COMPENSATION MANAGEMENT

Compensation Management

Compensation Management

Describe the three main goals of compensation departments.

Compensation is a systematic approach to providing monetary worth to workers in exchange for work performed. Compensation may accomplish several reasons aiding in recruitment, job performance, and job satisfaction. The reimbursement Department in the Office of Human assets (OHR) is to blame for evolving reimbursement practices that endow Nova Southeastern University to be comparable in its work market and an appealing boss to peak talent in its commerce and within the groups in which it recruits. (Noe 2002) In order to attract, motivate, and retain qualified personnel and to reward employees with the potential to assume responsible positions within the organization, NSU will continue to develop compensation strategies and practices that maintain competitive salaries and that are also consistent with the economic requirements of the organization.

Describe the contextual influence that you believe will pose the greatest challenge and the contextual influence that will pose the least challenge to companies' competitiveness and explain why.

To recount in widespread periods, Human asset Management (HRM) is a management function that assists managers employ, choose, train and evolve constituents for an organization. It is worried with the people's dimension in organization. As cited afore, it is the human components that actually lead an organization to perform, consign and grow. (Snell 2002)As a result, the management of these resources are extremely essential for any organization, whether profit-seeking or non-profit seeking, to achieve maximum productivity levels. The approaching of the 21st years globalization poses distinctive HRM trials to businesses particularly those functioning over nationwide boundaries as multinational or international enterprises. Strategic Human asset administration (SHRM) engage a set of internally reliable principles and practices designed and implemented to double-check that a firm's human capital (employees) assist to the accomplishment of its business objectives has evolved a more comprehensive academic definition of SHRM:

The second theoretical influence is the behavioral outlook based on contingency theory. This view explains practices designed to control and influence attitudes and behaviors, and stresses the instrumentality of such practices in achieving strategic objectives(Wright 2004). The cybernetic scheme explains the adoption or abandonment of HR practices producing from repsonse on assistance to strategy. For demonstration, training programs may be taken up to help pursue a scheme and would be subsequently taken up or forsaken based on feedback.

Describe when subjective performance evaluations might be better (or more feasible) than objective ratings.

The foremost difficulty ...