Human Resource Management Case Assignment Essay

Human Resource Management Case Assignment - Essay Example This is based on the fact that the organization is acknowledging their superior contributions or services. The rewards are aimed at motivating them towards sustaining or even improving their superior performances. ii. Employees with average performances get substantially smaller rewards or bonuses. This is aimed at encouraging them to improve their efforts by working harder so as to achieve greater rewards in the succeeding periods. iii. Employees with poor performances do not receive any increase in pay or bonus. This is to indicate that they need to improve their performance or seek alternative positions by leaving the organizations. Pay for performance strategy has been noted as one of the best motivating strategies for organizations that seek to enhance their overall performance. However, experts warn that organizations should support such a strategy using other alternative options because money is not the ultimate motivating factor. For instance, organizations are advised to als o include promotions, improvements in working environments or even involve employees in making decisions in addition to the pay for performance system (Chen & Hsieh, 2006). This will ensure that an organization addresses all the factors that motivate employees. Alternative Payment Approaches to Pay for Performance Lockstep pay The most common payment approach among legal firms is the lockstep pay. The payment approach involves an organization using the length of time on the job when determining the ultimate level of compensation for its employees. As noted earlier on, the payment system is common among law firms where lawyers are paid based on the amount of billable hours spent serving clients. Research studies indicate that lawyers earn their income as if they were independent contractors. What this means is that their level of payment varies depending on the amount of revenue generated from the clients that they have served at person levels. However, the lock step payment system i nvolves attorneys with the same level of seniority receive the same level of income. The level of income is entirely determined by the overall performance of the organization. There are exceptions to the system whereby the organization may make adjustments as an exception rather than a rule. Total Reward Compensation The total rewards system of compensation involves more than just the basic pay and benefits. It involves the entire remuneration system that consists of all the direct and indirect payment packages (Reynolds, 2005). The system incorporates pay with all the necessary factors that motivate and are valued by employees. The system also offers numerous approaches to reward other than pay and benefits. It does not rely on a single method of rewarding employees. The system closely resembles the pay for performance system in the sense that the total reward system is based on the level of competency and performance of staff. Reward is solely based on merit rather than experience or job position (Berger & Berger, 2008). The higher the performance the higher the reward and low performance is highly condemned. However, total reward is different from pay for performance because it incorporates all the elements of employee motivation rather than monetary rewards. In fact, research studies on employee motivation indicate that the system motivates and influences the behavior of workers to a larger extent than the pay for perfo

The Whole Foods Company Essay Example | Topics and Well Written Essays - 500 words

The Whole Foods Company - Essay Example With regard to the Company's five main classes of property and equipment, the overall balance for 2005 was $1,054, 605. A slight Depreciation and amortization costs totaled $129.8 million for the year. Accumulated accelerated depreciation and other asset impairments came to an estimated $5.9 million, and interest capitalized during the fiscal year was an estimated $3 million. Further, development costs of new stores approximated $207.8 million. In November of 2005 leases were signed for an additional 65 store developments. As to business combinations, the Company acquired assets from "Select Fish" in October 2003, and from "Fresh and Wild" in January 2004. Select Fish is a seafood processing and distribution factory based in Seattle, Washington. Fresh and Wild operates seven natural and organic food outlets in London and Bristol in England. Both stock acquisitions made use of the "purchase method" so that the purchase price was made on tangible and identifiable intangible assets, which was based on their estimated fair values at the date of acquisition. The estimated losses from Katrina justify this partial-disclosure that; informs stakeholders of the losses incurred due to the unexpected event in New Orleans; provides an estimate for insurance costs; lists losses; and highlights strategies to adapt to the change (e.g., costs written off as store expenses).