Reference no: EM133043620
Q1 - Jan 2014The key findings from the "Report on Wage Practices, 2012" highlighted two issues:
Report on Wage Practices, 2012 (released by the Ministry of Manpower's Research and Statistics Department)
- There is a need to narrow maximum-minimum salary ratio.
- 87% of private sector employees working in establishments had at least one of the flexible wage components recommended by the tripartite partners. This was followed by linking variable bonus to Key Performance Indicators (KPI) (49%) and having the Monthly Variable Component (MVC) in the wage structure (34%).
Organisations which are performing well reported that they provide one off lump-sum payment to reward employees for their support towards the organisational goals.
However, the National Wages Council (NWC) has concern for the low-wage workers as there is a need to narrow the maximum-minimum salary ratio. NWC gave the following proposed recommendations:
- Companies grant these workers a built-in wage increase in the form of a dollar quantum and a percentage.
- Give at least $60 in built-in wage increase to workers earning up to $ 1000.
- Adopt progressive wage model with job enhancement and job enrichment. These will give the low-wage workers in the company a proportionately higher built-in wage increase.
(a) Contrast the concepts of lump sum bonus and group incentive plan. Support your explanation with the challenges and usefulness of each of the plans.
(b) Examine the impact of extrinsic reward as a motivating tool to achieve organisation goals. Relate the answer to task workers, section heads and management with supporting explanation from two (2) motivation theories.
Your explanation must include discussion on the objectives of total reward design for efficiency, fairness and compliance to law.
(c) Explain MBO performance appraisal system. In the explanation, relate to application of AMO Theory on the issue of tying pay to subjectively appraised performance.
NOTE: Kindly 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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