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JVA Corporation Simulation Essay Example

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JVA Corporation Simulation

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JVA Corporation Simulation. In order to be competitive, the JVA Corporation must conduct a survey to see if the salaries/additional compensation perks are similar in other agencies. The jobs in other companies dealing in wireless technology devices are benchmarked, because they include bonuses, travel rewards, commissions, profit sharing, and duties in a broad range of jobs. External equity can help managers make strategic decisions regarding the company’s compensation programs (Flannery, 2011). The data used for determining competitive benefits is now a few years old and so HRM will update this data to include current figures. This data is to be used in drawing up and communicating the revised merit based compensation system.

Individual equity is the third principle that can be achieved by developing a compensation program, which recognizes excellent employees’ performance. An effective performance appraisal is important for developing and motivating employees for career advancement opportunities (Pandey, 2006). The JVA Corporation should retain key elements of the existing merit base system where employees are rewarded for meeting goals and recognized for accomplishments since these help in promoting productivity, not only at present, but also in the future (Noe, 2007). The proposed change is, however, that the sum total of merit based compensation must not exceed 5% of company costs. This means shifting compensation calculations from fixed benefits to percentage based benefits.This rule must be the same employees in the USA and for the other international locations. Through consultation with workers and their unions, priorities and preferences for the nature of compensation should be established, and some local variation may be agreed in the form, though not in the level of non core compensation offered. Consideration should be given to removing just one significant element of non-core compensation across the board,Successful planning is the third strategic initiative and it helps organizations with difficult changes (Pandey, 2006). In summary, JVA Corporation needs to embed this new approach into its strategic plan, making a permanent link between profits and non-core compensation so that the recent large deficit does not arise again in the. JVA Corporation Simulation.

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References

Flannery, T. (2011). People Performance and Pay: Dynamic Compensation for Changing Organizations. New York, NY: Free Press.

Noe, R. (2007). Fundamentals of Human Resource Management. Boston: McGraw-Hill/Irwin Publishers.

Pandey, A. (2006). Staffing Management. New Delhi, India: Global Vision Publishers.

Rue, L. & Lloyd, B. (2009). Management: Skills and Application. Boston: McGraw-Hill Irwin Publishers.

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