Question 1: Jeans Inc.
Comparison and Contrast
Job evaluation entails the assessment of the worthiness of a job based on personal and employment factors such as the required skills and qualifications. Various methods can be utilized to carry out job evaluation. They include ranking, factor comparison, point method, and classification (Dubey, 14). Ranking is the simplest approach whereby the administer compares different tasks to one another to assess their worthiness to the firm. Classification involves a system that evaluates and defines the authority, duties, tasks, and responsibilities of the job holder. Factor comparison, on the other hand, is a scientific technique that ranks the jobs based on factors that have been broken down. Lastly, the point method highlights different compensable elements and their degrees (Kutlu, Ekmekçioğlu, and Kahraman, 669).
The fact that Jeans Inc. does not have a formal salary structure makes it necessary for the organization to carry out job evaluation to analyze the worthiness of different tasks and pay their employees accordingly (Kutlu, Ekmekçioğlu, and Kahraman, 660). Depending on President’s Assistant to determine the prevailing wages is not fair to the employees. Additionally, the ideology that men should be paid more because they have families reinforces gender inequality.
Policy of 10 % percent and Pay Plan Process
The policy of 10% percent is not sound since all jobs are not the same. The payment system groups all employees into one cluster making it difficult to recognize who does more or less for the firm.
Pay Plan Process
For this reason, Jeans Inc. should change their wage plan process by adopting job ranking to assess the overall worth of the roles played by each worker and pay them based on the findings of the analysis. By doing so, they will have an articulate plan for compensation and the will motivate employees (Phillips and Pulliam, 70).
Question 2: Employee Benefits
Country
South Korea-The South Korean constitution specifically Article 32 discusses the basic guidelines of the employment law which the employers must follow. They include the right to employment, minimum wages, protection of minors, job opportunities, gender discrimination, amongst others (National Health Insurance, par. 4).
Benefit and Analysis
Particular attention is accorded to the health care benefits in the country regardless of a person’s profession and nationality. All citizens whether working or not are entitled to medical insurance under the National Health Insurance Association. Hence, the employees in Korea have a stable source of medical benefits (National Health Insurance, par. 1).
Benefit in the U.S. (Difference and Similarity)
In the U.S., the worker is tasked with obtaining medical insurance on his own or the employer can pick for each or a group of employees. Hence, health benefits are either provided individually or as a group.
Difference in the U.S.
The same cannot be said about the U.S. where either the worker or employee is expected to seek out health insurance individually. There is no national health benefit plan for the workers.
Similarity in the U.S. and South Korea
However, the lack of a national health program does not mean that the laborers are not protected from work hazards like in South Korea. OSHA comprehensively takes care and monitors the well-being and safety of employees in the job environment (United States Department of Labor, par. 2).
Question 3: Top Executives
Agreement
It is no secret that the top executives in organizations acquire fat paychecks compared to the typical employees. The compensation of the CEO and CFOs goes hand in hand with the profits and returns of the company. Subordinates, who do much of the dirty work, only receive a meager portion of the organization’s revenue. Firms particularly those in real-estate and media tech continue to offer their top executives huge salaries and benefits. In Companies such as Google and Apple, the CFOs and CEOs pocket millions of dollars annually. However, considering that the top executives are the faces and masterminds of the organization, it is reasonable for them to obtain the largest cut of the pie (Ridge, Aime, and White, 623).
Predictions
The future holds great and tremendous prospects for the top officials in private firms. Their annual and monthly salaries and benefits have been increasing since the enactment of the positions. It thus goes without saying that without the presence of a period of depression, the CEOs, CFOs, and managers will still continue to receive lump-sum compensations whether typical employees believe it is appropriate or not (Kiatpongsan and Norton, 590).
Question 4: Employee Incentives
Industry
Health Care Industry
Ideas on Effectiveness of Employee Incentives
Work incentives for suitable outcomes in the medical industry are designed to encourage and motivate them. Examples of methods and systems used to ensure the effectiveness of the incentives include the Pay-For-Performance Paradigm. The ideas for effective incentives focus on implementing a supported and well-designed package, employing both non-financial and financial benefits, incorporating the input of all stakeholders in the formulation of a severance package, amongst others (Goetzel, 931).
Challenges of Offering Incentives
The work that medical professionals undertake is vital which may at times not align with the salaries they receive. No price can be placed in the life of a human being. Hence, health care practitioners will on most occasions feel that they are not paid well according to the demands of their jobs, particularly in the public hospitals. Additionally, the shortage of medical professionals makes them perform overtime and more roles which are hardly recognized (Goetzel, 932).
Recommendations to Overcome Challenges
The human resource department within the health care industry should focus on talent management. The aspect entails providing incentives in four primary areas: transitioning workers, retaining employees, onboarding, and attracting the medical personnel (Borkowski, 23).
Works Cited
National Health Insurance. Information on the National Health Insurance system in South Korea, the benefits provided and how to enrol.., 2017. Web. <https://www.angloinfo.com/how- to/south-korea/healthcare/health-system/health-insurance>
Borkowski, Nancy. Organizational behavior in health care. Jones & Bartlett Publishers, 2015.
Dubey, Pushkar. "Techniques of Job Evaluation." Dr. Pushkar Dubey 91 (2015): 88.
Goetzel, Ron Z., et al. "Do workplace health promotion (wellness) programs work?." Journal of Occupational and Environmental Medicine 56.9 (2014): 927-934.
Kiatpongsan, Sorapop, and Michael I. Norton. "How much (more) should CEOs make? A universal desire for more equal pay." Perspectives on Psychological Science 9.6 (2014): 587-593.
Kutlu, Ahmet Can, Mehmet Ekmekçioğlu, and Cengiz Kahraman. "A fuzzy multi-criteria approach to point-factor method for job evaluation." Journal of Intelligent & Fuzzy Systems 25.3 (2013): 659-671.
Phillips, Jack J., and Patricia Pulliam Phillips. Handbook of training evaluation and measurement methods. Routledge, 2016.
Pruitt, Sheri D., and JoAnne E. Epping-Jordan. "Preparing the 21st century global healthcare workforce." Bmj 330.7492 (2005): 637-639.
Ridge, Jason W., Federico Aime, and Margaret A. White. "When much more of a difference makes a difference: Social comparison and tournaments in the CEO's top team." Strategic Management Journal 36.4 (2015): 618-636.
United States Department of Labor. Health Plans & Benefits, 2017. Web. <https://www.dol.gov/general/topic/health-plans>
