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Deliverable02TrainingSessionOutline_0209.pptxTRAINING SESSION OUTLINE
FOR PRESENTER
VENEU – Rasmussen University
DATE – 10/20/2020
TIME - 3:00 P.M.
PRESENTER – Ri
This model rewards an employee for the acquisition of job-related knowledge, competencies rather than for the demonstration of successful job performance. It can be pursued in three ways: competency-based pay, skill-based pay, and pay-for-knowledge. For example, a person would typically be paid more if they supplemented their product synthesis skills with computer skills.
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TOPICS
People-focused pay model
Competency-based vs. job-based pay model
Stair-step compensation model
Advantages of people-focused pay model
Impact of people-focused pay on employee motivation
People-focused pay model TIME: 1HR
Rewards job-related knowledge, competencies
Rather than for the demonstration of successful job performance.
Three ways: competency-based pay, skill-based pay, and pay-for-knowledge.
Competency-based vs. job-based pay model TIME: 1HR
Job-based pay model pays salaries based on compensable factors determined by the job
Salary decided by one’s responsibilities
At times the conditions they work in.
Competency-based pay model increases pay when one learns new skill
Improves the knowledge and skill one already has.
A job-based pay model pays salaries based on compensable factors determined by the job i.e., one’s salary is decided by one’s responsibilities, and at times the conditions they work in. A competency-based pay model, however, increases pay when one learns a new skill or improves the knowledge and skill one already has. For example, if persons A (with a master’s degree) and B (with a bachelor’s degree) are both product analysts, person A will be paid more. In other words, we will be using a stair-step model of payment
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Stair-step compensation model TIME: 1HR
Differential bonus
Difference in the pay based on the level of one’s competencies
This model of pay is a form of a differential bonus. In other words, the difference in the pay two people with the same job title will earn will be based on the level of one’s competencies. For example, if there are two shift engineers working alternating shifts, the one with a higher degree (or additional computer skills) will be paid more because of that added competency.
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Advantages of people-focused pay model TIME: 1HR
Promises both job security and job enrichment
Better chance even elsewhere if they decide to
Good for one’s personal motivation and satisfaction
One great advantage scientists at Marylion will derive from this model is that it promises both job security and job enrichment. It would not be easy for the company to let go of a scientists who has gained exemplary skills in their specific field. In addition, a scientist with improved competencies stands a better chance even elsewhere if they decide to leave (although we wouldn’t encourage this). A people-focused pay model is also good for one’s personal motivation and satisfaction.
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Impact of people-focused pay on employee motivation TIME: 1HR
Guarantees promotion for any scientist who will decide to improve their competencies
Pay rise if a promotion is not presently available
Encourage scientists to pursue specific career paths
Great input to their personal achievements
Opportunity to improve themselves
This pay model almost guarantees promotion for any scientist who will decide to improve their competencies, or at least a pay rise if a promotion is not presently available. Also, this model will encourage scientists to pursue specific career paths, which would be a great input to their personal achievements. It is essentially offering scientists an opportunity to improve themselves. For example, upgrading from a diploma to a bachelor’s degree is a guaranteed pay rise.
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References
Barth, A. L., & de Beer, W. (2018). People-Focused: Respect and Trust. In Performance Management Success (pp. 89-100). Springer, Cham.
Black, J., & Venture, K. L. (2017). The human factor to profitability: People-centered cultures as meaningful organizations. Journal of Organizational Psychology, 17(2), 24-34.
Jong, S. D. (2019). Analysing the change towards a new performance management system at a multinational staffing firm.
Thank you!
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