Question

In: Operations Management

Consider the following What are the components of total compensation? Are no compensation rewards more attractive...

Consider the following

What are the components of total compensation?

Are no compensation rewards more attractive than compensation rewards?

How is a compensation structure designed?

What determines pay satisfaction?

What happens when a worker is dissatisfied with their pay?

Expert Solution

1. Components of total compensation:

Basic

HRA

Conveyence

Medical

Leave Travel Allowance

Special Allowance

PF

Meal

Variable Pay

Gratuity

ESOP

2. There are non-monetary benefits such as insurance, medical benefits, vacaption trip , child care which are better than actual remuneration

3. A compensation structure is defined considering the following factors:

a. Job profile

b. Previous salary

c. Basic pay- Many components are accounted as a percentage of base pay, such as medical allowance if 10% of Basic Pay

d. Market value of the new employee.

4. Pay satisfaction is determined by an employees need, his market value, his peers'remuneration, other non-monetary benefits, location and expense.

5. When a worker is dissatisfied with their pay, they continue on their job till the time they get a better one and then leave the job. Till that time, they feel demotivated, irritated and unwilling to do the work.

keosha answered 1 year ago

What are the more attractive industries for the base of the pyramid?

what are the components of the reactive power compensation with description and figures?

Variable Pay is compensation that is tied to performance. Incentives are tangible rewards that encourage or...

Variable Pay is compensation that is tied to performance. Incentives are tangible rewards that encourage or motivate action. Why do you think variable pay plans have become so popular? Why might gift certificates be a better incentive than providing cash/additional pay to employees?

2) Part A: Explain the concept of a Total Rewards Philosophy. Discuss the difference between rewards...

2) Part A: Explain the concept of a Total Rewards Philosophy. Discuss the difference between rewards and compensation. Why is it important to understand what motivates employees? Why do organizations provide both monetary and non-monetary rewards to employees? Use the articles and resources provided to support your ideas. Part B: Of the benefits discussed in chapter 7, list the ones you consider essential. Why are these benefits important to you?

What are Blau's concepts of “intrinsic rewards” and “extrinsic rewards?”

What role does the design of a total rewards strategy play in the firm achieving its...

What role does the design of a total rewards strategy play in the firm achieving its strategic goals?

If you had to make the game of baseball more attractive for viewers and fans, what...

If you had to make the game of baseball more attractive for viewers and fans, what would you do, and what do you think will be the impact? Case Study V Tracking Industry Changes

What is an example of the null hypothesis? People in red are more attractive than those...

What is an example of the null hypothesis? People in red are more attractive than those in blue There is no differences in ratings of attraction There is a difference in attraction ratings for those who ware the color red and those who ware blue. Support research hypothesis

What changes would you suggest to the regulation Crowdfunding to make it more attractive to issues...

What changes would you suggest to the regulation Crowdfunding to make it more attractive to issues and investors? Also give the Sec feedback on the ethical and social implications of your suggestions.

How do economic factors affect the total compensation and benefits packages of each job? Consider where...

How do economic factors affect the total compensation and benefits packages of each job? Consider where we are in terms of an economic growth cycle (e.g., are we in a recession or boom-time economy?), the cost of living in the location of each job, and the competitiveness of each industry. Clearly explain! Thanks.