1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Karolina [17]
2 years ago
8

What can organizations do to keep rewards individualized enough to meet various employee needs (needs theory) while trying to en

sure that everyone feels that all the different rewards are fair (equity theory)
Business
1 answer:
julsineya [31]2 years ago
4 0

Answer:

The best way to go about this is to design and operate and rewards system that recognizes individual needs as summarized and proposed by David McClelland.

The theory of equity on the other hand speaks to the perception of how input is compensated for in relation to those of others. Human beings (workers) will come with varying degrees of skills and input.

So to customize rewards in such a way that it recognizes unique contributions in an equitable way, one must first decide what key skills will be required for each job and which jobs are required to achieve organizational goals and objectives.

Explanation:

The Needs Theory by David Mclelland summarizes individual needs into three. They are:

  1. Achievement
  2. Affiliation
  3. Power

A balanced reward system will have financial and non-financial benefits. some of the non-financial benefits will be tailored to have the above components.

- Achievement: An example of this is - Opportunity for higher assignments

- Affiliation: The need to belong to a strong Employer brand

- Power: This answers the question about whether or not one will become more influential as they progress with the company

The equity theory will guide the business owner in ensuring that all selected metrics of input are classed and priced accordingly.

The usual form of input include but are not limited to:

  • Ability
  • Adaptability
  • Commitment
  • Determination
  • Education
  • Effort
  • Enthusiasm
  • Experience
  • Flexibility
  • Hard Work
  • Loyalty
  • Personal sacrifice
  • Skill
  • Support from co-workers and colleagues
  • Time
  • Tolerance
  • Trust in supervisors

Equity sometimes is difficult to achieve due to issues with capacity on the part of the company. Best practice, however, is to recognize equity first from the perspective of standard industry practice, then match or exceed such offering by a combination of Financial and Non-Financial rewards that are based on the strength of the organization.

Another strategy is for organizations to adapt it's reward systems to  Achievement Based Compensation. This type of compensation instead of focusing on the inputs listed above focuses on results.

In this case, expected results and capacity to deliver and subsequent rewards on same are discussed and agreed upon.

Minimum requirements are also defined ahead of time. Under this kind of structure, equity is achieved, and individual needs are recognized.

Cheers

You might be interested in
THIS IS FOR CULINARY
enyata [817]

Answer:

D. layoffs

Explanation:

A contingency plan is an alternative plan of action in case of unexpected outcomes. It is devised and kept in place to be implemented in bad times.  A contingency plan is a sort of a  risk mitigation plan to help the business navigate through a bad situation efficiently.

A contingency plan for labor include measures that can help a business overcome tough seasons.  The business may need to layoff some employees to save on labor in times of economic downtime

3 0
3 years ago
Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can
bixtya [17]

Answer:

Georgeland has an absolute but not a comparative advantage in producing clothing.

Explanation:

Absolute advantage is defined as the ability of a firm to produce higher amounts of a product as a result of use of the same resources with other competitors. It is usually bad a result of more efficient production process.

Comparative advantage is the ability of a firm to produce goods at a lower opportunity cost. Therefore they are able to sell at lower price compared to competitors.

Georgeland can produce 18 units of clothe per year while Alland can produce 16 units per year, so Georgeland has absolute advantage.

In producing clothes Georgeland has opportunity cost of 36 units of food which is higher than that of Alland which is 32 units of food. So Georgeland does not have comparative advantage in producing clothes.

3 0
2 years ago
You are a dual income, no kids family. You and your spouse have the following debts (total): mortgage, $350,000; auto loan, $18,
Stells [14]

Answer:

$202,200

Explanation:

DINK (double-income no kids): It suggest to add half all the marriage debt to the funeral expenses:

To the funeral expenses you will add half of the debts:

350,000 / 2 =  175,000 for mortgage

  18,600 / 2 =     9, 300 for atomobile loan

   5,200 / 2 =     2,600 for credit card debt

   9,800 / 2 =     4, 900 other debt

funeral exp   <u>   10, 400   </u>

<em>insurance:      202,200</em>

8 0
3 years ago
Performance is evaluated for an investment center through the comparison of actual and budgeted return on investment (ROI) based
igor_vitrenko [27]

Answer:

True

Explanation:

<em>Return on Investment (ROI) is the proportion of operating assets that an investment center earned as as net operating income.  </em>

<em>ROI is measure of the returned earned by a division relative to the amount invested in the assets used to generate the return. </em>

It is calculated as follows  

ROI = operating income/operating assets  × 100

To evaluate a division, the division's ROI is compared to the budgeted ROI of the company. An actual ROI that exceeds the budgeted is considered a good performance and vice versa

3 0
3 years ago
Which of the following carries regularly involve traveling?
erastovalidia [21]

Answer:

I think that they MIGHT be A C and D

Explanation:

8 0
3 years ago
Other questions:
  • An aggregate production function exhibits diminishing returns to technology when, holding the amount of human capital per worker
    11·1 answer
  • Maria wants to become a computer programmer. What SMART, short-term goal could she set for herself
    9·2 answers
  • A large bank is promoting its credit card to existing bank customers who have had more than one account with the bank over the p
    6·2 answers
  • There are 88 members on a board of directors. if they must form a subcommittee of 55 ?members, how many different subcommittees
    12·1 answer
  • Add the following and reduce to lowest terms 3/9+3/9
    14·2 answers
  • Mary signed up and paid $600 for a 6 month ceramics course on June 1st with Choplet Ceramics. As of August 1st, Choplet’s accoun
    6·1 answer
  • Employees at City Bank and Trust were really impressed with Liam, the new CEO. He was the first person who had fully developed a
    8·1 answer
  • Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a
    7·1 answer
  • Klingon Cruisers, Inc., purchased new cloaking machinery five years ago for $15 million. The machinery can be sold to the Romula
    8·1 answer
  • While stockholders elect the board of directors of a corporation, the board of hires the president, vice president and other off
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!