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Essay / Research Paper Abstract
This 3 page paper looks at a scenario provided by the student and the way that a compensation package may be designed to attract and keep a production manager. The paper looks at the considerations that need to be included in the design process and hoe employees may perceive the payment package. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS65_TEwagedesign.doc
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Unformatted sample text from the term paper:
to potential candidates and offer them a package that will support motivations. At the same time the firm also has to consider the way the cost of the package, with
the need to manage budgets and costs and ensure that value is obtained, The management have constraints as they not only run the company, but also have to satisfy needs
of the owners of the firm who will usually want to maximise profits . Good compensation strategies will link the actual job description and tasks performed with the performance
evaluation system and the external environment. The first stage when designing the package s to look at the basic salary and the way value will be added t this to
create a package. To attract qualified candidates of a suitable calibre the firm has to offer a wage that is able appeal to those who may apply for the job.
If there is a situation where the employer may need to attract candidates that are already working at other firms, or bring in candidates from other areas there is increased
pressure for the package offered to be competitive. In many cases even where there is a surplus supply of labor the most qualified and skilled labor may be working for
competitors. If the firm offers a salary package that offers a lower level of clause they are unlikely to attract the best candidates into the pool from which the firm
can hire employees (Buchanan and Huczynski, 2010). If the firm offers a salary at the lower end of the range there is also the danger that once an employee is
attracted to the firm, they may then look for a better position. This does not mean that low paying packages will always result in this behaviour, as the compensation package
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