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Policy for external competitiveness and forms of pay

Using concepts related to external competitiveness, provide pay recommendations for a manager's position in Time Warner . Apply appropriate pay concepts to determine the pay for a managerial position.

What policy regarding external competitiveness would you advise? List the options and the pros and cons of each policy option. Offer the rationale for your recommendation.

What forms of pay and in what percentages would you recommend? Again, offer your rationales.

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Pay Structure for Manager

Some people think that there is no difference between compensation and salary. Employee compensation is a vital part of human resource management. Wages, salary and other forms of employee's compensation constitute a very large component of operating cost. Compensation is much more than the monetary incentive and rewards provides by the employers (Guide to Managing Human Resources, 2007).

Money often is looked upon as a means of fulfilling the most basic needs of man. These needs are made available through the purchasing power provided by monetary income- wages and salary. For the accomplishment of a specific task, various rewards are given to the employees. These rewards are in the form of pay plans. For a manager's position, the pay structure should be defined in an appropriate manner (Gupta, 2005).

There are various kinds of pay plan. These plans are prepared for the benefit of the employees or to motivate them in the organization. Various pay- plan options are merit based pay plan, pay for performance plan, Merit plus incentive, Pay-for-knowledge plans, etc. There is a ...

Solution Summary

The solution creates a policy for external competitiveness and forms of pay. The forms of pay and recommended percentages are determined.