Choka Enterprise Rewards System

Only available on StudyMode
  • Download(s) : 878
  • Published : September 28, 2012
Open Document
Text Preview
THE UNIVERSITY OF THE WEST INDIES
OPEN CAMPUS
MGMT3062 - Compensation Management - Semester 2
Student Name: Edditon Edmonson
Student Number: 308004287 

Coursework Assignment

CHOKA Enterprise Rewards System

PROPOSAL:

OBJECTIVE
An effective reward system is organized to stimulate, inspire and motivate individuals to enhance their overall job performance. Our system is design to appeal and retain staff of the right quality with an understanding of the financial status of the organization. This reward system is design to boost the functions and core values of the organization that our employees will continue to with success.

FACTORS TO CONSIDER
* Performance associated pay
* Incentive
* Job Evaluation
* Monitoring the recruiting and retaining of staff
* Cost control mechanism by reviewing salaries and wages.

INCENTIVE PAY SYSTEM

May organization have moved from the tradition pay system whereby you may earn by the way of seniority or by merit and have introduced to the incentive payment. We will focus our attention solely on this incentive base system which will bring better result for the organization. Under this mechanism, the company links performance of the employees to the overall objectives of the organization. Employees contribute individually by the level of productivity and the quality that involves the task that they will accomplish. The employees will be compensated by the level of production and the amount of revenue that is earned by the organization.

INDIVIDUAL BASED PAYMENT SYSTEM

Individual incentive would be better to motivate the works rather than utilizing the team base incentive .Payment for performance is where employee will earn a percentage of what is produce and sold to the suppliers. The incentive payment is also given for achieving the standard of performance at an appropriate time. The compensation will be considered on the sum of satisfactory pieces of work accomplished and the time that is taken to complete the task. For example, the time to produce 12 patties is thirty (30) minutes and an employee completes twenty (20) patties in thirty (30) minutes. This employee would be given an incentive on the amount that is produce, plus an additional bonus for the extra eight that is produced in the short period of time with the precise quality.

THE IMPORTANCE OF INCENTIVE PAY TO TOTAL COMPENSATION
-------------------------------------------------
The key purpose of incentive is to increase efficiency in the production process and the companies output. Employees will earn more, nut the company will benefit from this expense in the long run .A greater size in its output will facilitate the cot per unit will decrease and the profit margin will be achieved. Production analysis is a managerial economics function, where increase production efficiency can help companies achieve an economy of scale, which companies that maximize their production processes can lower overall business cost and increase profit. -------------------------------------------------

-------------------------------------------------

-------------------------------------------------

-------------------------------------------------

-------------------------------------------------

-------------------------------------------------
JOB EVALUATION
-------------------------------------------------

-------------------------------------------------
The purpose of the job evaluation system is to create systematic pay disparities that are accepted by employees to be equitable. Our supervisors will be chosen with the right level qualification in this area to manage the information that is collected daily. -------------------------------------------------

The job evaluation method that would be appropriate for this type of task would be the factor comparison method. This is where a specific job is connected, one after the other, with that of the remaining jobs....
tracking img