ANSWER

1. Organizations in the same industry as yours and with a similar business plan would be good

candidates for comparison. You would also compare your company to others of comparable

size and manpower.

There could be a number of reasons why the wage structure at your company is different from

that at similar businesses. There are a number of factors that could set your company apart,

such as a unique business plan or a physical location in a different part of the country.

If your company's salary is significantly lower than that of your competitors, you risk losing top

talent to them or having trouble attracting new employees. And if workers believe they are not

being compensated fairly, they may be less invested in their jobs and provide fewer results for

you.

2. New ways to compensate workers that don't rely on what they do for a living may be found

in:

 First, people are compensated according to the abilities they have and the value those

skills provide to the company. Skill-based compensation has the potential to foster a

more adaptable workforce by incentivizing people to learn new skills and hone their

existing ones. It's not always easy to determine how much an employee's abilities are

worth, and if their skills aren't highly regarded by the company, they may feel they

aren't being compensated appropriately.

 Second, pay for performance is a method of compensating workers based on their

output, rewarding those who are productive with greater wages. Because of this,

workers may be more prompted to step up their game, and the company's resources

may be better managed. However, it is not always easy to provide accurate evaluations

of employee performance, and if their work is deemed subpar, they may feel they are

not being compensated properly.

their efforts, such as the amount of money made or the quality of the service rendered.

Because of this, staff may be prompted to boost sales or customer service, which in turn

helps to guarantee the company is making money. Commission-based remuneration,

however, might encourage dishonest conduct on the part of workers, and those who fall

short in sales or customer service may feel they are being treated unfairly.

 A fourth method is called "profit-sharing," and it involves distributing some of the

company's earnings to the workers who contributed to its success. This can assist

guarantee the efficient use of resources and encourage workers to contribute to the

company's bottom line. Some employees may believe they are not being paid properly if

the company's revenues are not satisfactory, while profit-sharing might incentivize

dishonest behavior on the part of others.

3. There are a number of procedural difficulties that must be taken into account if the

conventional "job-based" method of employee remuneration is to be drastically altered.

 What is the plan for putting this new strategy into action?

 How will workers be evaluated in terms of their abilities and output?

 Methods of compensation for staff members.

 What metrics will be used to judge the success of the new strategy?

Since equity theory postulates that workers evaluate their own compensation and benefits in

comparison to those of others to ascertain if they are being treated fairly, it may be used to

provide insight into how workers could respond to changes in the pay structure. Workers who

feel their fair treatment is being threatened by the new policies may resist them.

 
4. It depends on how their salary is tied into the company’s performance and net worth, it

would not make sense if a large amount of the company’s profits went to its executives but

giving them a percentage or giving them stock options would make their salary fair to their

company. Executives deserve more money because they have to always be available to work,

thus clocking out does not mean they are done with work and they need to have a high level of

knowledge of the general way the business operates. The executives are the ones who have to

make the tough decisions that will determine how the company will do. Their jobs are less

secure and seem to fluctuate in pay more readily than lower level workers (minimum wage

keeps them from dipping below a fixed point). The salaries of Canadian executives are

reasonable. Although there is always space for growth, executive pay in Canada is competitive

with that of other developed nations. Executives in Canada receive a competitive salary plus a

generous array of benefits and extras.

5. When determining where to locate a new factory, it may be necessary to take into account a

number of criteria.

 The local labor cost

 The abundance of qualified workers in the region

 Land and apartment prices in the region

 Close closeness to sources of supplies or raw materials

 The convenience of being close to marketplaces or potential consumers

 Infrastructure in the area

 Climate-specific factors

 In terms of politics, the region is quite stable.

 
6. A review of payroll data would be required to determine whether or not men and women at

the organization earn roughly the same amount on average. A gender wage gap exists if there is

a considerable disparity between men's and women's average salaries.

Look at the number of females and minorities in upper management positions compared to

others. Also look at the pay difference of people at the same level within the organization, if

there is one, and determine if race or gender are playing a role in this difference.

Examine current business policies to determine if they are biases.

Ask questions like, is promoting someone based off of seniority the best way or should several

factors be accounted for? Such as performance, certification, education, experience, and several

others.

7. The growing cost of labor in China is a major factor in the decision of some corporations to

relocate manufacturing elsewhere. As an added factor, several businesses fret over China's

shaky political and economic climate.

The American Chamber of Commerce in China found that 20% of Chinese enterprises are

considering or have already relocated production to other countries. In spite of this, China's

manufacturing sector is sizable and its growth is anticipated to continue.

Some businesses have adjusted compensation structures, such as raising wages and expanding

benefits packages, to help fund strategic initiatives.