question archive SLPTOTAL REWARDS; BASE PAY To prepare for this SLP assignment, review the following videos and textbook chapter about total rewards, base, and variable pay: Videos Gregg Learning
SLPTOTAL REWARDS; BASE PAY
To prepare for this SLP assignment, review the following videos and textbook chapter about total rewards, base, and variable pay:
Gregg Learning. (2018, September 4). Base and variable pay [Video]. YouTube. https://youtu.be/82yppMbcIqI Standard YouTube license.
Gregg Learning. (2018, November 23). Understanding variable pay [Video]. YouTube. https://youtu.be/zyXJwG56eUU Standard YouTube license.
WorldatWorkTV. (2019, July 24). What is total rewards? [Video]. YouTube. https://youtu.be/la22XP0TAqE
Berger, L. A., & Berger, D. R. (2020). Chapter 18 Using variable pay programs to support organizational goals, (pp. 215-226). In The compensation handbook (5th ed.). McGraw Hill. Available in the Google Scholar database in the Trident Online Library.
As you learned in the information provided on the background page in Module 1, organizations develop a total rewards program to attract, motivate, and retain its workforce. This Total Rewards compensation package is more than a paycheck. It includes financial compensation; medical and other benefits that often have a shared cost between the employer and employee; and additional perks provided to attract specific types of job candidates. For example, employees with no absences in a calendar year may be rewarded with additional paid time off or a bonus check. The only way to develop the right balance of benefits and unique perks is for the management team to know their employees’ wants and needs. One unique perk that has been discussed recently on the national news is the idea of paid time off for a new puppy, pawternity leave. The pawternity plan offered by the Mars Petcare company is 10 hours of time off to bond with and train the new puppy. The employee can then take the puppy to work once the 10 hours is completed. BrewDog offers its employees a week off (paid) to spend with their new dog, while Harper Collins offers five paid days for any pet, not just dogs. For employees to be able to take care of these pets, they need to be compensated, and this is where different compensation planning comes into play depending upon the value of the employee to the company.
Module 1: SLP Assignment
The Module 1 SLP assignment is a two-part written assignment. Both parts will be submitted as one 2- to 3-page document.
For this assignment, you have been asked by the HRM Vice President to write a memo to the upper management team that recommends the company transition to one of the five types of job evaluation systems discussed on the Background page. In addition, you must also explain the various types of compensation currently offered by the company, such as variable pay, incentive pay, and a bonus plan.
Part 1: Select one job evaluation system and discuss its benefits to your organization. Explain your rationale for selecting that particular job evaluation system over a second option.
Part 2: Not all employees currently receive a bonus or any type of incentive pay. Explain what impact such rewards might have on the organization.
While memos are typically single-spaced, double-space this assignment for ease of grading.
Your submission will include:
The use of direct quotes is strongly discouraged; however, if you do include any, limit the amount to not more than 10% of your paper. There is one academic purpose for the use of quotations from others: Putting their words into your own would change the meaning.
Since you are engaging in research, cite and reference the high-quality (peer-reviewed) sources in APA format. Other than a source for your organization, all other references must come from the Trident Online Library. See Trident's Introduction to APA for help with in-text citations. Another resource is the Purdue OWL website. All research should be cited in the body of the paper. In-text citations and corresponding references should be included in your paper.