Review the article, â€œManagement Without Consequences: 24% of Companies Pay Bonuses to Failing
Compensation and benefits is a very important part of the strategic plan of an
Compensation and benefits are designed to attract, motivate, and retain
employees and to achieve an advantage over competitors.Â Financial forms
of compensation include direct pay (including base salary) and variable pay
(also known as incentives or pay-for-performance). Indirect pay is more
frequently known as benefits, such as paid and unpaid time off, insurance
protection, and retirement programs. Lifestyle benefits or quality of work-life
(QWL) issues are very important for achieving a competitive edge in efforts to
attract and retain top talent.
Describe the relationship between an
organizationâ€™s business strategy and its pay systems. Demonstrate an
understanding of a pay model.
Discuss a goal or objective of your current
organization. What aspect of the companyâ€™s compensation system aligns with
Discuss specific outcomes in the pay model an
organization could impact through the use of quality of work-life (QWL)
programs.Â What do you think is the most important outcome resulting from
these programs?Â How can an organization formally evaluate whether a QWL
program has been effective?