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Explain the strengths and weaknesses of HR approaches related compensation systems, productivity improvement programs, and benefits plans?

When an organization attempts to attract new talent, many factors may encourage individuals to apply. One important consideration is often the benefits package. Carefully structured compensation systems and benefit plans play a critical role in both attracting highly qualified employees and improving the productivity of those currently employed. This week, you examine how current strategies are changing regarding the selection of an organization’s compensation, productivity improvement programs, and benefits plans to better meet the needs of a diverse workforce and the organizations themselves.

For this week’s Discussion, consider how such factors as salary and benefits have influenced your career decisions.

  • Select a topic from this week’s readings that interests you the most.
  • Consider a real-world situation that relates to or could be addressed utilizing primary concepts from the assigned readings.

Post by Day 4 an answer to the following questions:

  • How does this topic related to compensation systems, productivity improvement programs, and benefits plans impact organizational strategy?
  • What are the strengths and weaknesses of HR approaches related compensation systems, productivity improvement programs, and benefits plans?

Your post should be approximately 200–250 words in length.

Use the Week 5 Discussion Template (located in this week’s Learning Resources) to develop a draft of your statement. Then, post your finalized statement to the Discussion thread.

Read a selection of your colleagues’ postings.

Respond by Day 6 to two or more of your colleagues’ postings who chose a different topic in one or more of the following ways:

  • Ask a probing question related to your colleague’s chosen approach.
  • Share an insight from having read your colleague’s posting.
  • Offer and support an opinion regarding the colleague’s strength or weakness.
  • Make a suggestion to your colleague about how to capitalize on a strength or overcome a weakness.
  • Expand on your colleague’s posting.

Required Resources

Readings

  • Stewart, G. L. (2014). Human resource management: Linking strategy to practice(3rd ed.). New York, NY: Wiley.
    • Chapter 11, “Motivating Employees Through Compensation” (pp. 414–455)

      This chapter explores compensation as a strategic tool to motivate employees.  Employers consider a number of factors in compensation. The chapter also examines issues of communicating salary, the relationship between compensation and motivation, and types of financial and nonfinancial reward systems that may be implemented.

      Focus on the definitions provided throughout the chapter. Review and consider the examples and anecdotes provided in the chapter that illustrate the major ideas being conveyed. Ask yourself what characteristics create a productive work environment for leaders and employees.

    • Chapter 12, “Designing Compensation and Benefit Packages” (pp. 456–495)

      This chapter covers the various factors that influence the design and implementation of compensation systems and benefit packages. It also describes the different types of policies an organization might use in regards to compensation and benefits. Discussions center on the issues of communicating salary, the relationship between compensation and motivation, and types of financial and nonfinancial reward systems that may be implemented.

      Focus on the definitions provided throughout the chapter. Consider methods and types of rewards that are used and how they affect employees and employers as a whole. Ask yourself how a manager may determine which method of reward is most appropriate for their organization and staff.

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