Answer the following questions.
Question 1) Write down the basic components of the compensation and reward system? What innovations have organizations introduced in each of these components because of the increasingly competitive business environment?
Question 2) What do you mean by incentive pay? Differentiate between individual incentives; team based incentives, and organizational incentives?
Question 3) Under what situations is it suitable to link individual payment to team performance? Write down the advantages and disadvantages of team based rewards?
Question 4) ’Recognition is the most reliable of all rewards’ explain the statement in detail. Identify two or three ways organizations generally use to recognize and reward employees through non financial means.
Question 5) Compare performance related pay, skill based pay, and competency based pay. What steps must be followed in designing a competency based pay system? What steps must be followed in designing a competency based pay system?
Question 6) Do you think that compensation and reward strategy of the high technology firm will be different from that of the emerging fast growth firm? Why? Specify your answer giving examples from organizations you are familiar with
Question 7) What do you mean by merit –pay? How is it different from Variable-pay? What are the major advantages and disadvantages of following two forms of pay-for performance. 1) one-off bonus payment and 2) salary increments linked to high performance? Which of the two, in your opinion has a higher motivational value for an employee? Describe your answer with appropriate examples.