HRM report group 7 - Tài liệu tham khảo | Đại học Hoa Sen

HUMAN RESOURCE MANAGEMENT TOPIC
PAY FOR PERFORMANCE AND EMPLOYEE BENEFITS Subject :
Human Resources Management Class MH : HRM 203DE01 - 1200 Instructors :
Mrs. Đào Thị Ngọc Mai NO. ID NAME CONTRIBUTE 1 22118072 Lê Thị Thanh Ngọc 100% 2 22117851 Đinh Hồng Ngọc 100% 3 22002577 Châu Kỷ Phúc 100% 4 22122586 Đỗ Thị Ái Quỳnh 100% 5 22117816 Phạm Diễm Quỳnh 100% December 2022 JOB ASSIGNMENT SHEET NO. NAME Mission CONTRIBUTE 1 Châu Kỷ Phúc (leader) 4.1.1, 4.1.2 , 4.9 100% 2 Đinh Hồng Ngọc
Title page, introduction, 4.1.1, 4.1.2 ,4.4,100% 4.5,4.7, 4.8. 3 Lê Thị Thanh Ngọc
Làm báo cáo, ppt, hình ảnh, 4.1.1, 4.1.2 100% 4 Đỗ Thị Ái Quỳnh
Làm báo cáo, 4.1.1, 4.1.2, 4.2, 4.3, 4.6. 100% 5 Phạm Diễm Quỳnh 4.1.1, 4.1.2, 5 100% ABSTRACT
Pay-for-performance compensation can come in many varieties depending
on your organization’s budget, compensation philosophy, and organizational goals.
When designing a pay-for-performance plan, you’ll want to consider the outcomes
your organization is looking to achieve, the frequency with which you’ll reward
employees, and the total increase you’ll be budgeting to fund these programs. There
are two general categories of pay-for-performance compensation: merit pay
increases and variable pay programs. As you look to implement a pay-for-
performance program in your organization, you can use either of these two types of
pay-for-performance plans – or both – to incentivize employee performance and drive your desired outcomes.
THANK YOU TO THE LECTURER
Report on Human Resource Management made by group 7. Member from
Faculty of Finance and Banking, Hoa Sen University in October 2022.
Thank you for a wonderful semester. I appreciated your caring disposition
and teaching style. As a sophomore, I had the opportunity to learn from excellent
and dedicated instructors. Thank you for incorporating humor and even
performances. Thank you for leading our discussion section. This class was
challenging at times but there was value in being exposed to the material. Thank
you for your efforts in grading communication and individual feedback. Thanks a lot! TEACHER’S COMMENTS
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
.................................................................................................................................
................................................................................................................................. TABLE OF CONTENTS
TEACHER’S COMMENTS......................................................................................................................................5
INTRODUCTION......................................................................................................................................................7
4.1 CASE STUDY.......................................................................................................................................................8
4.1.1 Case summary....................................................................................................................................................8
11-22. Is there another incentive plan you think would work better for the pressers? Describe it..........................8
1. Individual Employee Incentive Plans.................................................................................................................14
3. Hybrid Incentive Plans........................................................................................................................................15
6. References.............................................................................................................................................................22 INTRODUCTION
There are many methods of calculating salary for employees in the world. In
particular, the 3P salary system is considered to be the most fully developed and
widely applied. The 3P salary system is a salary payment method applied in modern
enterprises, aiming to create a salary suitable to the working capacity of employees.
In which, the amount of salary that the employee receives in the month will be
equal to the sum of the individual factors. The 3 factors are: Salary Job Location,
Personal salary, Performance salary.
By paying salaries according to individual performance, businesses can also exploit
the capacity of employees. If in the past, employees often thought that they only
needed to ensure the ability to fully complete the assigned work, then with the
policy of paying more for good people and effective workers, employees will
automatically have goals. goals and motivation at work.
At the same time, by evaluating performance on the basis of common
achievements, enterprises have created a connection between individuals and the
collective results, thereby easily building and implementing a common development strategy. 4. MAIN CONTENTS 4.1 CASE STUDY 4.1.1 Case summary Carter Cleaning Company
Jack Carter has questioned himself whether hour payment is a good idea. His basic
policy has been to pay employees an hourly wage, except that his managers do
receive an end-of-year bonus depending, as Jack puts it, “on whether their stores do well or not that year.”
Initially the employee could drop 12 to 15 pieces when he got paid 8$/h. When the
change is deployed, he progresses 25 to 35 pieces per hour and earns 0.33$ per item
he cleans. On the whole, the experiment worked well. The sales and employee's
work efficiency increase as payment methods shift from hourly wage to performance payment.
However, The quality of Walt’s work has dipped a bit, plus his manager has to
spend a minute or two each hour counting the number of pieces Walt pressed that hour Questions
11-20. Should this plan be extended to pressers in the other stores?
11-21. Should other employees (cleaner/spotters, counter people) be put on a
similar plan? Why or why not? If so, how, exactly?
11-22. Is there another incentive plan you think would work better for the pressers? Describe it.
11-23. A store manager’s job is to keep total wages to no more than 30% of sales
and to maintain the fuel bill and the supply bill at about 9% of sales each.
Managers can also directly affect sales by ensuring courteous customer service and
by ensuring that the work is done properly. What suggestions would you make to
Jennifer and her father for an incentive plan for store managers? 4.1.2 Case solutions
11-20. Should this plan be extended to pressers in the other stores?
For me, I think this plan shouldn’t be extended to pressers in the other stores.
Because, Walt can generally press 25-30 pieces per hour, with the small increase in
pay, and he generally earns his target wage but the quality of Walt’s work has
dipped a bit, made his manager has to spend time counting how much pieces Walt pressed that hour.
11-21. Should other employees (cleaner/spotters, counter people) be put on a
similar plan? Why or why not? If so, how, exactly?
I think this plan only applies to a few positions in the company. There are many
reasons to apply this plan to employees and other stores because it will bring
benefits such as work efficiency, profit for the company. When these plans are
applied to the company, other employees will work diligently, with purpose, and
thus they will do better. However, they should make sure they wash their clothes
properly. As is the case with Walt, he can press more than 25 shirts per hour, but the
quality has dropped from before. That would be good for him for making a little
more money, but it would also greatly reduce customer satisfaction. In the long run,
the company's revenue will decrease. Instead of using a plan like Jack Carter, it
makes more sense to use a customer satisfaction method that makes more sense for
the company. This both motivates employees to work better and customers will also
feel more satisfied with the store's laundry service.
11-22. Is there another incentive plan you think would work better for the pressers? Describe it. Combination plans
This type of plan includes all variations of salary plus other monetary incentive
plans. The variations include base salary plus commission on all sales, salary plus
bonus. On sales over quota, salary plus commission plus bonus, and so on.
A combination plan design benefits your top performing employees. Your business
can leverage a combination plan to establish additional retirement allocation for top
performers & key employees. This allows for many variations of incentives that
help you find and retain top employment talent. Profit – sharing
A profit-sharing plan gives employees a share in their company’s profits based on
its quarterly or annual earnings.
It is up to the company to decide how much of its profits it wishes to share.
Contributions to a profit-sharing plan are made by the company only; employees cannot make them, too. Merit pay
Merit pay is the type of compensation a company uses to reward higher-performing
employees with ongoing additional pay. Merit pay is sometimes called incentive
pay or pay-for-performance, and it involves giving employees base pay increases or
bonuses based on their performance.