Incident Memo Compensation Planning Assignment – Australia.

Unit Title : Incident Memo Compensation Planning
Assessment Type : Assignment
You have just finished reading an article in a personnel journal about compensation plans. The turnover rate in your company is too high, considering the cost of losing experienced employees. The CEO has indicated there is a 50% chance the budget for a new compensation plan would be available next year. You must decide which compensation plan warrants further study by your HR staff. Each study costs $3,000—automatically charged to your budget under the “Employee Relations / Other” category.
Incident Memo Compensation Planning Assignment – Australia.

Incident Memo Compensation Planning Assignment - Australia.

1. Job Evaluation : A system based on the relative worth of jobs. Many feel that higher- level employees perform sufficiently different work and should be paid at a higher rate. This may be contributing to an unspoken morale problem. This system may help protect the company against discrimination claims, as employees would receive equal pay for equal work.

2.Performance-Based Pay System: Standards would be established for all jobs that could have standards and employees would be paid a base hourly wage plus a bonus if their productivity exceeds the standard.

3.Team Incentive Plan: The workforce would be grouped into as many teams as practicable and standards set for the team. Workers would receive a base hourly wage plus a bonus based on the team’s performance.

4.Piece Rate System: Piece rates would be established for all jobs that could have a piece rate determined, and all workers would be paid on each unit produced. If it were a service job, it would be paid on such items as orders taken, calls made, etc.

5.Profit Sharing or Gain Sharing: A goal would be established monthly, quarterly, or annually, and workers would share in profits if goals are exceeded. This would be an organizational-wide plan; that is, all employees of the company would participate.

6.Employee Stock Ownership Plan (ESOP): Similar to profit or gain sharing, employees would be paid their bonus with company stock. Employees would feel like they were part owners of the business and could help prevent hostile take overs (Employees would be unlikely to vote the sale of “their” company). (If non-profit, this option is not available.)

7.Guaranteed Cost of Living Adjustment (COLA): All employees would have their wages increased each year according to the local cost of living increase, based either on an equal percentage or equal dollars. This is a clause in many union contracts, which helps employees feel the company is doing its best to maintain an acceptable standard of living.

Incident Memo Compensation Planning Assignment - Australia.

Incident Memo Compensation Planning Assignment – Australia.

8.Merit Increases: All employees would receive an annual performance appraisal and receive a merit increase if deserved.

You may only choose one response from the options given below. If the one you choose pertains only to production workers, you may assume that another system would also be instituted for management.

  1. Job Evaluation
  2. Performance-Based Pay System
  3. Team Incentive Plan
  4. Piece Rate System
  5. Profit Sharing or Gain Sharing
  6. Employee Stock Ownership Plan (ESOP)
  7. Guaranteed Cost of Living Adjustment (COLA)
  8. Merit Increases
  9. Pass on this project at this time

Task for assignment paper :
Your memo: three paragraphs which effectively get needed information across: Introduction, Body and Conclusion. Should not exceed one page – your CEO is unbelievably busy!

Introduction: Briefly introduce why you are writing (and the importance of your memo), what needs to be attended to, and which actions you are recommending must be taken.

Body: Make your main points briefly and concisely. What are the benefits of what you are suggesting?

Conclusion: Wrap up/summarize (without repeating), provide links for any needed information or training, and offer your support and contact details as you sign off (with your signature).

Briefly describe what challenge the incident presents to the organization (i.e. the problem/incident recommendations to address the problem/incident (i.e., the proposed incident decision); and the justification/rationale of the decision based on the goals and established strategies AND any HR related course from HR academic program or any secondary research data to support the decision. Use APA standards for in-text citations and referencing. Memos should be typed in Times New Roman 12-point font, single spaced, with 1-inch margins.

Incident Memo Compensation Planning Assignment – Australia.

Incident Memo Compensation Planning Assignment - Australia.

The incident responses will be graded based on: (1) the extent to which the response represents a good understanding of the incident and the challenge it presents to HR and the organization, (2) the quality of the rationale provided for your incident decision.

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