Category: Business & Finance

  • [Solved] week 1 part 2

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management) – [\ \ IMG_0636.png](https://www.sweetstudy.com/files/img-0636-png-10536007 "IMG_0636.png") – [\ \ IMG_0635.png](https://www.sweetstudy.com/files/img-0635-png-10536009 "IMG_0635.png") – [\ \ IMG_0633….

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management)

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  • [Solved] HRM 6305 V DBR2

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management) **files (1)** – ## CompensationManagmentHRM6305UnitVDBReply2.docx **## CompensationManagmentHRM6305UnitVDBReply2.docx** 2 Compensation Management HRM 6305 Unit V Discussion Board Reply 2 Reply to classmate 300…

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management)

    **files (1)**

    – ## CompensationManagmentHRM6305UnitVDBReply2.docx

    **## CompensationManagmentHRM6305UnitVDBReply2.docx**

    2

    Compensation Management HRM 6305 Unit V Discussion Board Reply 2

    Reply to classmate 300 words and APA formatting

    Hi Everyone

    When organizations face budget limitations and rising benefit costs, compensation professionals must make difficult decisions about which discretionary benefits to reduce or eliminate. If I had to rank these benefits from most likely to eliminate to least likely, I would begin with tuition reimbursement for non–jobrelated degrees, as these programs often have lower utilization and do not always support organizational goals. Next, I would eliminate onsite services such as gyms or concierge programs, which are convenient but costly and typically used by a small portion of employees. Wellness programs with low participation would follow, especially when the cost outweighs the actual impact on employee health. Paid sabbaticals would be next on the list, as they are meaningful but not essential and often limited to a select group of employees. The benefit I would be least likely to eliminate is flexible work arrangements. Because I’ve learned the hard way how important balance and flexibility are, I would be least likely to eliminate flexible work arrangements. When I was working two jobs, retail during the day and a mental health facility at night, I saw firsthand how exhausting and unsustainable life can become without flexibility. That experience taught me the value of having work structures that support your wellbeing instead of draining it.

    Research supports the importance of evaluating benefit utilization before making changes. For example,
    **Worrall and Appel (1982)** found that when wage replacement rates increased in workers’ compensation programs, both claim frequency and total costs rose significantly. Their findings show that benefit design directly influences employee behavior and organizational expenses, reinforcing the need to carefully assess which benefits provide the greatest value relative to their cost. In my opinion, workforce demographics absolutely matter when making these decisions. Employees at different life stages value different benefits such as, younger workers prioritizing development opportunities and older workers focusing on retirement and healthcare. So, understanding the demographic makeup of the workforce ensures that benefit changes do not negatively impact engagement, satisfaction, or retention.

    **Reference**

    Worrall, J. D., & Appel, D. (1982).
    _The wage replacement rate and benefit utilization in workers’ compensation insurance_.
    **Journal of Risk and Insurance, 49**(3), 361–371.

    **## CompensationManagmentHRM6305UnitVDBReply2.docx**

    2

    Compensation Management HRM 6305 Unit V Discussion Board Reply 2

    Reply to classmate 300 words and APA formatting

    Hi Everyone

    When organizations face budget limitations and rising benefit costs, compensation professionals must make difficult decisions about which discretionary benefits to reduce or eliminate. If I had to rank these benefits from most likely to eliminate to least likely, I would begin with tuition reimbursement for non–jobrelated degrees, as these programs often have lower utilization and do not always support organizational goals. Next, I would eliminate onsite services such as gyms or concierge programs, which are convenient but costly and typically used by a small portion of employees. Wellness programs with low participation would follow, especially when the cost outweighs the actual impact on employee health. Paid sabbaticals would be next on the list, as they are meaningful but not essential and often limited to a select group of employees. The benefit I would be least likely to eliminate is flexible work arrangements. Because I’ve learned the hard way how important balance and flexibility are, I would be least likely to eliminate flexible work arrangements. When I was working two jobs, retail during the day and a mental health facility at night, I saw firsthand how exhausting and unsustainable life can become without flexibility. That experience taught me the value of having work structures that support your wellbeing instead of draining it.

    Research supports the importance of evaluating benefit utilization before making changes. For example,
    **Worrall and Appel (1982)** found that when wage replacement rates increased in workers’ compensation programs, both claim frequency and total costs rose significantly. Their findings show that benefit design directly influences employee behavior and organizational expenses, reinforcing the need to carefully assess which benefits provide the greatest value relative to their cost. In my opinion, workforce demographics absolutely matter when making these decisions. Employees at different life stages value different benefits such as, younger workers prioritizing development opportunities and older workers focusing on retirement and healthcare. So, understanding the demographic makeup of the workforce ensures that benefit changes do not negatively impact engagement, satisfaction, or retention.

    **Reference**

    Worrall, J. D., & Appel, D. (1982).
    _The wage replacement rate and benefit utilization in workers’ compensation insurance_.
    **Journal of Risk and Insurance, 49**(3), 361–371.

  • [Solved] classmates Discussion Thread Initial Public Offering

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management) DISCUSSION ASSIGNMENT INSTRUCTIONS For each thread, you must support your assertions with at least two (2) scholarly/professional sources (note that Investopedia and Wikipedia are not scholarly/professional so…

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management)

    DISCUSSION ASSIGNMENT INSTRUCTIONS

    For each thread, you must support your assertions with at least two (2)

    scholarly/professional sources (note that Investopedia and Wikipedia are not

    scholarly/professional sources). Your sources MUST be cited at the end of your post using

    proper APA format.

    In addition to your original thread, you must reply to at least two (2) classmates’ threads. Each

    reply must be at least 250 words. Do not just say “good job” or “I learned something from your

    post.” Replies are not a cheering exercise. Instead, your replies must be substantial, reflecting

    what you learned from reading the post, offering an extension, or correcting a mistake. Use what

    you learned in researching for your post (or knowledge gained from other classes or personal

    experience) to either supplement or critique the post you are writing about. You do not have to

    include any references for your replies.

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    classmatesDiscussionThreadInitialPublicOffering.docx](https://www.sweetstudy.com/files/classmatesdiscussionthreadinitialpublicoffering-docx "classmatesDiscussionThreadInitialPublicOffering.docx")

  • [Solved] BUS 6320 V DBR2

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management) **files (1)** – ## GlobalStrategicManagementBUS6320UnitVDBReply2.docx **## GlobalStrategicManagementBUS6320UnitVDBReply2.docx** 2 Global Strategic Management BUS 6320 Unit V Discussion Board Reply 1 Reply to c…

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    Global Strategic Management BUS 6320 Unit V Discussion Board Reply 1

    Reply to classmate below, at least 300 words and APA formattingTop of Form

    **Unit V- Corporate Strategy Mini Case 4**

    There are few key elements associated with mini case 4, Dr. Dre’s core competency “Coolness factor.” First, in 2014, Apple acquired Beats electronics from Dr. Dre (formerly known as Andre Young) for $3 billion dollars. Apple chose to finalize this transaction for a few reasons. First, in concluding the deal, they expected that the “coolness” factor would absorb into their own brand. Next, with the music industry experiencing streaming disruptions from the transfer of analog CD’s to digital files, Apple wanted to capitalize on this. Lastly, they were looking for a new brand image leader, someone similar to Steve Jobs.

    The “coolness” factor was overwhelmingly received from Dr. Dre, as many celebrity actors, athletes, and musicians brazenly endorsed his brand out in public or while performing. (Blankenship, C. 2014) In 2015, Apple’s iTunes became a serious competitor in the music industry as it introduced their new streaming service called Apple Music. In 2022, Apple Music achieved 100 million paid subscribers, while the industry leader Spotify, earned double that amount.

    Although some critics felt that Apple only acquired Beats for the brand’s “coolness” factor, others maintain that the transaction took place solely because both Dr. Dre and co-founder Jimmy Iovine, were two of the most beloved businessmen in the music industry. Considering the pre-mature passing of Steve Jobs, Apple’s iconic leader, the company has suffered from a disassociation of a brand leader. What Apple really needed was a new front man.

    Despite Jimmy Iovine exiting Apple in 2018, Dr. Dre continued to create new content that would surpass that of music videos. He produced an original series on Apple + called Vital Signs. The goal was to gain additional subscribers, since they only achieved about 25 million, which was far less than industry leaders such as Netflix and Disney +. Unfortunately, Tim Cook, Apple’s CEO, decided to cancel the show due to excessive drug use and violence. The hopes of formulating a new corporate strategy failed.

    In defense to Dr. Dre, what would you expect from someone who grew up in that type of atmosphere and upbringing? Would you rather him lie and produce some questionable content that nobody would believe was true? Dr Dre did exactly what was asked of him, he produced an original series based on his own true life. If you are too scared of what the result might be, then why ask him to produce it in the first place? There are valid reasons why some TV shows have a rating of TV-MA, which is appropriate for ages 17 +, it is because it is for mature audiences only. If this type of content offends you, then simply change channels instead of whining about it. Apple could’ve achieved millions of more subscribers through their new corporate strategy, however they were too apprehensive.

    **Reference**

    Blankenship, C. (2014). Beats Music: A New Subscription Streaming Service Business Model Takes the Stage.
    _College Music Symposium_,
    _54_. https://www.jstor.org/stable/26574357

    Top of Form

    Bottom of Form

    **## GlobalStrategicManagementBUS6320UnitVDBReply2.docx**

    2

    Global Strategic Management BUS 6320 Unit V Discussion Board Reply 1

    Reply to classmate below, at least 300 words and APA formattingTop of Form

    **Unit V- Corporate Strategy Mini Case 4**

    There are few key elements associated with mini case 4, Dr. Dre’s core competency “Coolness factor.” First, in 2014, Apple acquired Beats electronics from Dr. Dre (formerly known as Andre Young) for $3 billion dollars. Apple chose to finalize this transaction for a few reasons. First, in concluding the deal, they expected that the “coolness” factor would absorb into their own brand. Next, with the music industry experiencing streaming disruptions from the transfer of analog CD’s to digital files, Apple wanted to capitalize on this. Lastly, they were looking for a new brand image leader, someone similar to Steve Jobs.

    The “coolness” factor was overwhelmingly received from Dr. Dre, as many celebrity actors, athletes, and musicians brazenly endorsed his brand out in public or while performing. (Blankenship, C. 2014) In 2015, Apple’s iTunes became a serious competitor in the music industry as it introduced their new streaming service called Apple Music. In 2022, Apple Music achieved 100 million paid subscribers, while the industry leader Spotify, earned double that amount.

    Although some critics felt that Apple only acquired Beats for the brand’s “coolness” factor, others maintain that the transaction took place solely because both Dr. Dre and co-founder Jimmy Iovine, were two of the most beloved businessmen in the music industry. Considering the pre-mature passing of Steve Jobs, Apple’s iconic leader, the company has suffered from a disassociation of a brand leader. What Apple really needed was a new front man.

    Despite Jimmy Iovine exiting Apple in 2018, Dr. Dre continued to create new content that would surpass that of music videos. He produced an original series on Apple + called Vital Signs. The goal was to gain additional subscribers, since they only achieved about 25 million, which was far less than industry leaders such as Netflix and Disney +. Unfortunately, Tim Cook, Apple’s CEO, decided to cancel the show due to excessive drug use and violence. The hopes of formulating a new corporate strategy failed.

    In defense to Dr. Dre, what would you expect from someone who grew up in that type of atmosphere and upbringing? Would you rather him lie and produce some questionable content that nobody would believe was true? Dr Dre did exactly what was asked of him, he produced an original series based on his own true life. If you are too scared of what the result might be, then why ask him to produce it in the first place? There are valid reasons why some TV shows have a rating of TV-MA, which is appropriate for ages 17 +, it is because it is for mature audiences only. If this type of content offends you, then simply change channels instead of whining about it. Apple could’ve achieved millions of more subscribers through their new corporate strategy, however they were too apprehensive.

    **Reference**

    Blankenship, C. (2014). Beats Music: A New Subscription Streaming Service Business Model Takes the Stage.
    _College Music Symposium_,
    _54_. https://www.jstor.org/stable/26574357

    Top of Form

    Bottom of Form

  • [Solved] Tine management Exercise

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management) This first assignment is all about time management because it's a topic that's important for adding schoolwork to your daily schedule. It is also something we hear is a pain point from students. Time managemen…

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management)

    This first assignment is all about time management because it's a topic that's important for adding schoolwork to your daily schedule. It is also something we hear is a pain point from students.

    Time management is an essential skill that evolves as we take on new tasks. Your first assignment is to evaluate how being a new student can fit into your already busy schedule. You will then be able to review, reevaluate, and utilize these new time management skills/exercises for your educational, personal, and work endeavors.

    ## Preparation

    Gather any calendars, notebooks, or devices you currently use to plan and manage your time.

    ## Instructions

    Complete the following:

    – **Step 1:** Download and save the [Time Management Exercise [DOCX]](https://courseroom.capella.edu/courses/60951/files/12196880/download) worksheet.
    – **Step 2:** Fill out the first section of the worksheet, the weekly schedule, which includes many of the things you typically did before attending college. Then, develop a practical timeframe that includes enough time for your coursework at Capella.
    – You should decide what activities have been part of your day in the past that need to be eliminated or reduced to accommodate your study time so you can achieve your career goal.
    – **Step 3:** Answer all nine questions after the schedule using full sentences where applicable. Make sure to complete all the questions.

    Carefully read the grading criteria in the Time Management Exercise rubric to ensure you understand all of the requirements for success.

  • [Solved] HRM 6305 VII

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management) **files (2)** – ## CompensationManagmentHRM6305UnitVIIEssay.docx – ## UnitVIIStudyGuide.pdf **## CompensationManagmentHRM6305UnitVIIEssay.docx** 2 Compensation Management HRM 6305 Unit VII Essay Top of Form Fo…

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    [>Management homework help](https://www.sweetstudy.com/fields/business-finance-management)

    **files (2)**

    – ## CompensationManagmentHRM6305UnitVIIEssay.docx

    – ## UnitVIIStudyGuide.pdf

    **## CompensationManagmentHRM6305UnitVIIEssay.docx**

    2

    Compensation Management HRM 6305 Unit VII Essay

    Top of Form

    For this assignment, compose an essay of at least five pages in which you discuss the following issues involving person-focused pay plans:

    · Discuss various types of person-focused pay plans (also known as competency-based, skill-based, or knowledge-based pay systems).

    · Describe reasons why companies adopt person-focused pay plans, and identify types of positions that lend themselves to these plans.

    · Describe advantages and disadvantages of person-focused pay plans. Give job-specific examples in your advantages and disadvantages.

    Please use the databases within the CSU Online Library to locate scholarly resources to support your essay. You should utilize at least two sources, one of which may be your textbook. Adhere to APA Style when constructing this assignment, including in-text citations and references for all sources that are used. Please note that no abstract is needed.

    This formal paper example provided by the CSU Writing Center shows this type of formatting.

    Your essay should be a minimum of five pages in length, not counting the title and reference pages.

    **## UnitVIIStudyGuide.pdf**

    HRM 6305, Compensation Management 1

    Course Learning Outcomes for Unit VII

    Upon completion of this unit, students should be able to:

    8. Summarize the potential impact of training and development on employee compensation.
    8.1 Detail the various types of person-focused pay plans.
    8.2 Describe the reasons why companies adopt person-focused pay plans.
    8.3 Describe the advantages and disadvantages of person-focused pay plans.

    Required Unit Resources

    Chapter 5: Person-Focused Pay

    Unit Lesson

    In a previous unit, we talked about merit and incentive pay, which are traditional forms of pay. Now we can
    look at another plan, which is called person-focused pay. Person-focused pay programs are new and not
    considered a traditional pay system. Person-focused pay plans are designed to reward employees for
    acquiring job-related knowledge and skills rather than simply performing a job. Employers may want to adopt
    a person-based pay program when it is important to stay current in skills—such as when technology is
    changing, and technology is a major part of the organization. Ambitious people thrive in such environments
    as they want to stay current in their fields as technology changes. An organization interested in being
    competitive in the global environment may also be interested in person-focused pay programs as a
    compensation plan of choice.

    Person-focused pay plans are referred to as either pay-for-knowledge or skill-based pay plans, both of which
    reward employees for acquiring job-related knowledge or skills. Pay-for-knowledge rewards employees for
    learning specific curricula or programs. Skill-based pay is pay for specific skills. When a worker masters job-
    related skills, he or she is rewarded for obtaining them.

    The person-focused pay plans look at horizontal knowledge, vertical knowledge, or the depth of a skill.
    Horizontal skills are those skills that are fundamental to the job or are similar skills. Vertical knowledge
    refers to those skills traditionally considered as supervisory skills including scheduling, coordinating, training,
    and leading. The depth of skills refers to the level of specialization or expertise for a particular job
    (Martocchio, 2020).

    Central to person-focused pay is the word competency. A competency is a skill that enables an employee to
    orchestrate and apply combinations of knowledge and skills consistently over time to perform work
    successfully in the required work situations. Foundational competencies represent the competencies that
    provide the foundation for success in school and in the world of work, and industry-related competencies are
    specific to an industry or industry sector.

    Organizations often establish core competencies for their employees as part of their strategic plans. The
    competencies identified as core competencies are essential to the success of an employee performing a
    particular job. For example, a core competency for a human resources (HR) manager would be
    communication. An HR manager would not be successful without the ability to communicate.

    An organization may have several reasons why they would want to adopt a person-focused pay program.
    First, this type of pay program would remove the view of pay as an entitlement and establish the view of pay
    as a reward for acquiring and implementing job-relevant knowledge and skills. Secondly, technological
    innovations are making some jobs obsolete, and this requires workers to gain new and different skills. In

    UNIT VII STUDY GUIDE
    Person-Focused Pay Plans

    HRM 6305, Compensation Management 2

    UNIT x STUDY GUIDE
    Title

    addition, due to increased global competition, companies in the United States must become more productive,
    and in order to do this, U.S. workers must become better educated.

    There are different types of person-focused plans as discussed below.

    • Stair-step model: This includes jobs from the same job family, but the jobs differ in terms of
    complexity.

    • Skills-block model: This plan also applies to jobs within the same job family but refers to an
    employee’s progress to increasingly complex jobs. These skills, however, do not build on each other.
    This model requires horizontal and vertical skills.

    • Job-point accrual model: This plan encourages employees to develop skills from different job families.
    This pay plan allows employees to gain points for developing skills in different job areas. The number
    of points earned allows the employee to earn more compensation.

    • Cross-departmental model: Employees develop critical skills that can be used in other departments.
    This model allows the organization to cover different departments when there are shortages in staff or
    to meet seasonal fluctuations for products or services.

    When making comparisons to the traditional pay models, we can see that person-focused pay plans use a
    market base for skills valuation whereas the traditional or job-based plan uses a market base for job
    valuation. In the person-focused pay plan, basic pay increases are awarded on an employee’s acquired skill
    set and proficiency while the traditional job-based pay plan increases are based on obtaining a job-defined
    goal or seniority. In terms of job promotions, person-focused pay awards a promotion based on a specific skill
    set while a job-based plan promotes employees based on exceeding job performance standards.

    The key advantages for employees in the person-focused approach include job variety and job enrichment.
    The person-focused pay plan provides job enrichment and job security because it creates a more intrinsically
    motivating and interesting work environment. The key advantage of the job-related plan is simply getting paid
    for job performance. You do a job, and you get paid. Another key advantage of the person-focused pay plan
    includes flexibility in work scheduling. For the employers, the person-focused pay plan reduces the need for
    staffing. For example, multi-skilled employees can be used in various areas of the organization as personnel
    shortages develop across the organization. Additionally, to be globally competitive, employees need leading-
    edge skills.

    Disadvantages of the person-focused pay plans include a possible increase in hourly labor costs, increased
    training costs, and an increase in overhead costs. It may be that the person-focused pay plan may not mesh
    well with the existing system, particularly when working in a union environment.

    The most important consideration with a person-focused pay plan is allowing the employees the opportunity
    to apply the new skills learned in productive ways. Obviously person-focused pay programs are not for every
    organization, but the person-focused pay program is an effective compensation strategy if designed and
    implemented properly.

    Reference

    Martocchio, J. J. (2020). Strategic compensation: A human resource management approach (10th ed.).

    Pearson. https://online.vitalsource.com/#/books/9780135201930

    Learning Activities (Nongraded)

    Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit
    them. If you have questions, contact your instructor for further guidance and information.

    Each chapter of your textbook contains a case study related to the main theory or concept within the chapter.
    Review the case studies to gain a better understanding of the course materials as they relate to
    compensation considerations. Feel free to discuss the chapter case studies with your classmates in the
    Student Break Room forum.

    **## UnitVIIStudyGuide.pdf**

    HRM 6305, Compensation Management 1

    Course Learning Outcomes for Unit VII

    Upon completion of this unit, students should be able to:

    8. Summarize the potential impact of training and development on employee compensation.
    8.1 Detail the various types of person-focused pay plans.
    8.2 Describe the reasons why companies adopt person-focused pay plans.
    8.3 Describe the advantages and disadvantages of person-focused pay plans.

    Required Unit Resources

    Chapter 5: Person-Focused Pay

    Unit Lesson

    In a previous unit, we talked about merit and incentive pay, which are traditional forms of pay. Now we can
    look at another plan, which is called person-focused pay. Person-focused pay programs are new and not
    considered a traditional pay system. Person-focused pay plans are designed to reward employees for
    acquiring job-related knowledge and skills rather than simply performing a job. Employers may want to adopt
    a person-based pay program when it is important to stay current in skills—such as when technology is
    changing, and technology is a major part of the organization. Ambitious people thrive in such environments
    as they want to stay current in their fields as technology changes. An organization interested in being
    competitive in the global environment may also be interested in person-focused pay programs as a
    compensation plan of choice.

    Person-focused pay plans are referred to as either pay-for-knowledge or skill-based pay plans, both of which
    reward employees for acquiring job-related knowledge or skills. Pay-for-knowledge rewards employees for
    learning specific curricula or programs. Skill-based pay is pay for specific skills. When a worker masters job-
    related skills, he or she is rewarded for obtaining them.

    The person-focused pay plans look at horizontal knowledge, vertical knowledge, or the depth of a skill.
    Horizontal skills are those skills that are fundamental to the job or are similar skills. Vertical knowledge
    refers to those skills traditionally considered as supervisory skills including scheduling, coordinating, training,
    and leading. The depth of skills refers to the level of specialization or expertise for a particular job
    (Martocchio, 2020).

    Central to person-focused pay is the word competency. A competency is a skill that enables an employee to
    orchestrate and apply combinations of knowledge and skills consistently over time to perform work
    successfully in the required work situations. Foundational competencies represent the competencies that
    provide the foundation for success in school and in the world of work, and industry-related competencies are
    specific to an industry or industry sector.

    Organizations often establish core competencies for their employees as part of their strategic plans. The
    competencies identified as core competencies are essential to the success of an employee performing a
    particular job. For example, a core competency for a human resources (HR) manager would be
    communication. An HR manager would not be successful without the ability to communicate.

    An organization may have several reasons why they would want to adopt a person-focused pay program.
    First, this type of pay program would remove the view of pay as an entitlement and establish the view of pay
    as a reward for acquiring and implementing job-relevant knowledge and skills. Secondly, technological
    innovations are making some jobs obsolete, and this requires workers to gain new and different skills. In

    UNIT VII STUDY GUIDE
    Person-Focused Pay Plans

    HRM 6305, Compensation Management 2

    UNIT x STUDY GUIDE
    Title

    addition, due to increased global competition, companies in the United States must become more productive,
    and in order to do this, U.S. workers must become better educated.

    There are different types of person-focused plans as discussed below.

    • Stair-step model: This includes jobs from the same job family, but the jobs differ in terms of
    complexity.

    • Skills-block model: This plan also applies to jobs within the same job family but refers to an
    employee’s progress to increasingly complex jobs. These skills, however, do not build on each other.
    This model requires horizontal and vertical skills.

    • Job-point accrual model: This plan encourages employees to develop skills from different job families.
    This pay plan allows employees to gain points for developing skills in different job areas. The number
    of points earned allows the employee to earn more compensation.

    • Cross-departmental model: Employees develop critical skills that can be used in other departments.
    This model allows the organization to cover different departments when there are shortages in staff or
    to meet seasonal fluctuations for products or services.

    When making comparisons to the traditional pay models, we can see that person-focused pay plans use a
    market base for skills valuation whereas the traditional or job-based plan uses a market base for job
    valuation. In the person-focused pay plan, basic pay increases are awarded on an employee’s acquired skill
    set and proficiency while the traditional job-based pay plan increases are based on obtaining a job-defined
    goal or seniority. In terms of job promotions, person-focused pay awards a promotion based on a specific skill
    set while a job-based plan promotes employees based on exceeding job performance standards.

    The key advantages for employees in the person-focused approach include job variety and job enrichment.
    The person-focused pay plan provides job enrichment and job security because it creates a more intrinsically
    motivating and interesting work environment. The key advantage of the job-related plan is simply getting paid
    for job performance. You do a job, and you get paid. Another key advantage of the person-focused pay plan
    includes flexibility in work scheduling. For the employers, the person-focused pay plan reduces the need for
    staffing. For example, multi-skilled employees can be used in various areas of the organization as personnel
    shortages develop across the organization. Additionally, to be globally competitive, employees need leading-
    edge skills.

    Disadvantages of the person-focused pay plans include a possible increase in hourly labor costs, increased
    training costs, and an increase in overhead costs. It may be that the person-focused pay plan may not mesh
    well with the existing system, particularly when working in a union environment.

    The most important consideration with a person-focused pay plan is allowing the employees the opportunity
    to apply the new skills learned in productive ways. Obviously person-focused pay programs are not for every
    organization, but the person-focused pay program is an effective compensation strategy if designed and
    implemented properly.

    Reference

    Martocchio, J. J. (2020). Strategic compensation: A human resource management approach (10th ed.).

    Pearson. https://online.vitalsource.com/#/books/9780135201930

    Learning Activities (Nongraded)

    Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit
    them. If you have questions, contact your instructor for further guidance and information.

    Each chapter of your textbook contains a case study related to the main theory or concept within the chapter.
    Review the case studies to gain a better understanding of the course materials as they relate to
    compensation considerations. Feel free to discuss the chapter case studies with your classmates in the
    Student Break Room forum.

    **## CompensationManagmentHRM6305UnitVIIEssay.docx**

    2

    Compensation Management HRM 6305 Unit VII Essay

    Top of Form

    For this assignment, compose an essay of at least five pages in which you discuss the following issues involving person-focused pay plans:

    · Discuss various types of person-focused pay plans (also known as competency-based, skill-based, or knowledge-based pay systems).

    · Describe reasons why companies adopt person-focused pay plans, and identify types of positions that lend themselves to these plans.

    · Describe advantages and disadvantages of person-focused pay plans. Give job-specific examples in your advantages and disadvantages.

    Please use the databases within the CSU Online Library to locate scholarly resources to support your essay. You should utilize at least two sources, one of which may be your textbook. Adhere to APA Style when constructing this assignment, including in-text citations and references for all sources that are used. Please note that no abstract is needed.

    This formal paper example provided by the CSU Writing Center shows this type of formatting.

    Your essay should be a minimum of five pages in length, not counting the title and reference pages.

    **## UnitVIIStudyGuide.pdf**

    HRM 6305, Compensation Management 1

    Course Learning Outcomes for Unit VII

    Upon completion of this unit, students should be able to:

    8. Summarize the potential impact of training and development on employee compensation.
    8.1 Detail the various types of person-focused pay plans.
    8.2 Describe the reasons why companies adopt person-focused pay plans.
    8.3 Describe the advantages and disadvantages of person-focused pay plans.

    Required Unit Resources

    Chapter 5: Person-Focused Pay

    Unit Lesson

    In a previous unit, we talked about merit and incentive pay, which are traditional forms of pay. Now we can
    look at another plan, which is called person-focused pay. Person-focused pay programs are new and not
    considered a traditional pay system. Person-focused pay plans are designed to reward employees for
    acquiring job-related knowledge and skills rather than simply performing a job. Employers may want to adopt
    a person-based pay program when it is important to stay current in skills—such as when technology is
    changing, and technology is a major part of the organization. Ambitious people thrive in such environments
    as they want to stay current in their fields as technology changes. An organization interested in being
    competitive in the global environment may also be interested in person-focused pay programs as a
    compensation plan of choice.

    Person-focused pay plans are referred to as either pay-for-knowledge or skill-based pay plans, both of which
    reward employees for acquiring job-related knowledge or skills. Pay-for-knowledge rewards employees for
    learning specific curricula or programs. Skill-based pay is pay for specific skills. When a worker masters job-
    related skills, he or she is rewarded for obtaining them.

    The person-focused pay plans look at horizontal knowledge, vertical knowledge, or the depth of a skill.
    Horizontal skills are those skills that are fundamental to the job or are similar skills. Vertical knowledge
    refers to those skills traditionally considered as supervisory skills including scheduling, coordinating, training,
    and leading. The depth of skills refers to the level of specialization or expertise for a particular job
    (Martocchio, 2020).

    Central to person-focused pay is the word competency. A competency is a skill that enables an employee to
    orchestrate and apply combinations of knowledge and skills consistently over time to perform work
    successfully in the required work situations. Foundational competencies represent the competencies that
    provide the foundation for success in school and in the world of work, and industry-related competencies are
    specific to an industry or industry sector.

    Organizations often establish core competencies for their employees as part of their strategic plans. The
    competencies identified as core competencies are essential to the success of an employee performing a
    particular job. For example, a core competency for a human resources (HR) manager would be
    communication. An HR manager would not be successful without the ability to communicate.

    An organization may have several reasons why they would want to adopt a person-focused pay program.
    First, this type of pay program would remove the view of pay as an entitlement and establish the view of pay
    as a reward for acquiring and implementing job-relevant knowledge and skills. Secondly, technological
    innovations are making some jobs obsolete, and this requires workers to gain new and different skills. In

    UNIT VII STUDY GUIDE
    Person-Focused Pay Plans

    HRM 6305, Compensation Management 2

    UNIT x STUDY GUIDE
    Title

    addition, due to increased global competition, companies in the United States must become more productive,
    and in order to do this, U.S. workers must become better educated.

    There are different types of person-focused plans as discussed below.

    • Stair-step model: This includes jobs from the same job family, but the jobs differ in terms of
    complexity.

    • Skills-block model: This plan also applies to jobs within the same job family but refers to an
    employee’s progress to increasingly complex jobs. These skills, however, do not build on each other.
    This model requires horizontal and vertical skills.

    • Job-point accrual model: This plan encourages employees to develop skills from different job families.
    This pay plan allows employees to gain points for developing skills in different job areas. The number
    of points earned allows the employee to earn more compensation.

    • Cross-departmental model: Employees develop critical skills that can be used in other departments.
    This model allows the organization to cover different departments when there are shortages in staff or
    to meet seasonal fluctuations for products or services.

    When making comparisons to the traditional pay models, we can see that person-focused pay plans use a
    market base for skills valuation whereas the traditional or job-based plan uses a market base for job
    valuation. In the person-focused pay plan, basic pay increases are awarded on an employee’s acquired skill
    set and proficiency while the traditional job-based pay plan increases are based on obtaining a job-defined
    goal or seniority. In terms of job promotions, person-focused pay awards a promotion based on a specific skill
    set while a job-based plan promotes employees based on exceeding job performance standards.

    The key advantages for employees in the person-focused approach include job variety and job enrichment.
    The person-focused pay plan provides job enrichment and job security because it creates a more intrinsically
    motivating and interesting work environment. The key advantage of the job-related plan is simply getting paid
    for job performance. You do a job, and you get paid. Another key advantage of the person-focused pay plan
    includes flexibility in work scheduling. For the employers, the person-focused pay plan reduces the need for
    staffing. For example, multi-skilled employees can be used in various areas of the organization as personnel
    shortages develop across the organization. Additionally, to be globally competitive, employees need leading-
    edge skills.

    Disadvantages of the person-focused pay plans include a possible increase in hourly labor costs, increased
    training costs, and an increase in overhead costs. It may be that the person-focused pay plan may not mesh
    well with the existing system, particularly when working in a union environment.

    The most important consideration with a person-focused pay plan is allowing the employees the opportunity
    to apply the new skills learned in productive ways. Obviously person-focused pay programs are not for every
    organization, but the person-focused pay program is an effective compensation strategy if designed and
    implemented properly.

    Reference

    Martocchio, J. J. (2020). Strategic compensation: A human resource management approach (10th ed.).

    Pearson. https://online.vitalsource.com/#/books/9780135201930

    Learning Activities (Nongraded)

    Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit
    them. If you have questions, contact your instructor for further guidance and information.

    Each chapter of your textbook contains a case study related to the main theory or concept within the chapter.
    Review the case studies to gain a better understanding of the course materials as they relate to
    compensation considerations. Feel free to discuss the chapter case studies with your classmates in the
    Student Break Room forum.

    **## CompensationManagmentHRM6305UnitVIIEssay.docx**

    2

    Compensation Management HRM 6305 Unit VII Essay

    Top of Form

    For this assignment, compose an essay of at least five pages in which you discuss the following issues involving person-focused pay plans:

    · Discuss various types of person-focused pay plans (also known as competency-based, skill-based, or knowledge-based pay systems).

    · Describe reasons why companies adopt person-focused pay plans, and identify types of positions that lend themselves to these plans.

    · Describe advantages and disadvantages of person-focused pay plans. Give job-specific examples in your advantages and disadvantages.

    Please use the databases within the CSU Online Library to locate scholarly resources to support your essay. You should utilize at least two sources, one of which may be your textbook. Adhere to APA Style when constructing this assignment, including in-text citations and references for all sources that are used. Please note that no abstract is needed.

    This formal paper example provided by the CSU Writing Center shows this type of formatting.

    Your essay should be a minimum of five pages in length, not counting the title and reference pages.

    **## UnitVIIStudyGuide.pdf**

    HRM 6305, Compensation Management 1

    Course Learning Outcomes for Unit VII

    Upon completion of this unit, students should be able to:

    8. Summarize the potential impact of training and development on employee compensation.
    8.1 Detail the various types of person-focused pay plans.
    8.2 Describe the reasons why companies adopt person-focused pay plans.
    8.3 Describe the advantages and disadvantages of person-focused pay plans.

    Required Unit Resources

    Chapter 5: Person-Focused Pay

    Unit Lesson

    In a previous unit, we talked about merit and incentive pay, which are traditional forms of pay. Now we can
    look at another plan, which is called person-focused pay. Person-focused pay programs are new and not
    considered a traditional pay system. Person-focused pay plans are designed to reward employees for
    acquiring job-related knowledge and skills rather than simply performing a job. Employers may want to adopt
    a person-based pay program when it is important to stay current in skills—such as when technology is
    changing, and technology is a major part of the organization. Ambitious people thrive in such environments
    as they want to stay current in their fields as technology changes. An organization interested in being
    competitive in the global environment may also be interested in person-focused pay programs as a
    compensation plan of choice.

    Person-focused pay plans are referred to as either pay-for-knowledge or skill-based pay plans, both of which
    reward employees for acquiring job-related knowledge or skills. Pay-for-knowledge rewards employees for
    learning specific curricula or programs. Skill-based pay is pay for specific skills. When a worker masters job-
    related skills, he or she is rewarded for obtaining them.

    The person-focused pay plans look at horizontal knowledge, vertical knowledge, or the depth of a skill.
    Horizontal skills are those skills that are fundamental to the job or are similar skills. Vertical knowledge
    refers to those skills traditionally considered as supervisory skills including scheduling, coordinating, training,
    and leading. The depth of skills refers to the level of specialization or expertise for a particular job
    (Martocchio, 2020).

    Central to person-focused pay is the word competency. A competency is a skill that enables an employee to
    orchestrate and apply combinations of knowledge and skills consistently over time to perform work
    successfully in the required work situations. Foundational competencies represent the competencies that
    provide the foundation for success in school and in the world of work, and industry-related competencies are
    specific to an industry or industry sector.

    Organizations often establish core competencies for their employees as part of their strategic plans. The
    competencies identified as core competencies are essential to the success of an employee performing a
    particular job. For example, a core competency for a human resources (HR) manager would be
    communication. An HR manager would not be successful without the ability to communicate.

    An organization may have several reasons why they would want to adopt a person-focused pay program.
    First, this type of pay program would remove the view of pay as an entitlement and establish the view of pay
    as a reward for acquiring and implementing job-relevant knowledge and skills. Secondly, technological
    innovations are making some jobs obsolete, and this requires workers to gain new and different skills. In

    UNIT VII STUDY GUIDE
    Person-Focused Pay Plans

    HRM 6305, Compensation Management 2

    UNIT x STUDY GUIDE
    Title

    addition, due to increased global competition, companies in the United States must become more productive,
    and in order to do this, U.S. workers must become better educated.

    There are different types of person-focused plans as discussed below.

    • Stair-step model: This includes jobs from the same job family, but the jobs differ in terms of
    complexity.

    • Skills-block model: This plan also applies to jobs within the same job family but refers to an
    employee’s progress to increasingly complex jobs. These skills, however, do not build on each other.
    This model requires horizontal and vertical skills.

    • Job-point accrual model: This plan encourages employees to develop skills from different job families.
    This pay plan allows employees to gain points for developing skills in different job areas. The number
    of points earned allows the employee to earn more compensation.

    • Cross-departmental model: Employees develop critical skills that can be used in other departments.
    This model allows the organization to cover different departments when there are shortages in staff or
    to meet seasonal fluctuations for products or services.

    When making comparisons to the traditional pay models, we can see that person-focused pay plans use a
    market base for skills valuation whereas the traditional or job-based plan uses a market base for job
    valuation. In the person-focused pay plan, basic pay increases are awarded on an employee’s acquired skill
    set and proficiency while the traditional job-based pay plan increases are based on obtaining a job-defined
    goal or seniority. In terms of job promotions, person-focused pay awards a promotion based on a specific skill
    set while a job-based plan promotes employees based on exceeding job performance standards.

    The key advantages for employees in the person-focused approach include job variety and job enrichment.
    The person-focused pay plan provides job enrichment and job security because it creates a more intrinsically
    motivating and interesting work environment. The key advantage of the job-related plan is simply getting paid
    for job performance. You do a job, and you get paid. Another key advantage of the person-focused pay plan
    includes flexibility in work scheduling. For the employers, the person-focused pay plan reduces the need for
    staffing. For example, multi-skilled employees can be used in various areas of the organization as personnel
    shortages develop across the organization. Additionally, to be globally competitive, employees need leading-
    edge skills.

    Disadvantages of the person-focused pay plans include a possible increase in hourly labor costs, increased
    training costs, and an increase in overhead costs. It may be that the person-focused pay plan may not mesh
    well with the existing system, particularly when working in a union environment.

    The most important consideration with a person-focused pay plan is allowing the employees the opportunity
    to apply the new skills learned in productive ways. Obviously person-focused pay programs are not for every
    organization, but the person-focused pay program is an effective compensation strategy if designed and
    implemented properly.

    Reference

    Martocchio, J. J. (2020). Strategic compensation: A human resource management approach (10th ed.).

    Pearson. https://online.vitalsource.com/#/books/9780135201930

    Learning Activities (Nongraded)

    Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit
    them. If you have questions, contact your instructor for further guidance and information.

    Each chapter of your textbook contains a case study related to the main theory or concept within the chapter.
    Review the case studies to gain a better understanding of the course materials as they relate to
    compensation considerations. Feel free to discuss the chapter case studies with your classmates in the
    Student Break Room forum.

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