human resources in transition
Performance Appraisal of Thirst Company
Prompt 9
By definition, the ‘base compensation’ is known to be the relative amount of payment that an employee receives as an exchange of the services and work they do as part of their job designation.
This compensation/salary is exclusive of all forms of monetary incentives, that are given to the employees over and above their basis salaries.
Base pays are more like fixed salaries.
Prompt 9
Base compensations can be segregated into different categories for the newly hired employees of the Thirst company.
The permanent employees can be provided fixed amount of base salaries that would remain the same throughout the year.
Where the base pay excludes all the compensation benefits, the annual pays are paid directly with keeping in account all the earnings of the employees.
Prompt 9
The annual pays are also significant for keeping in account all the medical, insurance and premium benefits for the employees.
What needs to be kept in mind is that the rates of base compensations fluctuate between the employees on the basis of their designations and positions.
Prompt 10
On the other hand, incentive pay systems are a monetary reward offered to the employees solely on the basis of their performance.
An increase in performance and productivity provides an apt chance of an increase in the salary.
Therefore, the incentive pays are offered as additional benefits and bonuses to the employees.
Prompt 10
The main aim of these incentive pay systems are to motivate and inspire the employees to keep them focused on their jobs.
The basis of the incentive pay system can be gained from the rationale of F.W. Taylor’s theory of motivating the employees by offering them more monetary benefits for their efforts.
Prompt 10
Incentive pay system can be offered to the employees of the Thirst company in 3 main domains;
Bonus payments: the HR department can be rewarded by offering bonus payments for their efforts in recruiting employees.
Commission: the newly hired position managers can be offered commission for any project that ends in profits.
Prompt 11
The employees of a company are considered the most important asset for the firm in terms of human capital.
The main goal of the employees is to work or a system where they are offered maximum monetary reward for their efforts.
In this regard, the employee benefits package are the most suitable form of benefits to help the employees reach productivity levels.
Prompt 11
The Thirst company can offer various form of employee benefits to the employees;
Housing: the company can offer accommodation to the employees.
Utility benefits: the company can offer discounts to the employees on their monthly utility bills.
Sick leaves or paid vacations: employees often need breaks from time to time. The company can offer to pay for this break to keep the workforce happy.
Prompt 11
Disability contribution: with a diverse range of employs such as those hired by the Thirst company, the disabled employees can be offered incentives for their pay.
Retirement benefits: like all larger corporations, the private sector employees can be offered to receive their pensions when they have reached their old age.
References
businessdictionary.com. (2019). incentive pay. Retrieved from businessdictionary.com: http://www.businessdictionary.com/definition/incentive-pay.html
HEATHFIELD, S. M. (2018, 11 4). What's in a Comprehensive Employee Benefits Package? Retrieved from thebalancecareers.com: https://www.thebalancecareers.com/what-s-in-a-comprehensive-employee-benefits-package-1917860
Kappel, M. (2018, 2 7). What Is Compensation? Retrieved from patriotsoftware.com: https://www.patriotsoftware.com/payroll/training/blog/what-is-compensation/
onetonline.org. (2019). O NET Online . Retrieved from onetonline.org: https://www.onetonline.org/
salariesreview.com. (2019). Salaries Calculator . Retrieved from salariesreview.com: http://www.salariesreview.com/
salaryexpert.com. (2019). Global Salary and Cost of Living Data. Retrieved from salaryexpert.com: http://www.salaryexpert.com/