Performance appraisal results to the remuneration system

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Reference no: EM132761743

Question

AKM is a hypothetical Australian company operating in the tourism industry. The company employs 1,515 employees and has the ambition to become a leader in their industry. Of the whole workforce, approximately 18 percent of them are managers including both junior, middle and high level ones. One of its corporate strategies is attracting and retaining highly skilled and innovative employees. Focusing on managerial positions only, answer the following questions:

1) Outline and describe a total reward system suitable for AKM.

2) Based on the system described in question one make suggestions on how to link the performance appraisal results to the remuneration system.

3) What methods can AKM use to make sure that their remuneration system is fair and competitive? What are the challenges that AKM might face in order to achieve this? (Take into consideration the impact of COVID-19 in answering this question)

Reference no: EM132761743

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