Job Information Approaches

Table of Contents

Introduction1

Background1

Goals and Objectives2

Observation3

Effective compensation program3

Interviews4

Questionnaires4

Compensation techniques5

Pay System and Recognition5

Noncash Benefits6

Team-based Incentives6

Responsibility and Power6

Professional Development7

Freedom and Independence7

Conclusion7

A comparison of three approaches to gathering job information: Questionnaires, Interviews and Observation

Introduction

This paper aims to study the different approaches to gathering information and evaluate them in order to design a process that will provide the best techniques for compensation. Compensation is of critical importance for any organization as it outlines the way in which the employees will be rewarded. Thus, a clear and methodical process needs to be formulated so that wages and compensation are distributed on favorable terms. Compensation policies need to be devised taking into account factors such as; internal alignment, external competitiveness and employee management (Milkovich et. al, 2010). The objective of the paper is to pave the way for future theoretical and empirical research and positively change the way managers and practitioners think about incentives and compensation, as well as the management of human resources (Baker et. al, 2012).

Background

A thorough understanding needs to be developed of incentive structures because these incentives determine how individuals inside an organization behave. This is due to the fact that if employees know that they will be paid well, they will be motivated to work more. On the other hand, if the employee is working more but is not being rewarded accordingly, he will get demotivated towards working (Baker et. al, 2012).

Study needs to be carried out for many features of organizational incentive systems and remuneration packages, as traditional economic theories such as egalitarian pay systems are not viable in elaborating them (Baker et. al, 2012).

Not only managers, but economists as well have expanded the horizons of their interest in the theory of the firm in the past (Alchian et. al, 1972).

Goals and Objectives

The current prevailing economic models of compensation assume that in order to get higher compensation, one needs to put in extra efforts and that mental pressure can cause lesser productivity on the part of the workers. However, newer systems have been designed to study the performance of workers though different modes and then compensate them accordingly to their job performance (Gilley et. al, 2009). The goal of the organization should be to recognize what is routinely ignored; level of employee growth and development, and the organizational goals. There is a dire need for this because previously, employees were merely rewarded for filling in attendance and looking busy and this does not contribute to the productivity of the individual or the organization as a whole (Gilley et. al, 2009).

The compensation and reward policy should be focused on rewarding employees for the performance level that they attain. In this way, the organizations can ensure that only the productive employees are getting compensated and that too, fairly. This approach would also assure that desired outcomes of the organization are achieved. Whereas if the employees are not rewarded when they deserve, it will cause demotivation and their productivity levels might decrease (LeBoeuf, ...