Several years of working in management rank

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Case

After several years of working in management rank within the retail industry, you and 4 friends (who also have similar backgrounds) have decided to open a small retail venture.

As you are all equally invested, ownership of the new project is divided equally amongst each partner (5 partners each owning a 20% share).

The venture requires the hiring of 15 employees: 12 non-managers plus 3 managers.  There is a Sales Force team (1 manager, 6 subordinates), a Marketing team (1 manager, 3 subordinates), and a Finance team (1 manager, 3 subordinates).

  1. Two common quotes regarding rewards are as follows:
    • "Employee recognition may be motivational for the moment, but it doesn't have any staying power. Why? - because employees can't take recognition with them when they go shopping!"
    • "Performance can't be measured, so any effort to link pay with performance is fantasy. Differences in performance are often caused by the system, which means the organization ends up rewarding the circumstances.  It's the same thing as rewarding the weather forecaster for a pleasant day."

Considering the business is relatively new, describe five different factors (other than productivity) for which you can compensate employees.  (Hint: consider the modern ways for compensating employees discussed in the course.)  Based on your knowledge and experience, do you think individual employee-based productivity is the most effective?  Why or why not?

Reference no: EM133097670

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