Reference no: EM133044813
Managing Total Reward Design Strategically
In Singapore, the Employment Act provides a good starting point by setting out basic standards in areas such as salary payment, hours of work and employees' rest days. With the Employment Act in place as a guide, both employers and employees have the duty to be aware of the conditions contained within the Act so as to foster a harmonious workplace environment.
To enhance the harmonious workplace environment, different strategic reward policies are practiced. This is due to the diverse workforce from different backgrounds, capabilities, and talents. This competitive package is essential in today's competitive labour market.
In General Electric, retired chairman and CEO Jack Welch established a performance-based wage system known as "20/70/10." The GE system identifies the top 20% of employees at all levels, and they are nurtured and rewarded for excelling in performing their jobs. The middle 70% who make up the majority who perform at acceptable level are rewarded at a lower level. The bottom 10% who are not performing according to the key performance indicators will be told to leave.
Relating to above information, answer ALL the questions below:
(a) "Total reward management must support business strategy and human resource strategy."
Explain this statement by relating to the AMO theory where performance is the function of ability, motivation and opportunity ( Milkovich et.al.,p.40).
(b) Is it appropriate for all organizations to adopt similar reward policy as General Electric organization? Support your answer by relating to the Pay Model and the concept of "Best Practices" and "Best Fit".
(c) Justify the usefulness of pay surveys for organizations which regard pay as a change agent. Support your answer by relating to the concepts of virtuous and vicious circles.
NOTE: Kindly provide your answers in an essay format
Please do NOT provide answers in point forms
Cite any reference used for your answers
REFERENCE: Gerhart, B., & Newman, J. M. (2020). Compensation (13th ed.). McGraw-Hill.
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