PAY SYSTEMS (QUALIFIED TUTORS ONLY!!!!)
Review the article, “Management Without Consequences: 24% of Companies Pay Bonuses to Failing Performers.” Compensation and benefits is a very important part of the strategic plan of an organization. ; Compensation and benefits are designed to attract, motivate, and retain employees and to achieve an advantage over competitors. ; Financial forms of compensation include direct pay (including base salary) and variable pay (also known as incentives or pay-for-performance). Indirect pay is more frequently known as benefits, such as paid and unpaid time off, insurance protection, and retirement programs. Lifestyle benefits or quality of work-life (QWL) issues are very important for achieving a competitive edge in efforts to attract and retain top talent.
- Describe the relationship between an organization’s business strategy and its pay systems. Demonstrate an understanding of a pay model.
- Discuss a goal or objective of your current organization. What aspect of the company’s compensation system aligns with this goal/objective?
- Discuss specific outcomes in the pay model an organization could impact through the use of quality of work-life (QWL) programs. ; What do you think is the most important outcome resulting from these programs? ; How can an organization formally evaluate whether a QWL program has been effective?
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