HR Final questions_Solutions - Human Resource Management...

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Human Resource Management Professor Way QUIZ 2 FINAL EXAM CHAPTER 10 – PAY-FOR-PERFORMANCE: INCENTIVE REWARDS 1. Describe the incentive plan that would benefit you the most; be sure to define and fully describe all types of incentive techniques, payments, etc. included in the plan. The incentive plan that would benefit me the most would be a combination of an individual incentive plan with an enterprising incentive plan. In other words, I would combine bonus incentives with a profit sharing plan. For the individual bonus incentives supplemental to base pay where employees receive compensation for effort and performance. This will provide me with more pay for exerting greater effort, while still being insured with the security of my base wage. Bonus incentives not only reserved for management but rewarding bonuses to employees throughout the organization. Maximize the effectiveness of enterprise incentive plan apart of profit sharing. This incentive gives employees the opportunity to increase their own personal earnings by contributing to the growth of their organizations profits. Profit sharing will help motivate and stimulate employees to work with the organization as a team improving efficiency, producing a quality produce, reducing unnecessary costs ect. Question 2 is from Homework Case 1 entitled “Performance-Based Pay at Hotel Y” 2. A. Describe what you believe would be an effective incentive plan for the accounts receivable department at Hotel Y; be sure to provide support for your proposed incentive plan. Link pay to performance. Currently employees are only receiving 25,000 regardless of their performance. Team compensation because collaborating together produces a better outcome. Bonus incentive plan rewarding time, effort and performance within a company. B. Explain how Hotel Y should implement your proposed plan? Ensure that employees understand the system and what exactly is expected of them in terms of job description and duties.
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Make sure they value and believe in the plan Offer useful feedback C. Imagine that Hotel Y has implemented your proposed incentive plan for its account receivable department. Describe how Hotel Y should assess the effectiveness of your proposed incentive plan. Assess the effectiveness of the proposed incentive plan by assessing both quantitatively and qualitatively. Quantitative: refer to the billing cycle, the numbers in the cash flow statement to determine if accounts receivable turnover and absenteeism has decreased. Qualitative: Offer your employees constructive feedback and suggestions in order to make sure that they are motivate and happy. CHAPTER 11 – EMPLOYEE BENEFITS 1. What can management do to increase the value to the organization of the benefits provided to employees? Benefits are valuable to the employees will improve work performance, job
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HR Final questions_Solutions - Human Resource Management...

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