Reading Synthesis An Analysis of the Covered Topics

READING SYNTHESIS: AN ANALYSIS OF THE COVERED TOPICS 4

ReadingSynthesis: An Analysis of the Covered Topics

ReadingSynthesis: An Analysis of the Covered Topics

Quitea number of topics have been covered in within the semester. Thesespan from employee compensation and ethics among other issues.Perhaps one of the issues that I found to be quite interesting is thecompensation of employees in a business entity. It is wellacknowledged that employees are always the backbone of any businessentity as their output has a direct influence or impact on theultimate productivity of the business entity. However, their jobsatisfaction plays a key role in their productivity (Henderson,2003).The job satisfaction, on the other hand, is tied to how valued theyfeel by the organization, which is often demonstrated by the amountof remuneration they obtain from the entity, as well as their levelof involvement in the business of the entity.

However,the compensation, rewards and recognition do not necessarily have tobe in monetary form rather the business entity can also offer otherbenefits to their workers in form of vacations, paid leaves, andinsurance plan payments or even gifts and trophies. On the same note,it is imperative that the business entity obtains a balance betweenthe benefit plans and the business objectives. Indeed, it isacknowledged that the focus of a large number of incentive plansconcentrate on connecting the compensation rewards to the goals andstrategies of the organization.

Thekey concepts in this case would revolve around the types of incentiveplans which include piecework, standard hour plans, bonuses and meritpays. Of course, the different incentive plans would be suitable forvarying situations or scenarios, in which case their applicationwould be determined by the status of the business entity. Even moreintriguing is the fact that the merit pay, while seemingly the bestas it tags the level of compensation to the performance of theindividual, may breed some problems. Indeed, it is well known thatmerit pays may encourage feelings pertaining to inequity especiallyin instances where the managers and employees have varying opinionspertaining to the factors that play a crucial role in the success ofthe business (Henderson,2003).Further, the vagueness pertaining to the merit award criteria mayalso breed problems for the company.

Inmy opinion, perhaps the most appropriate way of implementing this isby ensuring that the employees play a part in determining themeasures or the criteria by which performance would be measured andthe rewards or compensation that would accrue as a result ofparticular accomplishments in the long-term. This also adds to thefeelings of being valued by the organization, in which case they ownthe entity, thereby allowing for total dedication to its productivityin the future. This would also bread collaboration between the entityand the employees in the long-term (Henderson,2003).To ensure constant motivation and job satisfaction, it is imperativethat the incentive plans are constantly revised, of course, with theinput of the employees themselves, while matching it up to theobjectives and goals of the business. In most cases, aligning theincentive plans with the goals and objectives of the entity would notbe difficult especially if the employees play a role in varied stagesof decision-making. In essence, safeguarding patient satisfactionwould be the paramount thing in the business entity.

References

Henderson,R. I. (2003).&nbspCompensationmanagement in a knowledge-based world.Upper Saddle River (New Jersey: Prentice Hall.