Friday, December 6, 2019
Compensation and Benefit for Industry and Policy Interaction
Question: Discuss about theCompensation and Benefit for Industry and Policy Interaction. Answer: Environment: The environment of Fit Stop is stable for conducting business. It is highly involved in a business market of Canada and provides a complex involvement in HR activities of the business. The human relation factor is also stable but varies from being simple and complex depending upon the manner in which the business is managed by the organisation. The classical management of the company is stable and provide a simple approach. Business Strategy: According to Xavier (2014), a business strategy can be maintained by the application of Porter's typology and Miles and Snow's typology. The two models help in being the analyser in the human resource as well as provide differentiation. At the same time, it helps in maintaining the low cost and defend the strategies adopted in a business. Technology: Several typologies are used for managing the technological factor of an organisation. The long-linked, routine, things and mass required are maintained by the managers of Fit Stop formulate the technology in the organisation. The involvement of the various types of typologies varies in its involvement depending upon the ways by which it is used in organisations. For example, Thompsons typology has an intense involvement in the matters of Fit Stop. Organisation Size: The organisational size comprises of the number of employees involved in an organisation (Hofmann, 2015). In the case of Fit Stop, the size of the number of employees does not matter as the flexibility of the organisation depends on the involvement of the employees. This involvement can be high or medium depending on the number of employees in the organisation. Workforce: The workforce required for Fit Stop is skilled and educated employees. These people have a high involvement in the activities of an organisation and have moderate human relations. Fir Stop also targets the workforce from poor economic backgrounds so that the involvement with the company is good. This is because, in order to get money, the people with low economic condition remain loyal to the company. Therefore, after the analysis of the contextual variable, it can be said that the high-involvement strategy is best suited for Fit Stop. This is mainly because of the fact that the high involvement of the contextual factors can help the company to gain success in the market and ensure that Fit Stop maintain its competitive advantage in the business market. Store manager: The duty of the store managers is to ensure that every equipment required for maintaining the organisation are kept in a proper manner. Hence, the task behaviour of the store managers is appropriate as based on the type of work required to be done by the store managers, Fit Stop can manage the equipment that are used for satisfying the customers. The task behaviour provides evidence about the manner in which the particular task can be completed in a systematic manner (Yanadori, 2014). Thus, the task behaviour for the store managers of Fit Stop is appropriate for maintaining the inventory of the company. Professional staff: The professional staffs of an organisation consist of every member involved in the decision-making activities and in the performance management activities (Ruskov, Ekblom Sasse, 2014). In the case of Fit Stop, the professional staffs of the company need to behave in a manner that highlights the membership behaviour of an organisation. This type of behaviour instigates the feeling of loyalty in the organisation and ensures that in the case of any performance management, biases does not take place. Thus, it can be said that the membership behaviour is crucial while maintaining the professional staff within the organisation. Sales staff: According to Lindebaum, Geddes and Gabriel (2017), the sales staffs are the people that provide the necessary items to an organisation for the growth of its business. The sales staffs do not have a commitment with an organisation as based on the change in external factors; the contract with an organisation can change. Hence, the organisational citizenship behaviour is best suited for the sales staff. In the case of Fit Stop, the local dealers provide the sale of equipment and thereby it is not involved in any contract with the organisation. Base pay: The base pay denotes the initial compensation that an employee receives. According to De Abreu et al. (2015) stated that the base pay of an employee comprises of the evaluation of job, market pricing and the payment of knowledge. The manner in which the base pay of an employee has determined dependents upon the services provided by the employees. The base pay is the minimum amount that needs to be provided to the employees to ensure that the basic needs of the employees are fulfilled. Fit Stop provides base pay to the employees that match with the payment structure at the business level. Performance pay: The performance pay is provided based on the productivity of the employees. The performance pay is divided into individual, group and organisational performance pay. The performance pay is based on the commissions received after the sale of equipment and products (Lim, 2018). In the case of Fir Stop, the performance pay level lags, as the fitness centre does not deal with selling equipment. Instead, the profit gained by the company from the monthly salary of the trainees is distributed equally among the staffs. Indirect pay: The indirect pay of the employees comprises of the manner in which mandatory benefits are provided to the employees. Pensions, remunerations, health insurance and other benefits such as life insurance policies are added to the basic salary that is provided to the employees (Boasson Wettestad, 2016). The indirect pay acts as a motivating factor for the employees as it is considered as the additional factors that help in establishing the business units of employees. The indirect pay of Fit Stop acts as a lead for the company as it covers every health-related detail of the employees. Thus, the overall analysis of the compensation structure of Fit Stop suggests that the company leads to the compensation benefits that are provided to the employees. Susan Superfit believes that the success of her business lies with the employees. The employees recruited by the organisation need to be skilled and knowledgeable. This can help Susan Superfit to ensure that the success of the business can be maintained in a proper manner. In her opinion, motivation is one of the main factors that help to address the problems of the employees. Hence, it is necessary that proper compensation is provided to the employees so that they remain motivated. In her opinion, employees need to be innovative so that they can deliver proper efficiency to the organisations. The adoption of specialised equipment can help Fit Stop to continue its business in the markets of Canada. Thus, Fit Stop needs to ensure that the employees are managed in an effective manner. Job design: The job design is done keeping in mind the skills and capabilities of the employees. In Fit Stop, the managers need to employ people that have good knowledge about health and fitness. Decision-making leadership: The leadership and decision-making ability of the company comprises of the ability of the leaders to adapt with the change in the environment. Thus, it can be said that the leaders in Fit Stop need to consult the expert employees based on the decisions of the company. Control system: Controlling the excess flow of cash can be done by limiting the budget. The controlling need to be done keeping in mind the external factors that affect the business environment. This can help Fit Stop to continue its growth in the markets of Canada. Communication: Communication is important as the employees and customers need to interact to assist one another. This can be done by ensuring that a proper communication system is maintained. Coordination Department: The coordination among different departments can help Fit Stop to understand the business and consequently make plans to improve it. Inter-departmental relationships are important to ensure that every department has an idea about the things that go on in the organisation (Iyamu Mphahlele, 2014). Intrinsic rewards include the personal achievement of an employee whereas the extrinsic reward is the tangible rewards provided to the employees for their performance. In the case of Fit Stop, the company can have professional growth that can help the employees to remain activated. The combination of the intrinsic as well as the extrinsic rewards can keep the employees motivated. The management strategies chosen can help in maintaining the appropriate behaviours in the organisation. The task behaviour, membership behaviour and citizenship behaviour can help the company to establish positive influence in the market and ensure that the employees maintain their relationship with the organisations. In this regard, it can be said that the type of employees in Fit Stop need to coordinate with one another so that the company can benefit in the market. The behaviour needs to be based on the type of involvement it has with the organisation. Reference Boasson, E. L., Wettestad, J. (2016).EU climate policy: Industry, policy interaction and external environment. Routledge. De Abreu, M. E., Laureano, R. M., Alwi, S. F. S., Da Silva, R. V., Dionsio, P. (2015). Managing Volunteerism Behaviour: The drivers of donations practices in religious and secular organisations.Journal of General Management,40(3), 39-54. Hofmann, A. (2015). Compensation and Benefits: Essentials of Base Salary. Human Resources Management, 1-15. Hueske, A. K., Endrikat, J., Guenther, E. (2015). External environment, the innovating organization, and its individuals: A multilevel model for identifying innovation barriers accounting for social uncertainties.Journal of Engineering and Technology Management,35, 45-70. Iyamu, T., Mphahlele, L. (2014). The impact of organisational structure on enterprise architecture deployment.Journal of Systems and Information Technology,16(1), 2-19. Johnson, G. (2016).Exploring strategy: text and cases. Pearson Education. Leonidou, L. C., Christodoulides, P., Kyrgidou, L. P., Palihawadana, D. (2017). Internal drivers and performance consequences of small firm green business strategy: The moderating role of external forces.Journal of business ethics,140(3), 585-606. Lim, E. (2018). Social pay reference point, external environment, and risk taking: An integrated behavioral and social psychological view.Journal of Business Research,82, 68-78. Lindebaum, D., Geddes, D., Gabriel, Y. (2017). Moral emotions and ethics in organisations: Introduction to the special issue.Journal of Business Ethics,141(4), 645-656. Luftman, J., Lyytinen, K., ben Zvi, T. (2017). Enhancing the measurement of information technology (IT) business alignment and its influence on company performance.Journal of Information Technology,32(1), 26-46. Maduenyi, S., Oke, A. O., Fadeyi, O., Ajagbe, A. M. (2015). Impact of Organisational Structure on Organisational Performance. O'Neil, H. F. (Ed.). (2014).Workforce readiness: Competencies and assessment. Psychology Press. Ruskov, M., Ekblom, P., Sasse, M. A. (2014). Towards a simulation of information security behaviour in organisations. InCyberpatterns(pp. 177-184). Springer, Cham. Westerman, G., Bonnet, D., McAfee, A. (2014).Leading digital: Turning technology into business transformation. Harvard Business Press. Xavier, B. (2014). Shaping the future research agenda for compensation and benefits management: Some thoughts based on a stakeholder inquiry.Human resource management review,24(1), 31-40. Yanadori, Y. (2014). Compensation and benefits in the global organization.The Routledge companion to international human resource management, 190-209.