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Compensation 11th Edition by George Milkovich,Jerry Newman,Barry Gerhart
Edition 11ISBN: 978-0078029493Compensation 11th Edition by George Milkovich,Jerry Newman,Barry Gerhart
Edition 11ISBN: 978-0078029493 Exercise 1
Answer the three questions in the Caveat Emptor-Be An Informed Consumer section for any study or business article that tells you how to pay people.
Explanation
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The Caveat Emptor refers to an informed consumer. The management is warned about the risk associated with the employees of the organization. This concept helps management to examine, judge, test and analyze the employee before his placement in the organization.
For example- The management has the art to promote high performance team, by making them aware of incentives and benefits offered for effective performance.
The three sections that answer the question associated with caveat emptor are as follows:
Firstly, the question arises on the useful research techniques involved in the process. This method would help the managers to conduct survey for the employees, to understand the expectations and requirements of the organization. In terms of bonus, travel allowances and insurance for employees. This would in turn increase ownership in employees and they would be motivated to improve their performance and benefit organization.
The second question is based on the study of separating correlation with causation. This method would reflect the regression analysis, where change in one variable would affect the other variable. The analysis reflects that change in pay of CEO would impact the performance of company. In terms of increase or decrease of pay would bring minor change in company's performance.
The third question arises from alternative explanation involved in the process. This method would support managers to assure quality, efficiency and customer and employee satisfaction. This can be assessed by monitoring performance of the employees. If the work efficiency improves than the management should look for ways to make it consistent. This would increase work output from employees and would support organization to achieve its objectives.
Thus, the process would support modern management and employees to enhance the overall performance of the organization.
For example- The management has the art to promote high performance team, by making them aware of incentives and benefits offered for effective performance.
The three sections that answer the question associated with caveat emptor are as follows:
Firstly, the question arises on the useful research techniques involved in the process. This method would help the managers to conduct survey for the employees, to understand the expectations and requirements of the organization. In terms of bonus, travel allowances and insurance for employees. This would in turn increase ownership in employees and they would be motivated to improve their performance and benefit organization.
The second question is based on the study of separating correlation with causation. This method would reflect the regression analysis, where change in one variable would affect the other variable. The analysis reflects that change in pay of CEO would impact the performance of company. In terms of increase or decrease of pay would bring minor change in company's performance.
The third question arises from alternative explanation involved in the process. This method would support managers to assure quality, efficiency and customer and employee satisfaction. This can be assessed by monitoring performance of the employees. If the work efficiency improves than the management should look for ways to make it consistent. This would increase work output from employees and would support organization to achieve its objectives.
Thus, the process would support modern management and employees to enhance the overall performance of the organization.
Compensation 11th Edition by George Milkovich,Jerry Newman,Barry Gerhart
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