Strategy and policy

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Business Finance

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LP5.1 Assignment: Organization Performance

Directions: Consider your BSG operations and in a 1200-1500 word paper discuss the following:

  1. What was your company approach to workforce compensation?
  2. What evidence indicates your company's workforce compensation strategy worked, for example, has your company's compensation approach actually boosted productivity?
  3. What evidence indicates productivity gains resulted in adjusted labor costs?
  4. Was your workforce compensation approach successful, explain?
  5. What is your plan for improvement?
  6. Format your paper according to NAU standards and APA 6th ed. Include two or more references.

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Explanation & Answer

Attached.

Organization performance
1. Approach towards compensation of workforce
The organization has utilized its remuneration structure to ensure it has the desired
workforce. The desirable structure of the organization has helped it to accomplish its goal of
reducing the turnover rates as well as be able to retain its employees. Over the recent period, the
organization has been able to pay its workers a respectable salary without overflowing the
normal operations and capability of the business. The aim of the organization is to ensure that
they have employees who are satisfied as satisfied employees are happy employees. Happy
employees will always work towards achieving the goals and objectives of the business.
However, even if the firm is working towards ensuring that it gives its employees desirable
wages and salaries so as to ensure that expenses are kept at insignificant levels (Milkovich, C.
(2002).In majority organizations, workers are usually paid depending on the volumes of
production. Payments are given depending on the delivered units in a certain production line.
However, firms’ that are intended to motivate its employees have to go beyond just remuneration
and consider to potential outcomes from advancement and extended obligations. Some of the
driving forces which attract employees to our business are rewards given by the firm, different
motivators as well as numerous investment opportunities. Associations usually offer separate
pay frameworks such as legitimacy pay and motivating pay force. Motivating force pays are
rewards which are normally given by the enterprise to workers who are not based on their
execution.
2. Boosting productivity by the compensation approach
The pay appr...


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