See attached file.
Seven questions of policy issues, pay model, compensation alignment, job analysis, evaluation
1. What are the four policy issues in the pay model? What purposes do the objectives in the pay model serve?
The four policy issues in the pay model include an internal alignment, external competitiveness, employee contributions and the management. The internal alignment is concerned with being able to compare amongst jobs or skills levels within a firm. The external competitiveness focuses on compensation relationships that are outside of the firm and especially those that are in direct comparison with competition. Employee contributions look at the relationship as emphasized by employee performance. Finally, the management involves focusing on ensuring that the human resources sees to it that people get paid appropriately and commensurately with their achievements.
The objectives within the pay model play the main purpose of efficiency, fairness, compliance and ethics. As such, the objectives serve as the main guide by which the pay system is aligned with and serves as the standards upon which the pay system's success can be judged by. Finally, the objectives provide the policies and techniques which are seen as the means within which the objectives can be attained.
2. Discuss the reasons underlying why internal alignment is an important policy when applying a strategic perspective of compensation. In addition, discuss the factors that influence internal pay structures.
When applying a strategic perspective of compensation, internal alignment is an important policy as it has a direct influence on the decisions that employees make as regards to whether or not they want to stay with the firm or in guiding a firm in determining ways in which it could become more flexible through the investment ...
Policy issues, pay models, compensation, job analysis and evaluation is examined.