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Employee engagement literature review
Determinant of organisation culture
Determinant of organisation culture
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Compensation and Benefit Systems Intrinsic Compensation and Discretionary Benefits Intrinsic compensation refers to ability of workers to gain pleasure from their accomplishments of their daily activities. This pleasure acts as their reward or compensation of what they have individually done. This has the effect of making the workers enjoy their tasks. On the other hand, workers sometimes receive rewards on top of their salary or wages. These rewards are not mandatory for one to receive. These kinds of additional rewards are referred to as Discretionary benefits. Strategic Analysis This refers to the act of identifying the strong points of a given business venture position, and comprehending the outward factors that have a direct effect on the position. This process entails identifying the strengths, weaknesses, opportunities and threats that the business could be facing. Power Distance and Executive Order Power distance refers to the mode in which power is disseminated in systems of individuals of different ranks. This gives a clear indication of the cultural attitude with reference to human difference in social rankings. Executive order is normally issued by the head of state, it demands for the enforcement of law. This order is always issued with reference to the code of inheritance of power that exits in a given state. The order is normally passed directly to the branch executives of various firms, organizations, or institutions. Longevity Pay, And Pay-For-Knowledge Longevity pay refers to the compensation that is given to the highest ranked employee. This employee has reached the highest level of rank and there are no more ranks remaining for him to progress further. Firms do motivate their employees to sea... ... middle of paper ... ... benefits should be something earned based on the job performance of the employee. This helps the employee to feel appreciated and it motivates the employee at the same time. The benefit further helps the organization to retain the employee. Motivating Executives Bonuses component of compensation is the best to motivate the executives. In this, the executives will encourage the employees in their line to work extra hard since the bonus will trickle down to them. Work Schedules Flexible work schedules will motivate the employees and thus they will improve their performance hence production. The relationship of the employee and employers will also be strengthened. And as a result of this, the effectiveness of the company increases. Cited Works Martocchio, J, Strategic Compensation- a Human Resource Management Approach 5th edition 2008
An executive order is when a rule or order issued by the president to an executive branch of the government and having the force of law. United States presidents issue executive orders to help officers and agencies of the executive branch manage the operations within the federal government itself. Obama has less executive order throughout his presidency but just as many per year as those who have more.
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
For the most part, the value of compensation from the time of World War II (mid 1930’s – 1945) until the 1970’s did not change (Fryman 2009). Many executives are on a Pay-to-perform compensation plan. The most surprising fact is during the 1950’s ...
The first of the four dimension of Hofstede’s theory of national culture is power distance. Hofstede stated that, ‘the essential issue involved, to which different societies have found different solutions, is human inequality’ (1980; 92). An outstanding aspect of inequality is the amount of power each individual exercises or can apply over others with power being illustrated as the amount in which an individual is able to impact other individual’s thoughts and performance (Hofstede, 2015). Within societies, inequality in power is expected. This inequality in power is typically characterized in hierarchical employer-employee relationships. Power distance, is the degree that less powerful members of organizations inside a nation anticipate and
Power distance focuses on how a society deals with the fact that people are unequal in physical and intellectual capabilities. Low power distance cultures were found in societies that tried to play down such inequalities as much as possible.
For many of us, trying to decide between company benefits and an increase in salary can be very difficult to do. For many, the best part of a benefits package centers around health insurance. A good benefits package is very important to an employee. To me, a good benefits package can be worth more than an increase in salary. According to a survey conducted by Paychex.com, participants were asked to rank the benefits by value and importance when considering a prospective job. The results showed a good health care plan was number one with 32%, vacation time was 25%, pay raise was 15%, employee benefit was 10%, performance bonus was 9% and retirement plans were 8%.
Power distance demonstrates “the extent to which less powerful members of institutions and organisations within a country expect and accept that power is distributed unequally”. Greece has a PDI score of 60 (high). A culture with a high PDI score is a culture that believes that the elders in a family should be treated with upmost respect and “inequalities among people are acceptable”. This is considerably higher than Ireland which has a PDI score of 28 (low).
..., it can give pressure that is extreme to staff because employee also not only have stress problem placed work in fact other problems also lots like family problems, finance and others more. The researchers find that time flexible job enhance and advance employee's moral and at the same time can reduce employee absence number and usage overtime (Nadler et al. 2005).
In any organization, sometimes, monetary schemes doesnot get people involve to pursue work in a certain way, rather it demoralize and threatens the self-esteem of employees. According to Meyer (1975), “the basis for most of the problems with merit pay plans is that most people think their own performance is above average”. The amount may ...
Employee compensation and reward systems have undergone a couple of paradigm shifts since inception. Reward systems were traditionally compensation based and focused on the individual or the position (Beam 1995). After a recession in the early 1980's, employers turned to performance based models in an attempt to save money while still rewarding top performers (Applebaum & Shapiro, 1992). Today, the most successful organizations are using a total reward model, a hybrid of the performance based model combined with strategic human resource management planning to create reward systems that both benefit the employee and help organizations realize their operational goals (Chen & Hsieh, 2006).
Motivation is the process of getting someone to act on a particular situation. According to (Adelhardt, S, K. 2015, December 2) lack of motivation in the workplace is the most problematic subject for all managers, because it leads to decreasing productivity, performance and yet it increases the chances of employee resignation. Many employers suppose that managers these days are struggling to motivate their employees due to lack of significantly vital experience as well as knowledge in the employee engagement developing process. One of the successful strategies that managers can use to increase employee inspiration is by offering an attractive remuneration and benefits to their employees. Remuneration and benefits such as an extrinsic bonus
There is considerable debate over merit pay and the effect it has on employees within an organization. Psychologists believe merit pay is related to the incentive theory of psychology; people respond to rewards and with the proper motivation, it increases performance (Cherry). Employers consider merit pay an effective tool and a form of competition strategy for motivating employees to achieve positive performance outcomes. Many employers ignore the fact that incentive plans may motivate some individuals while others have high work ethics and do not need motivation. The intent of this paper is to discuss merit pay used by companies, the motivational factors on employees to reach high achievement, and the challenges that employees face due
Johnson, Sam T. "Plan your organization’s reward strategy through pay for performance dynamics: Compensation & Benefits Review 30, Number 3: (May/June 1998): 67-72
The foundation for effective job performance and compensation system can be traced to effective job analysis process. Fundamentally, a job analysis should consist of a thorough examination of the job 's duties and knowledge, skills, abilities, and qualities that are required in order to be successful in a specific position, upon which appropriate rewards or compensation can be determined. For many perspectives, jobs are usually made up of requirements and rewards, where rewards may be regarded as a major recruitment strategy for motivating potential employees in order to influence them to stay the organization for a longer period as well as enhance their performance. The most common or basic form of rewards which attracts employees is extrinsic
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay