Wednesday, May 6, 2020

Analysis Of Remuneration System Samples †MyAssignmenthelp.com

Question: Discuss about the Analysis Of Remuneration System. Answer: Introduction Remuneration refers to payment or compensation, which is received for services. It includes basic salary as well as any type of bonuses that an employee receives at the time of employment. However, there are principles, can distinguish better remuneration system that is focused on the study. The study has also purposed to critically analyze the impact of remuneration system on a business organization. In addition, OMeara Electronics Company is selected as the case study. It is a private limited company and has high market share in Australia. The organization has had a reasonably high market share in the general electronics sector in Australia. The organization has semi-automated factories which are operated electronics engineers as well as electronics technicians. Analysis of remuneration system Remuneration is an element that directly affects the success of the organization. There are no universal efficient systems that can be applied for specifying several types of businesses along with individuals (Guillen et al. 2015). There are two types of remuneration methods generally used in the business organization such as price rate method as well as time rate method. Remuneration system has a great impact on the employee of an organization. It can motivate the staffs to be more productive. Remuneration can praise or recognition for staffs of an organization. Remuneration awarded to the teams of a particular organization increases the levels of productivity as the team looking out for the collective product of the team. For an example, the sales team of an organization increases existing the account orders as well as producing leads for the new account. In addition, pooling staffs in a team with the collective target increases the productivity of proper remuneration is provided ( Van Dijk et al. 2014). On the other hand, remuneration can increase overall morale of staffs provided the advantages that are regarded as equitable. Moreover, providing tiered or incremental bonus based on the staffs of the organization. In the present case study, an executive staff forum has been set up. In the setup, key executive staffs at the meeting are attended. Newbery (2016) stated that it is important to have positioned-based in remuneration system that is processed in OMeara Electronics. On the other hand, it is required to consider all aspects that can be achieved in the organization. The new system has the beneficial approach as well as gets everything up on the whiteboard. Thus, everyone nodded in the arrangement requires no argument for the particular statement (Houle et al. 2014). A participative approach for new remuneration management system can be helpful for this approach. In this perspective, it is important to process performance management system that can be or ganized in OMeara Electronics. In terms of providing effective remuneration system to the organization, it is required to analyze the organizational performance of O'Meara Electronics. However, it is not easy because of involving a lot of negativity. In order to critically analyze remuneration system of O'Meara Electronics, it is important to evaluate performance goals of the individual (Bertone, Lurton Mutombo, 2016). The organizational goal has an impact on individual targets as well as the performance of the organization. On contrary, it is important to work on the first stage; the staffs are required to work on the lower level of production. In the second stage, setting goals with the help of supervisors as well as managers would be helpful to achieve the target of the organization. Filler, Burkoski and Tithecott, (2014) stated that worker can specify a period where it can be demonstrated by workers. Being a consultant for the system of the organization, it would be helpful to process performance management system, which is based on relations with consumers. Analysis of the system results that there is lacking in processes as well as activities in order to manage performance. The employees of OMeara Electronics have made cle ar that supervisors as well as staffs of the organization do not work together. Thus, supervisors are afraid of getting complaints from the staffs working in the organization for several years. Gershman and Kuznetsova (2014) mentioned that as compensation, as well as reward system, acts an important role in the business of an organization, it is required to have effective remuneration system in OMeara Electronics. Every factor responsible for increasing business of the organization needs to be considered. Labour acts an important role in order to bring about the procedure of business. Along with these, different factors such as human emotions and ambitions at a vital role in the organization. Thus, a fair compensation system would be helpful for the staffs of the organization. An ideal compensation system has the positive impact on efficiency as well as results generated by staffs of the organization. It can encourage staffs of OMeara Electronics in order to perform better as well as achieve the standards fixed. Along with these, it will improve the procedure of evaluating job (Ekdahl, 2014). It will also assist to set up an ideal job assessment as well as set the standards that would be more realistic and achievable. The system needs to be simple as well as flexible so that staffs of OMeara Electronics would be able in order to compute own compensation receivable. However, it is easy for implementing that would not provide result in order to exploit the workers (Mrquez et al. 2015). It will raise morale and efficiency as well as cooperation among the staffs. The system can be helpful for management of the organization in order to comply with several labor acts. Solving disputes between the union as well as management of O'Meara Electronics can be helpful to follow the management of principle of getting equal pay. The remuneration system can be helpful for the organization through motivating and encouraging performance better and needs to provide scopes for staff. In addition, it is required to process effective compensation system that brings peace for relationship of employer as well as staffs of OMeara Electronics (Morrow, 2015). It has aims creation of healthy competition among staffs in order to work hard as well as efficiently. The system needs to provide development as well as advancement scopes to deserving staffs of OMeara Electronics. In addition, it is important to make perfect compensation system that can provide a platform for making happy as well as a satisfied workforce (Wendt, 2014). On the other hand, the organization is able retaining best talent through providing adequate compensation system from switching over to the different job. In addition, the business organization is able to think regarding expansion as well as the development of the organization. It supports to be sk illful and talented as well as the happy workforce. Thus, appropriate compensation system can be helpful for being the hallmark of the organization. Malone and Conway (2015) commented that it is important to have success as well as the prosperity of O'Meara Electronics. Pay-package provides to the staffs of the organization. It is important to make performance and management of the organization that can be helpful for the organization to make sense and creates fruitful outcome. It is important to make a performance that can be helpful for the organization that impacts on performance as well as staff morale (Mossialos et al. 2015). The staffs are required to evaluate the fault policy that can be helpful for making good performance and management that can be achievable at O'Meara Electronics. On the other hand, being the consultant for performance management, it is required to start from the beginning and left for contemplating the process. On the other hand, performance management forum starts for making contemplating the process. Pondering about the process at the organization can be helpful to make effective performance management system. Thus, effective performance management of the system can be helpful to gain an effective idea for remuneration (Renwick et al. 2016). Making performance with zero faul t policy as well as on attitude can make the process better through generating effective idea and system that would be helpful for the organization to be effective in its system (Honor, Munar de La Potterie, 2015). On the other hand, it is important to generate the effective idea that would set up remuneration for the staff forum. Performance management system can engage the staffs forum for the process. Hence, it is important to develop effective remuneration system that can be helpful for making the organization effective management of the organization. It is important to develop the effective idea that can lead to making proper performance management system for the organization. On the other hand, pondering about the process for setting the staff forum needs to consider the potential for promotion as well as their absence (Condo et al. 2014). On the other hand, general administration of the organization requires setting loyalty and potential for promotion as well as their absence. Moreover, OMeara Electronics has been operating for 20 years (Hauck, Thomas, Smith, 2016). Thus, the effective setting of the process can obtain an effective system that leads the development of the system through setting up subsidiaries in several countries in South-East Asia as well as the system that can be helpful for the organization. Remuneration is referred as monetary rewards received by staffs. On the other hand, it is required to have proper remuneration system for the organization. On the other hand, remuneration is different from compensation. It sets earnings of the staffs redeemed in the organization (Neumann, 2013). Along with these, the minimum age is the lowest remuneration employer of O'Meara Electronics can be helpful for the organization. It can be enforced with the help of Federal Law and make the state for which the amount is higher. Developing an idea for intermediate as well as intermediates would be helpful to format and calculate as well as model data. On the other hand, being on salary can make the process easier taking absences from work. Most of the businesses and staffs are paid hourly need to schedule absences as well as take paid leave if they are not present. It is important to make an appropriate system for the organization (Arnason Gissurarson, 2017). Hence, it is important to develop effective remuneration system for employees of the organization through which the organization can gain competitive advantages in the market. Recommendation Remuneration refers to total compensation that can be received with the help of executive that includes base salary and gets a bonus as well as expense accounts as well as different forms of compensation. On the other hand, the amount of remuneration can be helpful to make an effective system for the organization. Thus, it requires taking proper strategy regarding remuneration system of the organization. The organization needs to follow government rules and regulation regarding distribution of compensation and implementing effective compensation system. In addition, the non-discrepancy policy would be helpful in this aspect. Conclusion From the above discussion, it can be concluded that effective remuneration system has an important role for employees of an organization. The Fair Labor Standard Act can classify employees and certain professionals as well as executives through exempting the process. Thus, with the help of effective remuneration system, the organization can gain benefits. In addition, wages are required to pay on legal obligations in order to get sufficient share of the relevant labor markets and providing fair reward and incentive to the employees so that they can give their potential in the workplace and achieve the target of the organization. References Arnason, R., Gissurarson, H. H. (2017).Individual transferable quotas in theory and practice(Vol. 4). Almenna bkaflagi. Bertone, M. P., Lurton, G., Mutombo, P. B. (2016). Investigating the remuneration of health workers in the DR Congo: implications for the health workforce and the health system in a fragile setting.Health policy and planning,31(9), 1143-1151. Condo, J., Mugeni, C., Naughton, B., Hall, K., Tuazon, M. A., Omwega, A., ... Binagwaho, A. (2014). Rwandas evolving community health worker system: a qualitative assessment of client and provider perspectives.Human resources for health,12(1), 71. Ekdahl, A. W. (2014). The organisation of hospitals and the remuneration systems are not adapted to frail old patients giving them bad quality of care and the staff feelings of guilt and frustration.European Geriatric Medicine,5(1), 35-38. Filler, G., Burkoski, V., Tithecott, G. (2014). Measuring physicians productivity: A three-year study to evaluate a new remuneration system.Academic Medicine,89(1), 144-152. Gershman, M., Kuznetsova, T. (2014). Performance-related pay in the Russian RD sector.Foresight-Russia,8(3), 58-69. Guillen, J., Macher, C., Merzraud, M., Boncoeur, J., Guyader, O. (2015). Effects of the share remuneration system on fisheries management targets and rent distribution.Marine Resource Economics,30(2), 123-138. Hauck, K., Thomas, R., Smith, P. C. (2016). Departures from cost-effectiveness recommendations: the impact of health system constraints on priority setting.Health Systems Reform,2(1), 61-70. Honor, F., Munari, F., de La Potterie, B. V. P. (2015). Corporate governance practices and companies RD intensity: Evidence from European countries.Research policy,44(2), 533-543. Houle, S. K., Grindrod, K. A., Chatterley, T., Tsuyuki, R. T. (2014). Paying pharmacists for patient care: a systematic review of remunerated pharmacy clinical care services.Canadian Pharmacists Journal/Revue des Pharmaciens du Canada,147(4), 209-232. Malone, A., Conway, D. I. (2015). Payment methods may influence behaviour of primary care dentists.Evidence-based dentistry,16(1), 4. Mrquez, L., Rosado, D. G., Mouratidis, H., Mellado, D., Fernndez-Medina, E. (2015, June). A framework for secure migration processes of legacy systems to the cloud. InInternational Conference on Advanced Information Systems Engineering(pp. 507-517). Springer, Cham. Morrow, N. C. (2015). Pharmaceutical policy Part 1 The challenge to pharmacists to engage in policy development.Journal of pharmaceutical policy and practice,8(1), 4. Mossialos, E., Courtin, E., Naci, H., Benrimoj, S., Bouvy, M., Farris, K., ... Sketris, I. (2015). From retailers to health care providers: transforming the role of community pharmacists in chronic disease management.Health Policy,119(5), 628-639. Neumann, D. A. (2013).Kinesiology of the Musculoskeletal System-E-Book: Foundations for Rehabilitation. Elsevier Health Sciences. Newbery, D. (2016). Missing money and missing markets: Reliability, capacity auctions and interconnectors.Energy Policy,94, 401-410. Renwick, M. J., Smolina, K., Gladstone, E. J., Weymann, D., Morgan, S. G. (2016). Postmarket policy considerations for biosimilar oncology drugs.The Lancet Oncology,17(1), e31-e38. Van Dijk, C. E., Verheij, R. A., Te Brake, H., Spreeuwenberg, P., Groenewegen, P. P., De Bakker, D. H. (2014). Changes in the remuneration system for general practitioners: effects on contact type and consultation length.The European Journal of Health Economics,15(1), 83-91. Wendt, C. (2014). Changing healthcare system types.Social policy administration,48(7), 864-882.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.