Pay and Reward Compensation Management Research Paper

Pay and Reward Compensation Management - investigate Paper ExampleThe internal market influence pay setting base on the local anaesthetic anesthetic labor markets and the internal wage structures of the firm as well as internal equity. I l realiset the splendor of international comparison. This was a rather difficult concept to understand at first because I pattern the defrayal determinants were exclusive to each country. While, unique, they are influenced by common trends these include decentralization of collective bargain that are profoundly influenced by the world economy. From this, I learnt that the global economy has more impacts on the local economics than I had previously imagined. I notice that the world was moving away from payment based on seniority and time spent working. Starting the UK and branching out world simple, the last 3 decades payment has been based more on performance and Varied according to output. I thought that was a especially astute means of dete rmining payment since it has a fairer way of compensating workers based on their hard work. It substantiate my understanding that compensation to be a way for the employer to give feedback to their staff (NNazir, n.d). This scheme is gaining favor with employers since it testament be based on performance of an employee non merely his/her seniority, the profitability and performance of the company. Therefore, companies will not be disadvantaged incase of non-performing employees and this system will serve to motivate the employees perform, which will serve to slew the burden on the HR department of companies. I had thought the concept was American but discovered it was originated from the UK. Moreover, I learnt how trade unions together with employers association determine the type of payment. Some unions have opposed this system while most employer association and government have encouraged profit sharing schemes between companies and employees. It was unsatisfying to learn the re are not any definitive look-alike on this available as it makes it hard to authenticate the conclusion. However, by the figures presented, I learnt that incentive systems have been there since 1998 and 58% of work places had rough sort of incentive system. By 2004, 9% had merit based pay and the most recent figure showed that a non-union workplace is more likely to use incentive pay (Kersley et al. 2006). In addition, from the lecture, I learnt the many an(prenominal) variant forms of payment methods. However, there is still no conclusive evidence of improvements, andall schemes have different goals. This is because despite the current adoption of performance based payment systems by many companies it has its own challenges, as it calls for close monitoring of quality and training for customer service and quality of employees. Moreover, companies must have in place good operating procedures, should be ready to handle and manage lax and non-performing employees and in hostel to motivate employees to perform the pay package must be appealing. In addition, it is also taxing during the changeover process and again this changeover is associated with employees turnover. This system often fails since most employees tend to abuse it by aiming to earn much at the expense of offering quality customer service leading to loss of clientele. uncertain pay is a rather confusing and the pay systems are dependent on a wide range of factors. In my opinion, the lecture was highly enlightening came out with a lot of knowledge about(predicate) the various payment compensation systems. Lecture 7