Managing Wages

Business & Finance
Tutor: None Selected Time limit: 1 Day

If you were the human resources leader for an organization that employed 500 people and was growing, what steps would you take to effectively manage wages?  Please explain your response.

Aug 26th, 2015

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To effectively manage wages I would use the pay for performance compensation scheme. A pay for performance compensation scheme would ensure that  top performers get the highest bonus, salaries and promotions Average performers would receive relatively smaller increases while non performers would only receive basic pay and even more stringent supervisory.

A pay for performance model would ensure that the employee wage bill is always managed in that payment will always be based on individual and overall business performance. At no time would employees receive bonuses or increases if they were non-performers, but would only receive bonuses and increases if the performed.

Employees roles would also be defined by pay bands.Control points would be introduced in the  pay bands in order to limit individual pay progression and thus serve as a “brake” on growth in total salary costs.

Please let me know if you need any clarification. I'm always happy to answer your questions.
Aug 26th, 2015

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Aug 26th, 2015
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Aug 26th, 2015
Dec 9th, 2016
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