1.Â The reward system in an organization is affected by both internal and external factors
Identify two internal and two external factors that need to be considered when introducing performance related pay and evaluate their impact on strategy and systems of reward management
The internal factors
Employee performance is an example of an internal factor that the organization needs to focus on when coming up with a performance related pay (PRP). The employee in the organization have to maintain a certain standard of the employee performance which changes the way that an organization will implement its plan (Shaw & Gupta, 2015). It is important to understand that the employee performance involves the workplace that invests a work forum in terms of work input, productivity, behavior and performance among others. The concept will influence the way an organization plans and understand their customers and how they will set up their reward management systems. For instance, the organization can reward more productive employees with a higher reward in comparison to those that have lower input numbers. It is evident that the employee performance is the best performance strategy because it is easy to evaluate and make sure that there is a right transformation to help change and shape the reward system.
The functional work setup is essential because it helps make sure that there is a right strategy that will help understand and implement their employee transport. It is evident that the organizationâ€™s setting is vital because it influences the performance and productivity of the employees. It is important to understand that the workplace has to implement the right strategies that will change the behavior and setting of the employee and how they reward. For instance, the organization might have proper resources that will help improve their practicality and interactions. It is evident that a hardworking employee will have an easy time with the right employment services that will help make sure that they are also productive and thus will demand better salaries. A workplace with poor equipment will demand employees to go an extra mile to achieve the same goals which is important to find them better reward systems that will influence their interactions. It is evident that the workplace setting influences the way an organization plans its PRP and reward systems because either the existing equipment will motivate employees to work harder or lack of the right resources make them less productive.
The economic scale of the world helps influence the reward management and the organizations position on PRP because it helps influence their interactions. It is important to have an economic strategy whereby the organization is functioning towards the growth and management of the organization. The organization cannot reward people higher wages when the economic performance of the world is crushing (Cotton, Gifford & Young, 2022). It is also evident that the life standards of the employees and outside the workplace do influence the reward because the employees might have a higher living standard and thus the workplace must help them meet such standards. It is evident that the organization has to transform their performance to help merge the organization which is vital for the way that they do alter their business performance. The economic scale is bad and it influences their strategies and interactions which is vital to make sure that there is a right approach towards their business and achieving their success. The economic scale in a world setting is vital because it influences the general setting of the business and this will also influence the financial income and performance.
Government policy is also another function that influences the workplace strategy towards the introduction of the PRP and how it influences the reward system. Cotton explained that the government policy is important because it influences concepts such as wages whereby there is a restriction on the minimum number of wages and working hours (2018). The working hours does limit the way that the organization conducts its setting which is vital for the way that helps transform their business. It is evident that an organization such as within California that demands that employers pay their employees a minimum of $12 thus it demands the organizations to work within such a range. The organizations have to make sure that there is a right plan and strategy that will respect such policies to make sure that they do achieve their interactions which is vital to the way that they do function and exist in their organization.
Critically discuss the possible relationships between the assumptions of Human Capital theory and internal labor markets
The human capital theory focuses on understanding employee education, experience, knowledge, skills, health among others and this influences their performances. The ILM comprises of an administrative principle that helps in controlling of the labor and pricing to help make sure that they do govern and improve their participation and interactions. The human capital theory and the internal labor markets are all relative because an organization demands for a healthy workforce and this will result directly to its productivity. The productivity in the workplace will help make sure that the organization achieves the right achievements that make it easier for them to connect. The organization has to make sure that the internal labor markets strive to achieve the best principles that are functional and productive to the way that they do plan for their future. An employeeâ€™s education influences the ILM because an employeeâ€™s education level will determine their influence and input into the organization which changes the way that they have to improve their interactions. It is important to understand that the organization has a right approach and practices that will help change and transform the organizations interactions. Employers have the right interactions that will make sure that they do have the right the right principles that will help change and manipulate their interactions. It is important to come up with a proper plan that will help make sure that they do achieve their practices while making sure that they change their interactions that is vital for the way that will help improve the performance of the business.
The ILM can come up with directives on the expectations from its staff whereby it might need people with an experience level of over 5years with an education level of an undergraduate level. It is important to understand that the organization is striving to make sure that they do have the right approaches that will help transform their behaviors and interactions which is not appropriate. According to Armstrong (2017), the demand and directives by the ILM will influence the human capital theory because numerous people will start to work together and make sure that they do achieve their best principles that change and shape how they do interact. It is important to make sure that there is a right strategy that will help transform numerous businesses into achieving their right interactions which is vital for the way that they do conduct and improve their business strategies. The ILM relationship with the human capital theory is interactive because they have to combine in terms of making sure that the two different approaches have the same directives that will change their principles which is vital for a long-term strategy. Most organizations tend to assume that higher education levels might be important for an organization and they end up ignoring other aspects such as skills and experience. The move might end up becoming an expensive burden in an organization because they might end up losing finances and capital which is not appropriate because this might influence the performance of their business.
2.Â It is likely that introducing performance related pay will have the potential to increase the cost of reward in the insurance company. The senior management have asked, therefore, for some way of evaluating whether the approach is successful. Explain an approach that could be used and critically evaluate the extent to which the pay structure considers labor market and equity constraints.
A â€œbalance reward systemâ€ approach will help improve the outcomes of the workplace which will improve their practicality in terms of the pay structure whereby the workplace improves the rewards and the employees work harder. The approach will focus on coming up with a proper plan to clearly outline the interests of the employees and the workplace and make sure that they do align which will boost their productivity and efficiency while adopting a reward system. The organization has to make sure that they change and improve their employeesâ€™ standards that are vital in making sure that they change their work program which is vital for the way that improves the workplace performance (Marsden, 2009). The organization has to make sure that they do come up with a right plan that will shape their performance and change their interactions and appreciation with the employees. The approach allows employees to understand the labor market because it will influence their behaviors and interactions which changes the way that they have to improve their business. It is evident that the organization has to change their labor market rules that will change and improve the way that they do function. It is important that the organization has to function well because it needs a proper strategy that will be functional for the employees which is a major transformation for the organization and its functionality. It is important that the approach allows the organization to come up with a practical concept that will help improve the way that they do conduct their businesses and the salary rates for their employees which is a more practical and interactive approach that is healthy for the workplace.
The approach is vital because it helps in creating a unique employee selection feature especially because they do transform the workplace especially because of the functionality of the workplace. It is important for the workplace to get the right faction of employees because they are going to spend their rewards on improving the performance and productivity of the employees. The workplace will get the best out of their employees with the right approach because they will have a clear understanding of how to push their capital to motivate their employee into the best performing employees (Finsinger & Vogelsang, 2019). The workplace changes and thus needs the best working employees and thus it is important to come to the right terms that change their practical interactions. The labor rights of the workplace and the public will help change their behavior because they might end up demanding more capital for their rights. It is important that the employers get the best principles that work for them which changes the way that the organization plans for their future instead of the business functionality. The organizations need to have reward systems that are considerate to the input that employees put into the workplace while making sure that they also change and transform with the workplace to help satisfy the workplace which is vital for the way that they do execute their practical interaction skills.
The introduction of the reward systems makes it a challenge to support and maintain the equity constraints because there will always be some people that are earning more in comparison to the others especially in the same job groups and departments. The range of the salaries and wages in the organizations within the same department is a major problem because they will need a better challenge that would influence their positivity and strategy that would change their behaviors without much effect to their productivity. The equity will disappear in the workplace because an employee might be earning more capital in the workplace in comparison to their workmates which is not a good way to encourage productivity (Kerr & Slocum, 2021, p. 137). The measure might result to demoralization of the employees which is not appropriate because it changes and transforms their workplace which leaves them without a proper strategy that will limit their interactions. The workplace needs to work on boosting and improving their reward systems because they will encourage and get rid of the poor working standards and performance in the workplace which is appropriate. The organization needs to utilize the approach better because it helps change the organization and improve their interactions that are vital to the organizationâ€™s performance. The organization will need to implant their employees into their workplace with the clear understanding that there is functional routine that will be practical for the organization which changes the way that they have to execute their principles. It is important to understand that the organization has to achieve their best goals with the clear understanding of the approach that will see a clear and set put balance between the advantage and disadvantages for the organization after implementation of the reward system.
The approach has to make sure that they do come up with a proper skill that will help the employees learn to work together in cohesion and as a team. The employees must see the reward system as a motivation and not as a source of competing against each other. According to Presslee, Vance & Webb employees have to work with the understanding that the workplace has the right business benefits from the reward system which helps improve their functionality that is vital for the way that they do change the way that they do interact (2018, p. 1814). It is important for the organization to achieve their best principles that are healthy for making sure that the workplace is functional and instead of pushing a competition among their employees. Employees have to compete to achieve their goals and objectives for the organization which is a team work requiring team spirit. The move is a major problem because it changes the workplace and this limits the way that they have to plan and pursue their future which is practical to the way that they do function. It is important to achieve their best principles and prospects which is the best concept that will shape and change their business interactions. The organization has to make sure that they do achieve the best reward systems that are more than just money but instead other concepts such as education opportunities, work position among others which will help diverse the skills in the workplace to split across the team to help improve the employeeâ€™s productivity.
3.Â Critically evaluate what you must consider when ensuring that the performance related pay scheme is both ethical and demonstrates a professional approach to an international executive and expatriate reward system
It is important to come up with policies that comprise of a foreign service premium that mostly include between 5 and 15% of the salary. The concept is ethical because it allows an individual to adjust well and make sure that they can easily adjust and improve their new interactions in the new country. The expatriate reward system will help make sure that the employees work and function within the right interactions which is vital for the way that they do function. The consideration of a premium will help make sure that the employees will have an easy time making sure that they do adjust with ease towards making sure that they do get to a better start (Kerr & Slocum, 2021). The organizations on the international platform will have an easy time adjusting to the people and making sure that they get the best services which will help change and shape the way that they do corporate. Ethically it is right to consider people sacrificing their homeland and living in a new country in order to make sure that they do help the organizations achieved the organization which is vital to make sure that they do earn the best principles.
The organizations on the international platform need to make sure that their employees also earn hardship allowances especially when going outside of their country and regions. The concept will help make sure that the employees achieve the best prospects that will help make sure that they do achieve their best principles in the workplace. It is important that the hardship allowance dedicates to the employees because it helps show that the organization cares and understands that the people have changed their locations which is appropriate for the way that changes their perspective of their workplace. The international platforms need to offer a hardship allowance because they do adore their employees which is vital for making sure that they do change their interactions and approach towards their environment. The hardship allowances usually approximately 25% of the salary will help put the ethics into the organization that will help shape the organization and interact with their performances that shape their behaviors (Blackman, West, Oâ€™Flynn, Buick & Oâ€™Donnell, 2018). It is important to understand that the organization has to shape the best principles that will help change and shape their behavioral adjustments to the workplace.
Organizations on the international platform tend to utilize an â€œexpatriate balance sheetâ€ that comprises numerous packages that will help make sure that they help change their business structuring (Kalleberg, 2017). The balance sheet will help make sure that that they do focus on the right principles that will focus on helping the people while changing their interactions which is vital for the way that will transform their business. The organization needs to consider factors such as cost of living, housing, social security and other existing taxes. The balance sheet will help make sure that they do achieve their business prospects whereby it will change and manage their businesses with ease which is vital for the way that they do communicate. The balance sheet will help make sure that they do achieve their best strategies that will improve the way that businesses change and shape the way that they do improve their business. The organization will make sure that they do improve the way that their employees behave and interact in the new country which will help transform their behaviors. The balance sheet for expatriates helps make sure that they do change and alternate the way that they do plan for the future behaviors and interactions which is a good principle. It is evident that the business transformations on an international level do require a practical concept that will help improve their business structuring.
The existence of a base pay will help in improving the expatriate reward system because it allows the dedication of the employees to help make sure that they do strive their practicality that will help change their functionality. The base pay does change in variations of different countries whereby they can easily manage to pay an individual in two currencies, their home country currency and their new country currency (Conger & Kanungo, 2020). The concept changes the way that the new market plans their interactions which changes their behavior and appreciation of the new employees. The move allows the employee to plan their life in a new country and also have some to store in their home country to help make sure that there is a progress on all ends. It is also evident that the parent company and the organization will need to keep up with the payments in the new country. The new country does not have the mandate to influence their salaries which might not be ideal to the foreigners thus the salary payment will depend on the interest rates that favor the people. The employees will choose the right rates and strategies that will help make sure that they do achieve their practicality which is vital to the way that will influence the organization and also earn their right income to help boost their performance.
There is a possibility of adoption of short-term incentives whereby the organization can easily provide awards to the employees in terms of group and individual performances. The short-term incentive takes place annually which help change the way that they do interact thus making it easy to change and shape the way that they have to improve their businesses. The annual concept changes the way that will help improve their interactions in a new international platform that needs employees which changes the way that they have to interact. It is evident that the long-term incentive plan can range from three and five years whereby they might include factors such as shares, stock options, stock appreciation rights, phantom stocks among others. The long-term incentive plans tend to relate to the organizations goals and objectives which helps improve their interactions and productivity. The goals will change their practicality whereby an organization improves their productivity influencing the workplace and their attitude towards the organizationâ€™s strategy. The move will help push and improve the incentives and reward system for the employees which is a more practical concept. Sheridan explained that the reward system in the organization changes the way that the employees will also look at their organization and the position on the international market (2019). The incentives will help change and make sure that the employees do not lose focus on a new market and especially boost their interactions which are valid towards making sure that they change their productivity.
The organizations on the international platform can introduce benefits such as health care plans, retirement plans and spousal support. The health care plans might include provision of the same healthcare plan similar to that of their parent country or sign up to the new countryâ€™s health plan almost similarly to that of the parent country (High Pay Centre, 2015). The organization can make sure that the employees also include their families into the healthcare plan because they might also relocate them which helps them change and improve their interactions and performance. It is important to understand that the multinational companies can provide a major inclusive project that will help reduce the need for the people to worry about their interactions that changes their business interactions. The retirement plan helps make sure that they do provide a landing for their multinational employees which helps them change and shape their behaviors which is vital for the way that it improves and changes the individualâ€™s life for the better. The offer for spousal support might be essential especially when the organization required people to change their locations with their families thus it acts as a form of compensation for the employees and their families to maintain a healthy living lifestyle almost similar to what they did enjoy in their home country.
4.Â Pay does not necessarily motivate individuals, but other aspects of reward might motivate.
Critically analyze the impact that performance related pay might have on the employees
Managers can easily the framework as a way of setting goals and it will help improve the workplace productivity including the personal performance. Individual performance will help make sure that they do achieve the organizations performance especially because there are payments that simulate their productivity and functioning. It is important to understand that there is a chance that there will be a higher chance of productivity in the workplace when the employees understand that their efforts directly relate to their salaries. The concept changes the way that the employees look at the workplace because they will invest more hours, or more working productivity which changes the way that will exist and plan their functions in the workplace which is vital for the way that they do function. According to Hunt (2018), the introduction of an effective PRP system will help make sure that the best performers in the workplace will get the best reward while achieving the best principles. It is important to make sure that there is a right approach that will improve their functionality and help change the way that they do change and influence their behaviors in the workplace which is vital for the way that they alter their performance and behavior.
The proper measure of an effective PRP system will help with workplace productivity through retaining employees. Employee retaining is an important prospect in the competitive employment world thus it is important to make sure that there is a right strategy that will help make sure that the employees get the best out of the workplace (Bryson, Forth & Stokes, 2017). Employee want a guarantee of their efforts and dedication and this will help make sure that they do change improve and alter their interactions. The workplace needs employees that work well and thus a proper reward will help them have an upper hand that would change and alter their functionality that changes the way that influences the way that they do perform. The proper PRP system will help make sure that there is a development of a positive culture in the workplace that would change and shape the way that they do function. The reward system will help instill in a hardworking principle whereby the employees function well with the understanding that the workplace will appreciate them in the right manner.
However, the move might become a major disadvantage because the organization might place some tougher objectives and goals attached to the reward system. The reward system will be a major problem because it will demoralize the employees because they will feel like it is a difficult place to find the right working standards. A good employee has to make sure that they have the right standards of performance which is a major problem amid the right problems which changes the way that they have to change their work standards. Employers might make the goals easy to satisfy because that will give them the right package and interactions that will change their principles and perspectives which is vital for their business performance.
The introduction of reward management might result to a problem in pay equity because of the fluctuations and variations in the employee performances. The performance in the workplace will be a major issue especially because the employees will be getting different motivations from the rewards which is a major issue. The concept changes the way that the people will view the workplace because it transforms the way that they do view their workplace and this will influence their reward and performance. The competition and variations among the employee rewards might result into failure in cooperation and team spirit. Some employees might demand for higher rewards because of their performance and this will make it hard for those that are slower or take time to achieve their goals. The concept changes the employeesâ€™ relations and behaviors in the workplace which is not appropriate for the workplace and might result into further problems.
Critically assess the factors that determine the validity and reliability of market rate date in determining pay structures.
The market rate comprises of functional figures that are applicable and will help make sure that they do change and improve their functionality. It is important for the organization to come to the right terms that will help make sure that they do achieve their best principles which will improve their business. It is important that the market rate date is valid because it reflects on the performance of the organization on the market. The position of the market in relation of the organization is important because it influences the strength of the market whereby it changes their performance. The validity helps make sure that the market rate transforms the way that the organization will shape their business because it will not be appropriate when shaping their wages and pay structures (Perkins & White, 2020). The pay structures have to reflect on the market rate date because a good performing organization will have a flexibility in financial expenditure and thus will better spend the finances with ease rather than depending on the employees. The workplace needs a vital validity and reliability that helps make sure that the workplace is strong and functional to help change and shape their interactions that will help change and improve their performance.
The market rate date is reliable because it helps in providing a workplan that helps make sure that an organization help make changes and transformations that are healthy for the business. The market rate date is reliable because it helps provide accurate financial data which changes the way that employers have to plan their employeesâ€™ wages. It is important that they are reliable because it changes because it will help make sure that they do transform their behaviors and interactions that will help improve the behavior and processes that will help change and influence their behaviors. The market rate date is reliable because it changes the organizations place and approach towards their functionality which is valid towards the success of the business which is vital to the way that they can shape their business. It is important that the organization has the right and proper organizations and strategy that helps improve the way that they do plan for their reward. The move influences the reward system because it changes the way that they influence their functionality since it changes their probability and this influences the way that they practice their organizations standards wh
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