role of compensation
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You are working in a Human Resources Department. You and your boss got into a discussion about compensation, behavior, and motivators. You are asked to write a memo proposing alternative ways to recognize employees for their contributions and to reward them in a nonmonetary way that would have value to the employees.
Choose any industry with which you may be familiar. Be clear in your proposal as to what level of employee you are considering. You may choose several levels within an organization, such as professional, skilled, and/or nonprofessional. Support your ideas with reasons why these benefits may be considered of value. If you wish, you may include anything on the importance of retention because of the diminishing workforce. Feel free to get input from people you know.
Also, include a rough idea of what can be done with your suggestions to take it closer to implementation. Additionally, include any ideas that may help make the program get accepted and therefore be successful.
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Solution Summary
Explain the role of compensation and its influence on employee behavior.
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For the purpose of this assignment, I will chose financial services industry and more specifically, a wealth management/ stock broking firm which is involved in providing financial products and wealth management services to high networth individuals.
First of all, we will start with professional employees, such as investment advisors and marketing professionals in the financial services organization who are involved in selling the services to high networth individuals. Since financial services industry is a very fast paced and competitive industry where sales team have to remain aggressive and on their toes all the time to make a sale to prospective investors and clients and raise funds from them for investments, they need be fully motivated to perform well.
Compensation plays a very important role in motivating the sales force in ...
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- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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