The goals of compensation are to attract people to work for your organization and to retain people who are already working in the organization. Employees who are fairly compensated tend to provide better customer service, which can result in organizational growth and development. A compensation package can include salary, bonuses, health-care plans, and a variety of other types of compensation. If you have had or currently have a job, do you feel the compensation plan motivated you? Why or why not?
A Compensation plan plays a very important role in any organization for their employees. Compensation plan motivates you to stay in your organization and it builds the loyalty in organization. I would like to share my personal experience about compensation plan. How a compensation plan motivated me and how it played an important role in my personal development. When I started to work for my current organization, I did not know about the compensation plan and to be honest I did not care about it. All I cared about my paycheck. I started to work and I was excited for my first paycheck. In excitement of a new job and salary, I did not notice that I was never absent or late for work. I continually worked for one month without taking any leave. After few days my organization held a performance review and I came to know that I was chosen best Employee of the month and I will be given an award for this. After knowing this I was very happy and excited. So I was given best Employee of the month award in front of Hundred or more people and that made me so happy and excited. It motivated me so much that I did not take any leave from work for at least six months and it helped me to push myself further. After one and half years of my employment in the company, I was invited by the Managing Director for an urgent meeting. I attended the meeting and was told that I had been promoted to the position of manager with immediate effect. The Managing Director went further by telling that my salary had been doubled.
So one Employee of the month award really changed my life and it motivated me to give my hundred percent to company. As a result I currently hold a very nice position in my organization.
The goals of compensation are to attract people to work for your organization and to retain...
Do you feel the process of performance management aligns with the goals of employees or the goals of the organization? If it depends on the goals of the organization, those goals can be identified and employees can understand if their talents and behaviors can meet the goals of the organization. If there is a significant difference between the goals and the level of talent in the organization, then can training and development be used to increase the level of talent...
1. Does money motivate employees? Why or why not? 2. Why should compensation systems be equitable? How can an organization design an equitable compensation system? 3. Compare and contrast the four job evaluation methods. Give an example of an organization in which each of the four methods might provide an optimal strategic fit. 4. Discuss the pros and cons of employee pay being fixed versus variable and dependent on performance. How might such decisions impact recruiting, motivation, and retention? 5....
Creating an organizational chart In this organization, the following people are staff: Director of personnel Vice President of Research and Development Vice President of Marketing Vice President of Finance Administrative Assistant to the president Research and Development department Production Vice President Quality Control Officer The rest of the organization has line positions. Three product lines Marketing Manager The company is spread out in three (3) regions Production employees Sales employees Accounting employees For your opening post, create a possible organizational...
Creating an organizational chart In this organization, the following people are staff: Director of personnel Vice President of Research and Development Vice President of Marketing Vice President of Finance Administrative Assistant to the president Research and Development department Production Vice President Quality Control Officer The rest of the organization has line positions. Three product lines Marketing Manager The company is spread out in three (3) regions Production employees Sales employees Accounting employees The company is spread out in three (3)...
What were your career goals at the beginning of this course? What are your career goals now? Have they changed? How? Have you learned more about your personal values and interests throughout this course? How has your outlook evolved? Has this affected your career choice? What are the qualifications and skills you need for your chosen career path? What actions will you take to achieve these career goals? What is your long-term strategy and plan? Who are the people who...
Managerial Compensation is a highly controversial topic in our society today. Some believe that CEO compensation is warranted while others believe that there should be a cap on the level of compensation managers can earn. After reading the section in Chapter 1 on "The Agency Problem and Control of the Corporation," please weigh in on this debate. Be sure to consider important factors such as agency problems and the concept of maximizing shareholder value. Do these views differ in reference...
1) READ THE ARTICLE TO GIVE YOU MORE INFORMATION TO BASE YOUR COMMENTS ON: Strategic Planning (in nonprofit or for-profit organizations) Written by Carter McNamara, MBA, PhD, Authenticity Consulting, LLC, experts in strategic planning. Copyright 1997-2008. Adapted from the Field Guide to Nonprofit Strategic Planning and Facilitation. Simply put, strategic planning determines where an organization is going over the next year or more, how it's going to get there and how it'll know if it got there or not. The...
How can you improve your understanding of managing people and fostering collaboration within your organization (or one with which you are familiar)? What impact has your improved understanding had or (what do you anticipate it will have) on the value you will bring to your role within an organization? How has this changed the way you think of the manager’s role within the organization and the way you will practice management and collaboration? How has it your goals now and...
Assume you have the job of setting up an organization structure for a new company which will be a retail store operation to sell health-food products. The owner is an independently wealthy woman who is starting this business because she thinks people ought to eat better. You have been asked to design the organization. When the business opens there will be a dozen retail stores and a wholesale operation to sell the products to existing food stores. She also plans...
This is why your employees are leaving As another resignation letter is slid across your desk, you can’t help but wonder if this is becoming an epidemic. Employees leave; people move on. This is an aspect of business that managers should anticipate. People have their own lives outside of the walls of your building, and sometimes those lives will pull them in multiple directions, leading them away. Yet if workers seem to be moving on in their droves, you may...