...Chapter 2: Strategy: The Totality of Decisions Multiple Choice Questions 1. (p. 39) “Everyone wears several hats” and “succeed by working together” are examples of which of the following? A. Objectives B. Internal alignment C. Externally competitive D. Employee contributions Difficulty: Medium 2. (p. 41) “Putting some skin in the game” refers to: A. employees paid entirely on commission B. being paid as a contract vs. a regular employee C. below market base pay with stock ownership D. above market base pay with low benefits Difficulty: Medium 3. (p. 41) A compensation system that pays employees such that “some skin is in the game” means that A. a portion of employee pay is at risk B. employers risk high labor costs C. level of base pay is below competitors D. base pay is low while benefits are generous Difficulty: Medium 4. (p. 41)______________ changed its compensation strategy as the company grew and matured? A. SAS B. Google C. Microsoft D. CNET Difficulty: Medium 5. (p. 42) At the corporate level, a strategic compensation perspective addresses the question: A. What business should we be in? B. What is our desired return on assets? C. How can our total compensation help gain competitive advantage to achieve organization success? D. How can job analysis help us select the most appropriate certain compensation technique(s) for our organization? Difficulty: Medium 6. (p. 42) What level of strategy is the...
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...Marshall Givley Compensation & Benefits 1/24/16 Assignment 1 Assignment 1 1. I am using Lost Spur Golf Course as my example for mapping compensation strategies. One key point of my company’s strategy is external competiveness. Lost Spur will offer unique deals compared to the other golf courses in the area. Some forms of compensation I received while working is unlimited golf, free golf, and 40% discounts towards the pro shop apparel and food. Another compensation strategy Lost Spur used was internal alignment. Aside from the managers and employees who have been working there for an extended period of time, most employees were paid the same. However, the company did support career growth. If you excelled at your job, there were opportunities for promotions and increased pay. In a sense, they used “working hard” as an incentive for career growth. 2. As I stated in question one, most employees at the golf course were paid the same. This is similar to SAS’s philosophy where “Everyone is part of the SAS family.” So, one key difference between Lost Spur and Microsoft is the internal alignment. The differences in Microsoft’s pay are seen as returns for superior performance whereas Lost Spur does not have a lot of pay differences between its employees. Another key difference between SAS, Microsoft, and Lost Spur is career growth. Lost Spur offers a high amount of career growth although Microsoft and SAS are relatively neutral according to the strategy map. 3. There...
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...performance all contributed to the company being in this unfamiliar position. Jim Burton became CFO in 2007 to turn everything around. Burton was expected to develop a sustainable business platform that would be capable of doubling the company’s size and generating an attractive return on investment. Jim Burton did everything in his power to help turn around Norton Lilly International. Due to the fact that he was new to this industry and dealing with veterans that had 30 years of experience he had to use an incremental approach by introducing ideas and building on them once accepted. He formed an executive committee in order to begin decentralizing the decision-making processes away from the owners. Burton also established process mapping, which focused on the key processes involved in delivering each type of service. This process helped management understand the underlying causes of service failures and began to close performance gaps. Burton then established key performance indicators that identified operating level...
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...Table of Contents 1 COMPANY PROFILE 2 2 HR HEAD PROFILE 2 3 HR Organizational Structure 2 4 HR Strategy 3 5 ANALYSIS OF THE HRM SYSTEM 5 5.1 Analysis and Job Design 6 5.2 HR Planning 6 5.3 Recruitment and Selection 6 5.4 Training and Development 7 5.5 Performance Management 8 5.6 Reward Management/Compensation 9 5.7 Employee Relations 9 6 CONCLUSION 10 7 REFERENCES 11 8 APPENDIX 1 – TRANSCRIPT OF INTERVIEW 11 COMPANY PROFILE Rede Eléctrica Nacional (REN) is a Portuguese energy company which operates in two major businesses and is the current concession holder for: * The transmission in very high voltage electricity and overall technical management of the National Electricity System; * The transport of high-pressure natural gas and overall technical management of the National Natural Gas System, guaranteeing the reception, storage and regasification of LNG and underground storage of natural gas. REN also operates in the telecommunications business via RENTELECOM, which includes a range of services, such as infrastructure, managed services and consultancy. The internationalization of REN's operations is a business that is taking its first steps, and received a new impulse with the entry of strategic international partners (State Grid and Oman Oil) into the company capital. REN seeks to be one of the most efficient European energy transmission system operators, while creating value for its shareholders within a framework...
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...1. The Service Concept: Just like production, service industry is also a vast plot that has its own keen interests and points, though different from production processes but equally important. Similar to production, services also have procedures, and each of them must have to be done properly, at right time and with right care. And these steps, procedures, follow ups need to be defined and recorded properly by the service providers. And here the term helpful, is THE SERVICE CONCEPT. The service concept actually defines the service design, it’s basics, it’s how and what, and helps intervene between an organization’s strategic plan and the customer’s needs. It’s a roadmap which shows an organization’s strategy of winning the customers while leading to its own goals. Service concept is an easy way of defining an organizations strategic plan that also considers customers’ needs. As defined by Edvardsson and Olsson (1996) “The service concept is used to know and investigate the nature of service within or outside the service organization”. The service concept is not limited to marketing or operations of services, but it also highlights its functional divisions and gives a detailed view of the service management. If applied properly, the service concept can be used as a tool to incorporate the different sides of a service organization together. It’s a prototype of what is to be done for customers and how are the organizational goals to be achieved. There are many important decisions...
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... Five-Year Career Development Plan There is no rule that states that a career development plan has to be set out before you start with your career; in fact, it can occur at any point of your career. A very realistic plan is a five-year development plan. This period is appropriate to foresee any goal hindrances or complications and then develop yourself accordingly. Five years seems to be a reasonable time to accomplish any certain set of goals. While constructing the five-year plan for yourself make sure, you incorporate the essentials of self-assessment. Search yourself for what you wish and yearn for and them put them in your development strategy; justify it with the compensation you are offered Once you are done assessing yourself, you will also find out what you are best at – skill assessment. While determining your skills, you need to carve out your positives and negatives. Having a few too many negatives is not a drawback; what you need to analyze is how relevant is either to the job you do or the career you intend to pursue. You should bear in mind a couple of things; if you’ve risked pursuing a career that isn’t your choice then you will need to set out two options of careers that best fit your personality. This shall encourage you to bring out the best career development plan for complete five years. This five-year planning will tell you how well you have planned your career...
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...Question 4 THREE TECHNIQUES THAT MANAGERS CAN USE TO MANAGE DIVERS INDIVIDUALS IN WORKPLACE GROUP (MANAGEMENT OF DIVERSE GROUPS) There are a number of techniques managers can use to manage diverse individuals in the workplace, the three discussed techniques in discussion are based on the integration of diversity management principles into HR functions i.e Human Resources policies 1. Recruitment & Selection This technique relates to the statement : "what set of people would most effectively allow us to do the things we want to do", noting that in any complex system of people will likely have to fill different roles, that different people are best suited for different roles, and that different people are best suited for different rules depending on who else is filling the other roles (Herman, 2007). Managers in organisations need to attract and retain competent employees who experience a fair and dignified environment, with positive development opportunities (Geldenhuys, 2008). To achieve such changes in staffing profiles, managers need to undertake a wide range of initiatives. These include specially targeted advertising to reach disadvantaged and socially excluded communities and the establishment of partnership with community and statutory agencies to enhance their recruitment efforts as well as to support local/regional social and economic development goals (Situational Leadership, by Bahadin). It is important for managers to ask themselves if they are pursuing the...
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...CCT 355 E-Business Technologies Division of Labour We have divided up the entire work load into five main stages, with the following break-down: • Analyze: For this part of the report, firstly, each group member studied the case as well as the change primer to get a detailed understanding of the problem at hand. Secondly, each group member has spent time with the game, experimenting with the tactics and their consequences. A key aspect of this component is conducting interviews of the Management. The list of departments interviewed was split up based on the following break-down: Tarek: Administration Department Kevieon: Marketing Timur: Manufacturing, R&D • Plan list of adequate tactics Tarek: Summarize the change primer with additional notes. Timur: roughly break down the list of all available tactics into the 7 stages outlined in the primer. • Implement tactics Kevieon: enter the available tactics into the game in various order. • Evaluate tactics used Collective activity, group discussion of tactics used Interviews Administration Maurice Gagnon - CEO • Very worried about present managerial state • Need a leader • Not happy with Brian • Thinking about coming out of retirement • Company changed a lot since Brian took over • Company may have grown too much • Likes Brians cost containment initiatives • Market has changed • Company should be doing better • Company has great resources • Bit performing as well as competitors • Need action...
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...ASSIGNMENT Business ethics NICOL Maëlle ISEG BFS5 1A [Nom de la société] | [Adresse de la société] ------------------------------------------------- FINAL ASSIGNMENT Business ethics Should executives have to be offered bonuses to do their job well when other employees are expected to do their job well in the absence of bonuses? Should executives have to be offered bonuses to do their job well when other employees are expected to do their job well in the absence of bonuses? Introduction Nowadays, in many companies, executives receives more and more incentives like bonuses if they do their job well. In these same companies, it’s a rare fact that workers have bonuses. Equality between executives and other employees’ compensation is often not respected, most of workers find the bonus system very unfair. That bring us to the following question: should executives have to be offered bonuses to do their job well when other employees are expected to do their job well in the absence of bonuses? In this paper we will see that executives have to be offered bonuses to do their job well only if others workers are expected to do their job well with the same advantage of bonuses as reward. Through this paper, we will see that bonuses can leads workers to be jealous of executives, we also see that bonuses improve the company performance and finally we will see that bonuses make the workers more devoted to their company. Thesis statement Executives have to be offered...
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... * RESPONSIBILITY 11 * DISCOVERY AND DEVELOPMENT 12 4. COMPENETCY MAP 13-18 5. HUMAN RESOURCE DEPARTEMENT 19 6. PERSONNEL DEPARTMENT 20 7. ADMINISTRATIVE DEPARTMENT 21 8. RATIONALE AND OBJECTIVE 22-23 9. COMPETENCIES MAPPING AT MSD INDIA...
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...Managing Employees As I am appointed as an assistant manager of a marketing department in a fast growing company which provides marketing support via internet to other companies, my job is to help my supervisor lead the unit to develop long term strategies for the department, maintain excellent relations with client and strive to build future business opportunities. The marketing associates in my department work in very flexible schedule and are often offsite, working with the clients to help develop marketing campaigns to improve the business performance via internet. After being in the job I realized that I need to create another position to make sure all the necessary works gets completed on time. But currently there is no one handling accounts payable to the service providers, many administrative works are falling aside, and beside my duties I have been busy making travel arrangement for the staff. Review/Analysis of the Case Analysis of Findings After getting appointed as an assistant manager of a marketing department in a fast growing company which provides marketing support via internet to other companies I realized that there need to be another position so that work gets completed on time. There is no one handling accounts payable to the service providers, many administrative works are falling aside, and beside my duties I have been busy making travel arrangement for the staff. I have been tied up between administrative jobs and could not focus on the strategic...
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...Contents Acknowledgement 4 Introduction 5 TASK 01 6 UNDERSTAND THE IMPORTANCE OF BUSINESS PROCESS IN DELIVERING OUTCOMES BASED UPON BUSINESS GOALS AND OBJECTIVES. 6 1.1 6 Evaluate the interrelationship between the different processes and functions of one of the following companies. 6 Interrelationship between supply chain and procurement department and other departments 6 1.2 9 Justify the methodology to be used to map processes to the organization you have selected in question 1.1 goals and objectives. 9 Process identification 9 Information gathering 9 Interviewing and mapping 10 Analysis 10 1.3 11 Evaluate in own words the output of the process and the quality gateway for the company selected in 1.1 11 output of the process 11 Environmental sustainability 11 Quality gateway 12 Task-02 13 BE ABLE TO DEVELOP PLANS FOR OWN AREA OF RESPONSIBILITY TO IMPLEMENT OPERATIONAL PLANS. 13 2.1 13 Design plans which promote goals and objectives for own area of responsibility for internal and external customers for short term and long term plan. 13 Become clear on the result you would like to realize 13 Break objectives into small 13 Determine the objectives for every goal 13 Put your goals and objectives into time frames 14 Review your goals 14 Put your list in a very place that's simply accessible 14 Return to your lists when every time frame 14 2.2 15 Write objectives which are specific, measurable, achievable, realistic and...
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...Chapter 1- The Pay Model Compensation: Does it matter? Compensation is one of the most powerful tools organizations have to influence their employees. General Motors (GM), like Chrysler, has, for decades, paid its workers well—too well perhaps for what it received in return. Having labor costs higher than the competition, without corresponding advantages in efficiency, quality, and customer service, does not seem to have served GM or its stakeholders well. On the other hand, Nucor Steel pays its workers very well relative to what other companies inside and outside of the steel industry pay. But Nucor also has much higher productivity than is typical in the steel industry. Wall Street financial services firms and banks used incentive plans that rewarded people for developing “innovative” new financial investment vehicles and for taking risks to earn themselves and their firms a lot of money. Troubled Asset Relief Program (TARP), which included restrictions on executive pay designed to discourage executives from taking “unnecessary and exces-sive risks.” In an opinion piece in The Wall Street Journal, entitled “How Business Schools Have Failed Business,” the former director of corporate finance policy at the United States Treasury wrote that “misaligned incentive programs are at the core of what brought our financial system to its knees.” 7 He says that we “should ask how many of the business schools attended by America’s CEOs and directors educate their students about the...
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...Introduction : A lot is going on in recent times on the issue of competency mapping. A lot of resource is spent and consultants are invited to do competency mapping. Competency mapping is gaining much more importance and organizations are aware of having good human resources or putting the right people on right job. Competency mapping is important and is an essential exercise. Every well managed firm should have well defined roles and list of competencies required to perform each role effectively. Such list should be used for recruitment, performance management, promotions, placements and training needs identification. In performing or carrying out work, it is essential that the required job skills first be articulated. This information not only helps to identify individuals who have the matching skills for doing the work but also the skills that will enhance the successful performance of the work. Yet often to perform well, it is not enough just to have these skills. It is also critical to complement the skills with the necessary knowledge and attitudes. For e.g. the necessary knowledge will enable an individual to apply the right skills for any work situation that will arise while having the right attitude will motivate him to give his best efforts. These skills, knowledge and attitudes required for the work are usually collectively referred as competencies. How Is “Competency” Defined in the Context of This Article? Many definitions of the term “competencies”...
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...Starting with the End in Sight: Integrating Finance After a Merger 2 When two companies merge, integrating their Finance functions is a major imperative. Variations in financial standards and procedures can prevent the merged entity’s Finance function from effective daily operations, impacting both internal and external stakeholders. Integration of this key function is also time-sensitive: the entity’s leaders, not to mention investors, demand consolidated financial statements, earnings and projections as soon as possible. Additionally, a majority of the potential gains from a merger cannot be achieved without committed support from Finance. Many companies recognize this challenge and give substantial attention to financial integration soon after announcing the deal. However, this urgency creates its own problems. Under time pressure, finance professionals will feel rushed to combine disparate numbers and harmonize divergent processes. If they do not yet have a clear vision of the new company’s future state, they may implement manual temporary work-arounds, such as preparing manual reconciliations of customer accounts, that require incremental work effort, cost and risk to Finance. By focusing only on interim integration work and not considering the future state in parallel, many companies risk that the manual interim state will one day become the future state. Maintaining disparate and manually integrated systems limits opportunity for future standardization and cost...
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