Billy's Bar-B-Q is looking to set up a new Texas style restaurant. However, unlike the southern locations, they have come to the realization that things like taste, work ethic, and compensation expectations are different in the north.
Compensation and/or benefits employees receive are a reflection of the companies value of the employee's worth as to that position or the duties required to accomplish the job duties. Compensation could provide motivation for an employee to perform to the best of their abilities, or simply clock in and clock out.
In framing your response, research different compensation polices from piece rate systems to hourly to salary Identify different compensation systems and provide the benefits and disadvantages of each.
Define Comparable Worth and explain how companies attempt to compensate their employees based on such a concept and not violate any federal legislation.
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In applying comparable worth, the concept relates to having wages to the level of comparable job tasks with no restriction to race, gender, or education. Comparable worth initiative is to promote equal pay for the comparable work performed by the employee based on the job description indicated by the employer.
With the example presented, let's take a look at variety of approaches to managing compensation benefits for employees.
- Compensation and/or benefits employees receive are a reflection of the companies value of the employee's worth as to that position or the duties required to accomplish the job duties. The compensation could provide motivation for an employee to perform to the best of their abilities, or simply clock in and clock out.
Businesses primarily view compensation and benefits on the basis of affordability to sustaining projected profitability, in which, the employees can be offered variety of offers regarding pay. The compensation and / or benefits are catered to the most beneficial outcome from the company 'only' perspective while other companies seek for a partnership investment. Most companies understand that attractive compensation benefit package motivates employees long-term that reduces turnover costs.
Employees are more engaged in completing job tasks when they feel that fair compensation is being offered at the company. Companies value employees through fair treatment from compensation to leniency on time ...
The review in business compensation and benefits based on employee worth within the organzation that impacts the proficiency levels of operations.