See attached file.
Read Case Study 1: Pay Decisions at Performance Sports
Discuss what factors and resources Perkins and Balkin should consider when setting the wage for the purchasing agent position. Cite relevant supporting examples from your course materials and this case study to develop your discussion (Course Outcome 3).
1. Examine factors to consider regarding differing methods of structuring wages and compensation.
2. Analyze the merits of a pay-for-performance compensation package for the new purchasing agent position versus a traditional hourly wage.
3. Examine issues regarding equal pay as they relate to pay-for-performance compensation for one employee and hourly wages for other employees. (Would Perkins and Balkin be forced to do one or the other compensation plan or can
they do both methods simultaneously?)
4. Discuss the personal benefits and the steps involved in a high performance work system.
This case study renders us with a trouble an organization is confronting with their hourly wage system along with an analysis of wage scheme of pay-for-performance basis so that it can determine on the wage of its new purchasing agent. In addition this case study entails us with a cognition regarding the factors and resources that is needed by the Perkins and Balkin to consider at the time of setting the wage for the new purchasing agent position. This determination regarding the wage of new
purchase agent position can be done by analyzing following aspects:
Factors to consider regarding differing methods of structuring wages and compensation:
We all are aware with the fact that the levels of remuneration and employee benefits are a key to influencing relations at occupation. An appropriate pay rate and the distribution of benefits can have a noteworthy affect on the productivity of an organization through touching the inspiration and confidence of the workforce. Consequently, it is imperative for organizations to develop a suitable pay scheme which can ascertain that their employees are getting the greatest value of their efforts along with a feeling of proud. However this thing can be achieved only by analyzing the following factors, which are essential to be considered regarding differing methods of structuring wages and compensation:
? It is explained by Adam Smith that occupational wage differs in terms of hardship, difficulty of learning the job, constancy of employment, liability of the job and chance for success or failure in the work. All these aspects of a job should be analyzed properly before determining on any specific wage structure (Chapter 13: Benefit and Salary Structure Concepts, 2009).
? Another prominent factor is a systematic, timely and well planed approach to wage structuring.
? Involvement of employees is also essential and it should be examined carefully before determining upon any wage structure.
? Another essential factor that needs to be determined is the requirements of training for jobs in terms of span, complexity and the determination regarding the delivery of training (Chapter 13: ...
The solution examines Perkins and Balkins pay decision at performance sports. The factors to consider regarding differing methods of structuing wages and compensations are determined.