Compensation Practices Assignment Help
There are several factors, which influence the competitive strategies and compensation practices of a firm. The national
culture, organizational culture and organizational product life cycle are some of the major factors, which influence the choice of competitive strategies and compensation practices of an organization. National culture includes the beliefs and shared norms among people, which may be different from region to region. To mitigate the impact of these the organization need to be familiar with the local culture. The compensation strategies could be either individually focused or group performance focused as per the culture of nation, which would be effective to reduce the impact of national culture factor on competitive strategies and compensation practices. Similarly, organizational culture includes the norms and shared values to determine behaviour of employees at workplace. The pay system is sued within the organizations to promote the hierarchies, which may influence the employees and their motivation.
The different work culture may influence the effectiveness of competitive strategies and compensation practices of an organization. To face the impact of this factor, firms could design pay-for knowledge programs, which would be effective to increase the skills among employees and to determine the strategies and practices as per employees’ interests. Life cycle stage of the products also affects the competitive strategies and compensation practices of an organization. Affirm has to adopt different strategies such as differentiation strategy in growth phase, low-cost in maturity phase etc. The firm could eliminate the impact of these factors by deciding the compensation strategies as per life cycle stage. For example, the use of pay for knowledge and skill based pay programs would be effective to increase employee motivation in maturity stage of life cycle.
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