Determine three (3) reasons why you believe it is necessary for companies to adopt compensation strategies and policies that promote competitive advantage. Justify your response.
Respond to classmate:
First a job analysis consists of the job duties and knowledge, skills, abilities and personal characteristic that is required to be successful in a certain position. However, there can be a substantial amount of effort and time in a job analysis. The main reason a company will perform a job analysis would be to ensure the selection procedures they use to choose between job applicant are valued and defensible.
With job evaluation it determines the relative worth of a job. Job Evaluation is a management tool or management process for any organization or company which helps them to decide the function, working, time duration, post and the salaries of the hired employees for the company. One of the benefits of job evaluation is the stronger that management is for the company, the greater will be the company output and growth.
In the case study with Customer First Joan’s’ assessment of the project was not correct. I feel that if she had gone thought the job analysis she would have been able to making sure the recruiting was quicker and more effective. Also, when the employee start talking about the difference in pay for the same job. By having a in job analysis, it would make sure that there is genuine and unbiased process in place that would help the managers in determining the appropriate compensation package, benefits and allowance for a particular job. In taking the time tin making sure the proper practice and procedures are in place would definitely prevent a company from a lawsuit. Another suggestion is that if there is suitable training it would also increase the productivity for the company. In my present job, we do get a merit increase it seems ever other year, however, this is only received after legislation vote if there is more money to give to state employees or not. This does have a negative affect with the employees, as well as myself in the company. I think that there is less productivity because people feel why work any hard when there is nothing really rewarding to work towards.
Base salaries, bonuses, and stock ownership are well known compensation strategies. With that said, base salary will always be the top of hiring and retention strategies, however with many companies this rarely attract or keep skill employees on base salaries alone. The key is to leverage at least one compensations strategy that will motivate employees while aligning their behavior and job performance with the goals of the company