In not less than 200 words Using as References
Title: Fundamentals of Human Resource Management
Edition: 13th (2019)
Author: DeCenzo, Robbins and Verhulst
Publisher: Wiley Book
Chapter 11: “Establishing Rewards and Pay Plans”
Chapter 12: “Employee Benefits”
Answer the following:
What is a defined benefit pension plan, a defined contribution plan and 401k accounts. Do you have a preference for one of these? Why?
In not less than 100 words in two different paragraph give your personal opinion to Luz Plumey and Crystal Moore
A competency-based compensation program rewards employees whose skills and knowledge exceed their current job duties. These employees tend to be more motivated and want to increase their skills (Verhulst, 2019). If an employee trains and develops a new skill trade it could beneficial to the organization to retain an employee with extra capabilities.
For example, I trained on my own accord to learn the placement of ultrasound guided IV access. It is not required for my position and an ERT but I wanted to be able to gain access to patients who have difficult intravenous access. This skill has come in handy in my field especially due to the demographics in which I work. I am now paid to train other employees due to my advance skills which helps decrease the number of attempts on patients with complicated vasculature.
Verhulst, S. .L., & DeCenzo, D. A. (2019). Fundamentals of human resource management (Thirteenth Edition). Hoboken, NJ: John Wiley & Sons Inc.
Those employees who receive some reward in their work are known as payment based on competencies. It is also known as payment based on skills and knowledge. These rewards can found or according to their abilities, the types of skills that the employee possesses, among others. Unlike regular employees, their pay depends on the seniority in the job or position since they take into account specialized knowledge. The payment based on competencies is simple when ordering and is based on accessible salary tables (TalentLyft, 2019). Like everything, there is a disadvantage and that, in times of economic difficulty, altering it would become difficult.
There are advantages and disadvantages to the payment based on competencies.
• Employees are motivated, and their performance and contribution to the company are optimal.
• Employees create loyalty to the company they work for thanks to those rewards.
• Many employees explore other areas (leaving their comfort zone) to put other skills into practice and be rewarded by it.
• Those junior employees also win.
• The overall production can be affected if the work team breaks down.
• Some employees can misunderstand as favoritism.
TalentLyft. (2019). Retrieved from What is competency-based pay?: https://www.talentlyft.com/en/resources/what-is-competency-based-pay