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PayModel
PayModel
Chapterone mainly focuses on the definition of compensation and how it isrelevant to the society, stakeholders, managers, employees and theentire Global viewers. This section explains how the aboveindividuals behave differently depending on how they viewcompensation. Additionally, the chapter highlights forms of pay andsuitable payment model that can be incorporated to pay compensation.Chapter two explains how to enforce and apply compensation strategy.It highlights what it takes to be a strategist regarding how peopleare paid and how compensation can assist you achieve and sustains afirm`s competitive advantage.
Afiduciary`s primary duty is to control a prudent investment process.A fiduciary shows prudence by the manner through which investmentdecisions are governed. This forces fiduciaries to have a clearprocedure on how they manage their responsibilities. Their duties, inthis case, pertain to total rewards management through monitoring,implementing, organizing, and formalizing vital concepts.
Accordingto Martocchio (p.28, 2011), social good entails low levels ofunemployment, a booming economy, safe and healthful workingconditions, and rising wages and benefits. Compensation enhancessocial good by allowing people to participate actively as consumersin the economy. However, the common goals shared by employees,employers, and the government are to ensure that there is fairness inthe pay systems, compliance with the state and the federal laws orany other country that the business operates. Ethics is also vitalamong the three parties to ensure there is communication, excellence,integrity, and respect.
Besides,the conflicting goals among the three parties may be concerningfailure to motivate the employees, political forces or settingunrealistic goals. These goals can threaten social good due to poorcommunication and lack of an agreement between the parties.Therefore, in my opinion, a common purpose can be incorporatedbetween the employee and the government, if the government setsfriendly laws and policies to encourage both foreign and domesticinvestors to open or expand their businesses.
Reference
Martocchio,J. J. (2011). Strategic reward and compensation plans.