Question
Answer/discuss the attached questions completely. Answers should be at least one paragraph long.
Answer
Question 1
In any organization, different stakeholders may have different priorities of which may bring conflicts. These conflicts arise when stakeholders fail to compromise their priorities for the needs of other stakeholders within the organization (Hallden 2014). For example, the shareholders expect to make the maximum amount of profit and receive good returns from the business. Employees, on the other hand, need a comfortable working environment to be productive. In some cases, the shareholders may forego the comforts of the employees to maximize profits. In such a scenario, compensation professionals come into the picture and help strike a balance between the two. They achieve that by creating a strategic compensation plan for both the employees and the shareholders, whereby they are rewarded by merit.
Question 2
The cost of living adjustment has advantages and to the company and the employees. For a company, pay increase to assist in keeping up with the current market rates instead of letting the pay stagnate. In addition, the company can influence retention rates by meeting the employees’ expectations of pay increase over time. In an employee’s perspective, it is a fair means of getting raises without favoritism.
The cost of living adjustment system has its disadvantages too. For the company, changing the system where the pay increases are given automatically can raise resentment from some employees who expect frequently pay raises (Quinlan 2014). Therefore it is difficult to change the system. For the employees, this system may not motivate them to perform well because even poor performers get pay raises.
Question 3
Knowledge and skills assessment is a process that provides guidelines towards better performance in employment (O’Neil 2014). In my first job, I worked as a cashier in a grocery store. The knowledge and skills I had in accounting helped me keep records of sales. After six months, the management adapted a digital accounting system. I learned how to keep records using the new system, and as a result, I gained more knowledge and new skills.
In my second job, I worked as a senior accountant in a five-star hotel. The knowledge and skills I had acquired in my first job helped me perform even better in the second job. The accounting systems used in the hotels were similar to those adapted to the grocery store. The only difference in this job is that the rules were strict and I was expected to deliver high-quality services.
References
Hallden, J. (2014). The original intent of workers’ compensation: a team approach. Work, 48(3), 435-439.
O’Neil, H. F. (Ed.). (2014). Workforce readiness: Competencies and assessment. New York, NY: Psychology Press.
Quinlan, J. R. (2014). C4. 5: programs for machine learning. London Elsevier.