Manage Remuneration and employee Benefits
The psychoanalysis of Hamlet
October 17, 2020Zero waste slogan
October 17, 2020Manage Remuneration and employee Benefits
Your own research revealed following information: the market range for compensation of the employees working at similar positions in competing Australian companies is expected to increase by 10% and Business Development Manager salary is approximately 100000$ to 120000$
Your goal is to perform following:
- Revise remuneration and Benefits strategy introduced in case study 2 and report in detail if there are any changes that need to be performed in line with the new strategy of the company. (15 marks)
- Compare the Income and Expenditure Statements for the 12 months ended 30 June 200x for BCA in the table below. What impact would a 10% per annum salary and wages increase have on organisation given other factors remain stable? What impact would have hiring new manager given other factors remain stable? Based on your calculations what do you think of BCA’s ability to implement strategic changes required an pay above the market if the profit margin goal is 9%
- Choose any of the 3 factors that should be considered by above mentioned company when it determines the scope of remuneration strategy and discuss the implications of them.
| Parts of assessment | Grade | Grade awarded |
| 1. Revise remuneration and Benefits strategy introduced in case study 2 and report in detail if there are any changes that need to be performed in line with the new strategy of the company | 15 marks total | |
| 1.1 Based on changes which are happening in BCA company provide 2 changes that need to be done to remuneration and benefits strategy( for example changes to salaries, changes to additional staff changes to additional incentives ) and explain why the changes are needed | 5 marks | |
| 1.2. write an e-mail to HR manager with explanation of 2 necessary changes with detailed explanation of :· reasons for changes
· Who will be affected · How long the change will take place · How much should be the incentives package for new position of Development Manager |
10 marks | |
| 2. Consideration of factors important in determining scope of remuneration strategy | 20 marks total | |
| 2.1 Calculation of the impact of increase in all salaries by10% and comment on ability of company to pay 10% increase | 5marks | |
| 2.2 Calculation of the impact of hiring new manager with salary of 110000 and comment on ability of company to pay that salary. | 5 marks | |
| 2.3 Choose 3 of the following factors, explain each of 3 factor and relate each of chosen factor to BCA company· Target beneficiaries
· Location specific legislation · Seasonal references · Delivery method · Business goals, mission, values and objectives · Logical barriers to delivery · Lifecycle of plans.
|
10marks | |
| Total for Case study 3 | 35 marks |
Competency – Performance Criteria
Complete ELEMENTPERFORMANCE CRITERIARelatedYesNo1. Develop organisation’s remuneration strategy1.1Analyse strategic and operational plans to determine the scope of remuneration and benefits plans1,2 1.2. Undertake research on current practice, recent developments and legislative parameters for the remuneration strategy1,21.3. Develop options for consideration by relevant managers11.4. Present options showing the link to organizational strategic objectives11.5. Ensure remuneration policies and incentive plans are agreed and recorded 1.6 Ensure that organization is positioned as an employer of choice and regarded as a desirable workplace 2. Implement remuneration strategy2.1. Research occupational groups to determine those which are industrial agreement based 2.2. Access or undertake market rates surveys regularly to ensure the organization’s required level of competitiveness for particular occupational groups is maintained 2.3. Align remuneration and benefits plans with performance management system12.4. Ensure that employees receive at least their minimum entitlements according to organizational policies and legal requirements 2.5. Ensure salary packages comply with organizational policies and legal requirements, including fringe benefits tax (FBT) and superannuation 2.6. Ensure incentive arrangements, if included, comply with the organisation’s remuneration strategy13. Review and update remuneration strategy3.1 Consult managers and employees about the effectiveness of the remuneration strategy 3.2 Amend strategy and plans as necessary to meet organisational policies and legal requirements
