Activities assessment 2 (1)
The alignment of strategies in a business is important to ensure that everybody is pulling in the same direction. Strategies are the offshoot of business goals and direction and are designed to give an indication to all members of the business of how the business will achieve its goals. Strategies must work together to be most effective. If people are pulling in different directions, resources will be wasted.
I will have to make sure that it aligns with the organisational goals. The alignment of strategies in a business is important to ensure that everybody is pulling in the same direction.
A compensation strategy defines how an organization views and manages employee pay and benefits.
The strategy serves as a guide and should be defined in a written document that clearly articulates the organization’s approach to compensation management.
An effective compensation strategy serves to motivate current employees and attract new ones.
Some people think of compensation as merely salary but the real cost of total compensation includes every aspect of employee benefits.
The cost of health benefits, retirement benefits, tuition reimbursement, bonuses or other incentives are real costs that need to be considered part of total compensation.
Becoming an employer of choice is a great way to source and retain talent, increase productivity and transform the organisation’s culture. It’s something usually associated with big business but it can also apply to small and medium sized companies. A company’s culture has nothing to do with size. Becoming an employer of choice should be a core strategy for CEOs. It’s not something that’s necessarily easy and there is no quick fix. It requires effort, and lots of follow-through and back-up. And consistency is the key. Otherwise, the company and CEO would be accused of being fakes.
A key to successfully using the data contained in a salary survey is to understand the assumptions and criteria used to collect the information. Finding surveys that clearly report the basis for collection and dissemination of information will help you to ensure that you are referencing a survey that is relevant for your organization.
Review job descriptions or position profiles in the survey report
It is important to look at job duties and responsibilities not just job title when deciding if salary survey information is comparable. To be comparable the jobs must have a similar level of responsibility and range of duties.
Note operating budgets of respondent organizations
As a general rule larger operating budgets mean higher salaries. Comparable salaries come from organizations of a comparable size. Size is usually estimated by using the operating budget or looking at the number of paid full-time staff.......
A lot of companies try to align individual performance with the organizational Objectives, they do this in many ways, below is an overview of how some companies use performance management to align individual and organizational objectives.
involves finding ways of using the scarce resources such as time, money and energy to achieve the organizational objectives. This includes setting clear objectives and providing the necessary ingredients for achieving such objectives, like giving incentives and training.
giving the necessary support to employees which include good leadership practices like mentoring, giving timely feedbacks a providing support where needed.
This is where the pre-defined goals are assessed to see whether individuals as well as management have been successful in achieving of such goals.
The national minimum wage is currently $17.29 per hour or $656.90 per 38 hour week (before tax).
Casual employees covered by the national minimum wage also get at least a 25 per cent casual loading.
Minimum wages under modern awards may include:
An employee cannot be paid less than the base rate of pay that would be payable to them under a modern award.
“all staff that have blonde hair will get 10% more income”
This incentive does not comply with the organisation’s strategy because it is discrimination and unfair.
I can detect this easily through the employment contracts and employee details.
To resolve this problem, I will make sure that there is no discrimination in the workplace and that all staff are being paid the same or fairly....
You've reached the end of your free preview.
Want to read all pages?