What are the advantages and disadvantages of the individual incentive programs?

What are the advantages and disadvantages of the individual incentive programs?

Martocchio, J. J. (2013). Strategic compensation: A human resource management approach (7th ed.). Upper Saddle River, NJ: Prentice Hall.

Unit II

You are the Total Rewards Director for your organization. Over the past few years employees have been leaving to work for competitors. The CEO has expressed that she wants to conduct an organization wide review of the company’s current compensation strategy. The company now uses a seniority pay rewards system. The CEO wants to know if they should change to a merit pay strategy in order to make the company more competitive.

Prepare a memo to the CEO outlining your recommendation as to whether or not the company should continue to use the seniority pay system or change to a merit pay system. Be specific as to what model would be the best option for your company, and why. Include pros and cons of your options and conclude with your recommendation. The company is not unionized and is privately held. You do not have to factor in a collective bargaining agreement.

Your response should be at least 200 words in length

Unit III

Employers can use a variety of individual incentive programs to contribute to their compensation strategy. Which of the four types of individual incentive plans would you prefer? Explain your choice. What are the advantages and disadvantages of the individual incentive programs? Do you prefer an individual incentive program or a group incentive program? Explain your choice.

Unit IV

Create job descriptions and at least three pay level structures for one of the following positions: Warehouse Manager, Call Center Representative, or Director of Operations for a nonprofit organization.

Unit V

You are the compensation manager for a manufacturing company of about 200 employees. You are responsible for the company’s healthcare budget. The company has been spending an increasing amount of money on health insurance every year with no relief in sight. Currently, the company offers one plan, a traditional HMO that employees contribute to every pay day. The CEO wants to know what options are available to decrease the rising costs without sacrificing employee coverage. She does not want to offer less coverage, just pay less for the same thing or better. In a memo to the CEO, briefly summarize some of the options that the company should explore to contain its costs. You will need to clearly explain each option; however, you do not have to provide any calculations as this is just a starting point to examine all potential plans and options to lower and contain costs.

Explanation & Answer

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