Individual Project: A Compensation Structure

Free «Individual Project: A Compensation Structure» Essay Sample

Introduction

According to Lussier & Hendon (2014), compensation plan is a significant element of the organization since it enumerates the manner in which it is formed concerning motivating its employees to ascertain positive participation. The presence of a compensation structure ensures that the set objectives are attained because there is a prize at the end of the task. Besides, this paper presents in detail how a compensation structure for the non-represented management workers can be initiated to generate positive results for the firm in the market. Additionally, the research is imperative as it guides the human resource manager and the department on how to properly work hard and guarantee that the outcome of the company is desirable in the market.

Requirements for Personnel Selection Process for Management Positions in the Company

To make the staff selection process for management positions successful, the aspects such as interviews, personality tests, and biographical data as well as cognitive ability tests, physical ability tests, and work samples should be considered. Interview is a selection approach meant to predict future employment performance from the perspective of an applicant’s oral responses as well as determine whether the applicant has requisite social skills that may assist in undertaking the task ahead. Personality Test is a selection entity that measures the personality traits of the candidate related to their future objectives in the organization. The procedure in this case is utilized to identify social characteristics (Rumsey et al., 2013).

Biographical Data is a requirement used for evaluating the application forms to select the applicants which plays an essential role in case of vast numbers of individuals for the numerous open positions in the organization. Cognitive Ability Test is an individualized assessment that reflects the person’s general mental intelligence. In addition, the procedure is needed for verbal reasoning and is highly reliable for personnel selection issues. Physical Ability Test is the process used to evaluate the physical capability of an applicant which is necessary for personnel selection as it identifies individuals who are capable and unable to implement difficult tasks without negative consequences. Work Sample Test is a step meant to ensure that the applicant and the employer have a high rate entity regarding the performance and the connection. Furthermore, it is a real process of personnel selection because it is considered to be more favorable by examinees than personality Tests (Lussier & Hendon, 2014).

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Specific Methods for Preparing Job Analysis, Job Design, Position Description, and Specification for Management Positions

Job Analysis

The methods used in the job analysis are the interview methods, the questionnaire method, and the observation approach. Observation method is used within an organization to gauge the work attitude and capability of an individual from a personal point of view. However, it often entails biases causing negative results. Interviews are usually used to ask questions to some employees or applicants for making the conclusion. The approach helps an organization to know what is required to improve the organization on behalf of the employee (Bose, 2012). Additionally, the questionnaire method entails filling the questions on a questionnaire form attentively in order to ascertain the needs of workers.

Job Design

It consists of the classical approach, behavioral approach, and the socio-technical method. The socio-technical process involves creating a job based on an individual’s needs and organization, which often leads to the development of self-managed groups in the society. Moreover, there is the behavioral method that evaluates traits like autonomy and task significance while designing the jobs in a company. Finally, the classical method is utilized to create employment on the basis of firm needs to simplify the tasks.

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Position Description

Position description includes the methods such as job title, working time, duties and responsibilities, working conditions and salary, and incentives. The mentioned approaches guide a firm on how to describe a list of the functions to counter the problems in the organization. Furthermore, these descriptions help an organization to know the strengths and weaknesses of the applicant in a group (Bose, 2012).

Specification for Management Positions

Specification for management positions consists of aspects such as qualifications, experience, training, skills, responsibilities, and sensory demands. It is an essential approach since it helps an organization to collect the job-related data to advertise a certain employment opportunity.

The Relative Worth of Management Tasks at the Organization

The relative value of management jobs at a corporation can be undertaken via qualitative and quantitative methods. Quantitative methods embrace the job ranking and job classification, whereas qualitative methods consist of factor comparison and point rating consecutively.

Quantitative Methods

  1. Job ranking

The approach entails putting all the jobs in a firm in rank order of significance based on their contributions towards the attainment of the company’s targets.

  1. Job Classification

It is where a series of classes and grades are enumerated to the organization to reveal the relevance. This method entails sorting the tasks into each category by matching the job description for each function with the class and grade descriptions. The next step involves assigning the responsibility to the class that is the best match.

Qualitative Methods

  1. Factor comparison

The approach contains the tasks in the organization enumerated in the form of critical elements to contribute to the team’s wise usage of its service. The key factors are apparently put together in order to ascertain the wage rate for the assigned task.

  1. Point rating

It is an entity that consists of a set of compensable factors that are noted in determining the relevance of an employment task. The elements in this case include the skills, accountabilities, and working approaches.

A Compensation Structure to Assist Retention and Career Management

A compensation structure is vital in this perspective because it enables the organization to administer its services well to assure equal opportunities within the firm. The compensation structure that will help the team on retention and career management issues is the internal equity approach. The relevance of the approach, as it uses a tightly constructed grid, ensures each task to be rewarded according to the pieces of work in the department. Moreover, the compensation structure answers the queries on retention and career management matters in the organization (Bose, 2012). Human resource personnel is also supported by the structure to monitor the employees regarding the retention and career management issues. Undoubtedly, utilization of the proposed compensation approach will be beneficial because of the possible potential feedbacks.

Conclusion

In conclusion, the paper shows that an organization can reach its objectives only after fully utilizing the contents of employee compensation approaches. The methods of personnel selection process also ensure that members of the organization are the right ones regarding the efficient performance. In addition, the relative worth of management needs to be incorporated to ensure positive results in the firm. Evidently, the human resources department is a fundamental part of the company that has to include the desired strategies to assist in obtaining the firm’s goals.

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