Answer the following questions on different pay systems 1. Discuss the Merit pay system. How does the merit pay system differ from the incentive pay system? 2. Describe the seniority pay system and explain its advantages and disadvantages.
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Answer the following questions on different pay systems
1. Discuss the Merit pay system. How does the merit pay system differ from the incentive pay system?
2. Describe the seniority pay system and explain its advantages and disadvantages.
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Solved in 4 steps
- Describe what are the benefits and drawbacks of time based pay plans ?Discuss with the business 3 job evaluation methods utilized to determine compensation strategy. Include advantages and disadvantages of each method.What types of occupations may be more suitable for person-focused pay? Or, explain a job that may not be suitable for
- Describe the key purpose of a compensation system Explain why an effective compensation system is important to most organizations. • Distinguish between extrinsic and intrinsic rewards. Distinguish between a reward system and a compensation system. • Describe the key aspects of a compensation strategy.Describe the Knowledge-Based Pay Systems?Please provide 3 examples related to "Recognizing Employee Contributions with Pay"
- Discuss any 5 applications of job analysis.d . How can organizations effectively address issues of pay compression and pay equity when promoting or transferring employees within the organization?Traditionally organizations have taken a one size fits all approach toward providing benefits. However, considering the diversity of today’s workforce, more organizations are modifying their compensation packages to include a variety of packages. Some of the rewards organizations can provide include: increased base pay, bonuses, shortened workweeks, extended vacations, paid sabbaticals, flexible work hours, part-time employment, guaranteed job security, increased pension contributions, college tuition reimbursement, personal days off, help in purchasing a home, recognition awards, paid club memberships, and work-from-home options. What are the positive aspects of having individualized rewards? (Think in terms of employees and managers.) What are the negative aspects of having individualized rewards? (Again think in terms of employees and managers.)