Human Resource Managers (Compensation and Benefits) play vital role in determining key aspects of decisions taken during strategy creation on compensation. The key premise is that the way employees are compensated can be a source of sustainable competitive advantage. TWO alternative approaches namely, “best practices” and “best fit” approaches are common and applied by compensation and benefit managers in their decision-making on strategy creation on compensation.
Based on the above scenario, analyse the approach your company (or any other company of your choice) uses to pay staff. Infer its compensation strategy using the five issues (objectives, alignment, competitiveness, contributions, and management).
Answer your assignment according to the following format:
- Define and briefly explain the terms “compensation”, “best practices” and “best fit”.
- Describe the Compensation Strategy of your company or company of your choice:
- Background of organization
- Current practice at the company.
- Responsibility of compensation administration.
- Analyze and infer the issues of Compensation Objectives, Internal Alignment, External Competitiveness, Contributions, and Management.
4. Citation and referencing in APA format. (3 marks) (Total: 30 marks)
ASSIGNMENT 2: Journal Article Review (30%)
1. Select an interesting article pertaining to any issue related to Compensation Management from a refereed journal or conference paper.
(“Refereed” means that the article has been formally reviewed and recommended by a group of peer researchers.)
2. Write the review of the article in accordance to the following format.
ARTICLE REVIEW Format
State the Objectives, Article Domain, Audience, Journal and Conceptual/Empirical Classification. You may adopt the following sample:
Paragraph 1:State the objectives (goals or purpose) of the article. What is the article’s domain (topic area)?
- Audience: State the article’s intended audience. At what level is it written, and what general background should the reader have; what general background materials should the reader be familiar with to understand the article?
- Appropriate Journal? Why is the journal appropriate (or inappropriate) for this article?
- State whether the article is “conceptual” or “empirical”, and why you believe it is conceptual or empirical.
2. Brief Summary
- For your article review, you do not have to spend much space summarizing the article. Instead the analysis of the article is more important. Thus, in this section, you are required to critically review the articles briefly (1-2 paragraphs).
3. Results/ Findings
- Briefly summarize the important points (observations, conclusions, findings). Do not repeat lists of items in the articles – just summarize the essence of these if you feel they are necessary to include. (1-2 paragraphs).
- What has changed since the article was written? Is the lesson, ideas and theories still applicable? To what extent has the issue been resolved?
- Optionally, how do you find the article’s models, frameworks and guidelines, etc. applicable to your work life or personal life (2-3 paragraphs)
5. General Critique
- In this section you should state your opinions of how well (or poorly) the authors did their research and presented the research results in the article. Your critique can contain both positive and negative comments. (2-3 paragraphs)
- An article makes a “contribution” by adding to the knowledge of researchers in a research field.
- Also, is it salient (relevant and current) to a particular scientific issue or managerial problem? Are the issues addressed introduced in a way that their relevance to practice is evident?
(Total: 30 marks)
[GRAND TOTAL: 60 MARKS]
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