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Q2. Suppose you are a HR Manager and you are asked to develop an
effective Incentive Scheme for your organization. What are the prerequisites you will consider while developing an Effective Incentive Scheme?
Discuss the merits of Incentives.
Answer. Pre-requisites of Effective Incentive Schemes
You can conclude by now that for all firms a well-designed system of wage payment
can yield a number of advantages. But it is also true that to realize these advantages
there must be some safeguards known as pre-requistions of effective incentive plans.
Q4. Define Pay Structure. What are its objectives? Explain the major
decisions involved in designing and setting competitive pay structures.
Answer. A pay structure is a collection of pay rates or pay ranges. Structure setting
and adjustment is the process of developing, adjusting, and maintaining a pay
structure.
Pay structures are used to help organizations:
Maintain pay levels that are competitive with the external labor market,
maintain internal pay relationships among jobs,
recognize and reward differences in level of responsibility, skill,
performance, and
Manage pay expenditures.
and
Q5. Explain the criterions considered for rewarding the employees for their
good service.
Answer. In a business world where fewer workers are doing more, employers have
"fallen way short of giving employees the recognition deserved and expected for a job
well done, Guld says. Providing that recognition requires developing award criteria.
Step 1
Form an award-program development committee to guide the creation of your
recognition initiative and its criteria. Formal, ongoing feedback from several
colleagues will help you adopt useful, fair criteria.
Q6. Write a short note on the following:
Winter-2015
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