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Essay / Research Paper Abstract
This 3 page paper considers the concept of a uniform remuneration package, looking at the advantages and disadvantages of utilizing uniform pay strategies as well as individualized pay strategies in the context of various theories, such as expectancy theory and equity theory. The bibliography cites 4 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEpayuniform.rtf
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Unformatted sample text from the term paper:
the same job, which include not only wages and basic salary, but also benefits such as bonuses, healthcare, share purchase schemes, holiday pay and pension arrangements, that appeal to employees
are likely to attract and retain workers, whereas packages that are not attractive may result in a lower level of attraction of staff as well as fail to impact on
motivation and staff retention. However, not all employees will have the same needs or desires, this is illustrated well with Vrooms expectancy theory which looks at the way employees expectations
may or may not be met (Huczynski and Buchanan, 2007). For example, family medical cover may not be valued by a young employee that has only just left education and
has no family or commitments, but membership to a gym may be valued. Likewise, a married man in their 30s is more likely to appreciate are retirement plan. Employees needs
are different. Therefore, by offering all employees the same there may be both a waste of resources o the part of the employer, paying for benefits that are not valued,
and may not be used, which offers an opportunity cost, as the fund may be used more efficiently elsewhere, such as with the provision of a different benefit.
There are also some strong arguments to support individualism in the way remuneration packages are designed. The concept of individualism in the workplace, where individuals
rather than group arrangements for remuneration are dominant, has risen in the 1990s (Sparrow and Marchington, 1998). The ability for each individual to be paid what they are worth, and
rewarded for additional effort and the increased flexibility in the employment contract has been attractive to employers and to some employees who feel that they will benefit from it. The
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