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Statement Compensating employees represents a critical human resource management practice, so without strategic compensation systems, companies cannot attract and retain the best qualified employees....

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Statement

Compensating employees represents a critical human resource management practice, so without strategic compensation systems, companies cannot attract and retain the best qualified employees. Thus, in compensating their employees, work organisations try to adopt different pay methods for different jobs. However, the choice of the pay method is subject to various factors, such as: skill, effort, responsibility, working condition, and many other internal and external factors (laws, regulations, competition, market, etc.).

Requirement – Content

In light of the statement above and course reading, select a job that has more than just a base pay component, and research the different parts of its compensation elements. You need to explain why these compensation elements are important. To do so, you need to provide some form of analysis as to why the compensation package is created the way it is.

Requirement – Format

Your assignment should be submitted in essay format following the guideline set out in the Assignment Guidelines (see below…). The work must be word-processed and must not exceed 1000 words: only 10% below or above is permitted.

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Submission - Deadline

The completed assignment should be submitted online via Black Board.

Please, note that the deadline date for submission is Wednesday the 14th of March 2018.


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Answered Same DayMar 07, 2020

Solution

Student answered on Mar 09 2020
90 Votes
5
Compensation and Benefits
Compensation for Sales Person’s Job
The job of the salesperson in an organization does not only include a base pay component but it also includes different elements that help marketing organization to encourage and retain salesperson in an organization. The job of a sales person is very tough as it needs huge efforts and organization compensate their effort by providing various kinds of financial help that encourage and motivate employees to go in the field and work for the sales growth of the company (Zoltners, Sinha & Lorimer, 2006). Compensation for sales person job includes the following elements that play the most important role in their retention along with their importance to the employees.
Base Pay: This is called the initial rate of compensation which is given to the sales person in the exchange of his efforts for the organization. Base pay is used to rate the services of sales employees as per hours that help employees to know about how much they will earn after every month (Cushway, 2016). Base pay also explains such payment which is earned by a sales person when they work below than expectations. Further, base rate reflects a minimum earning the amount that an employee will receive. But it does not play an important role in the retaining the employees because the base pay only helps to develop equality between similar class employees (Zoltners, Sinha & Lorimer, 2006).
Overtime Pay: this pay is given by the organization to a sales person for their extra hour working. It means if a sales person works in the marketplace after finishing their job responsibilities as per job description; they get extra compensation for such effort. In general, overtime pay is just higher than the per hour based pay (Zoltners, Sinha & Lorimer, 2006). This payment enhances the satisfaction level of a salesperson as a sales person may high amount as a payment.
Commissions: the job of a sales person is most important for the organization as it...
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