evaluate and assess the comparative significance of jobs to conclude and establish the compensation composition. Job evaluation can assist to conclude if remuneration is reasonable and fair among the workers.
A corresponding assessment and evaluation can facilitate to recognize where an individual’s job is judged against every other job based on a ranking system and on the whole a score is given to each job to decide the utmost appreciated job against the lowest valued job.
The manner in which you converse your compensation system is enormously significant to improve and boost the enthusiasm that can be formed by reasonable and unbiased pay policy and system. Furthermore where feasible ask for involvement from your workers through the utilization of fair compensation survey as this can facilitate to form a transparent pay procedure resulting in elevated performing workers.