Compensation Plans
Not what you're looking for?
Scenario:
You are the Director of Compensation and Benefits for Lansing-Smith Corporation, a 6-month old sales and service organization that currently has a workforce of 150 employees. You recently joined the organization when the Vice President of Operations decided to move the Compensation and Benefits function out of the Accounting Department, into a separate function. From your own observations you have identified several areas in need of review, redesign or development, including projects such as an audit of current pay plans to ensure they are aligned with federal regulations, an analysis of various pay plans to assess which plans will provide maximum benefit for Lansing-Smith, extensive job analyses to ensure a solid understanding of each position, job evaluations to determine the worth of the positions, consideration of various incentive plan designs to identify a plan that effectively drives individual and group performance to achieve production goals and research, development, communication and management training for a company-wide performance appraisal process.
You are dedicated to developing compensation and benefit practices that are motivating and empowering for employees. You are confident that with well-developed programs and practices, employees will be motivated to perform at higher levels, thereby driving overall company performance.
Task needing assistance:
3-4 paragraphs
There is much debate over the role of compensation plans in affecting employee motivation. The Vice President of Operations wants to know your studied opinion on the matter, and is glad to share hers.
Download and review the following articles.
The Role of Money and Merit Pay in Motivation (http://web.cba.neu.edu/~ewertheim/indiv/pay3.htm)
WHY DOESN'T PAY MOTIVATE? (http://www.frankallen.com/Executive_Reports/Incentives_In_the_Workplace/Why_Doesn_t_Pay_Motivate_/why_doesn_t_pay_motivate_.html)
The VP of Operations asks you the following question.
Does pay motivate employees? Why or why not?
Purchase this Solution
Solution Summary
The role of Compensation Plans in affecting employee motivation
Solution Preview
Pay will always be the key motivator and it definately employees in all kinds of environement. However, the success of the pay in terms of motivating the employees rests on the effective execution and implementation of the pay or compensation strategy as well as on host of other factors that go along with it.
Pay will only be able to motivate employees and will not fail if the organization takes care of host of issues, such as timing of the pay and reward, proper communication and understanding among the ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
Recent Feedback
- "Thank you. "
- "Thank you"
- "Thank you. I got 20/20 last week for my discussion you help me out with."
- "Thank you. Great Job. "
- "Thank you. Great Job. "
Purchase this Solution
Free BrainMass Quizzes
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Operations Management
This quiz tests a student's knowledge about Operations Management
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.