Evaluate Your Chosen Company's Cash And Incentive Compensation Policy
2. Evaluate your chosen company’s cash & incentive compensation policy from society’s perspective. Justify your answer. (7 marks)
The four companies from the above table have the different cash and incentive compensation policies. For example, pay for performance, assessment, overtime rate, allowances, contribution to employee provident fund, pension scheme, bonus, and stock option scheme.
The chosen company is Company D which is wholly locally owned. From society’s perspective, total compensation is a reflection of justice in the society (Milkovich, Newman, & Gerhart, 2014). The pay for performance of the company D is based on performance management system. Quarterly reviews for the assessment are done by the Human Resources (HR) manager to see whether employees perform their job well. This assessment is also to ensure that every employee has commitment towards their work and achieves the organization objectives. Therefore, the company implements this system to design their pay system which is fair to every employee. The company pays employees with monetary or non-monetary benefit to exchange with their effort of the work. Some
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It means that, company does not increase the EPF although they already work in that company for many years. On the other hand, this company provides pension scheme for their employees. It is a strategy to attract and retain employees. As compared to other companies such as company A, company B and company C, their contribution to EPF increases after seven year or three year. But, these three companies does not offer pension scheme for their employees. The four companies have the advantages or disadvantages in their different compensation policy. From the society’s perspective, different people had their different demand, and they cannot determine which company has the good design of the compensation of EPF or pension
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