Choka Enterprise Rewards System
THE UNIVERSITY OF THE WEST INDIES
OPEN CAMPUS
MGMT3062 - Compensation Management - Semester 2
Student Name: Edditon Edmonson
Student Number: 308004287
Coursework Assignment
CHOKA Enterprise Rewards System
PROPOSAL:
OBJECTIVE
An effective reward system is organized to stimulate, inspire and motivate individuals to enhance their overall job performance. Our system is design to appeal and retain staff of the right quality with an understanding of the financial status of the organization. This reward system is design to boost the functions and core values of the organization that our employees will continue to with success.
FACTORS TO CONSIDER * Performance associated pay * Incentive * Job Evaluation * Monitoring the recruiting and retaining of staff * Cost control mechanism by reviewing salaries and wages.
INCENTIVE PAY SYSTEM
May organization have moved from the tradition pay system whereby you may earn by the way of seniority or by merit and have introduced to the incentive payment. We will focus our attention solely on this incentive base system which will bring better result for the organization. Under this mechanism, the company links performance of the employees to the overall objectives of the organization. Employees contribute individually by the level of productivity and the quality that involves the task that they will accomplish. The employees will be compensated by the level of production and the amount of revenue that is earned by the organization.
INDIVIDUAL BASED PAYMENT SYSTEM
Individual incentive would be better to motivate the works rather than utilizing the team base incentive .Payment for performance is where employee will earn a percentage of what is produce and sold to the suppliers. The incentive payment is also given for achieving the standard of performance at an appropriate time. The compensation will be considered on the sum of satisfactory pieces of work accomplished and the
OPEN CAMPUS
MGMT3062 - Compensation Management - Semester 2
Student Name: Edditon Edmonson
Student Number: 308004287
Coursework Assignment
CHOKA Enterprise Rewards System
PROPOSAL:
OBJECTIVE
An effective reward system is organized to stimulate, inspire and motivate individuals to enhance their overall job performance. Our system is design to appeal and retain staff of the right quality with an understanding of the financial status of the organization. This reward system is design to boost the functions and core values of the organization that our employees will continue to with success.
FACTORS TO CONSIDER * Performance associated pay * Incentive * Job Evaluation * Monitoring the recruiting and retaining of staff * Cost control mechanism by reviewing salaries and wages.
INCENTIVE PAY SYSTEM
May organization have moved from the tradition pay system whereby you may earn by the way of seniority or by merit and have introduced to the incentive payment. We will focus our attention solely on this incentive base system which will bring better result for the organization. Under this mechanism, the company links performance of the employees to the overall objectives of the organization. Employees contribute individually by the level of productivity and the quality that involves the task that they will accomplish. The employees will be compensated by the level of production and the amount of revenue that is earned by the organization.
INDIVIDUAL BASED PAYMENT SYSTEM
Individual incentive would be better to motivate the works rather than utilizing the team base incentive .Payment for performance is where employee will earn a percentage of what is produce and sold to the suppliers. The incentive payment is also given for achieving the standard of performance at an appropriate time. The compensation will be considered on the sum of satisfactory pieces of work accomplished and the
References: Webb, Judith. Compensation Managment MGMT 3062 [MS34C] pg43-46 ;54;83-92. Birdgetown Barbados: University of The West indies, 2005. ACADEMIC YEAR (2011 - 2012) SEMESTER: 1 COURSE CODE: MGMT3062 TITLE: Compensation Management