Fluent Essays

Deliverable 2 - People - Focused Compensation Training Competency Evaluate compensation systems offered by organizations to attract and motivate employees. Scenario You are the Training and Development Supervisor for a private, mid-sized company that researches and produces products for the cosmetics industry. An international cosmetics brand, Marylion, has recently bought your company, and most of the employees of your company will now work for the international firm. All of the scientists in the research and development department of your old company are being retained by the acquiring firm.In your old company, scientists were compensated based on their job titles and years of experience in the company. However, in their new roles, they will be compensated differently. Marylion has a different pay system for scientists in R&D than for other employees. Scientists are compensated using a person-focused pay model. Specifically, a stair-step model of competency-based pay is used.As the scientists in your old firm are not familiar with this new model of compensation, it has been decided that you, as the new Training and Development Manager for Marylion, should provide an onboarding training session. The training session is to help the scientists understand how their new compensation system will work. You have been asked to create a training agenda and outline of the training session to be reviewed by the HR manager prior to hosting the training. Instructions The training agenda should include each topic with key points and an area provided for note taking. The training outline should be formatted with bulleted points for each topic, speakers notes, and include the amount of time needed to cover each topic. Prepare a training agenda for participants and a training outline for the presenter that: Explains the concept of a people-focused pay model. Compares a competency-based pay model to a job-based pay model. Explains a stair-step model of compensation. Analyzes the advantages of a people-focused pay model for scientists at Marylion. Discusses the impact of people-focused pay on employee motivation through promotions and career paths. Provides attribution for credible sources used in the training agenda and outline.Running head: TRAINING SESSION AGENDA FOR PARTICIPANTS 1 TRAINING SESSION AGENDA FOR PARTICIPANTS 1 TEACHERS COMMENTS AND ASSIGNMENT AND ASSIGNMENT DETAILS BELOW TURN A B INTO AN A ASSIGNMENT DETAILS Competency Evaluate compensation systems offered by organizations to attract and motivate employees. Scenario You are the Training and Development Supervisor for a private, mid-sized company that researches and produces products for the cosmetics industry. An international cosmetics brand, Marylion, has recently bought your company, and most of the employees of your company will now work for the international firm. All of the scientists in the research and development department of your old company are being retained by the acquiring firm. In your old company, scientists were compensated based on their job titles and years of experience in the company. However, in their new roles, they will be compensated differently. Marylion has a different pay system for scientists in R&D than for other employees. Scientists are compensated using a person-focused pay model. Specifically, a stair-step model of competency-based pay is used. As the scientists in your old firm are not familiar with this new model of compensation, it has been decided that you, as the new Training and Development Manager for Marylion, should provide an onboarding training session. The training session is to help the scientists understand how their new compensation system will work. You have been asked to create a training agenda and outline of the training session to be reviewed by the HR manager prior to hosting the training. Instructions The training agenda should include each topic with key points and an area provided for note taking. The training outline should be formatted with bulleted points for each topic, speakers notes, and include the amount of time needed to cover each topic.  Prepare a training agenda for participants and a training outline for the presenter that: · Explains the concept of a people-focused pay model. · Compares a competency-based pay model to a job-based pay model. · Explains a stair-step model of compensation. · Analyzes the advantages of a people-focused pay model for scientists at Marylion. · Discusses the impact of people-focused pay on employee motivation through promotions and career paths. · Provides attribution for credible sources used in the training agenda and outline. ------------------------------------------------------------------ TEACHERS COMMENTS Thank you for your assignment submission. You did a great job of organizing the summary and training agenda along with providing relevant key points and examples. You received an overall score of 3 on this assignment. Please see the feedback and associated rubric listed below.  Score 4: Strongly explained the concept of a people-focused pay model using thorough example(s) in a well-crafted training session agenda and outline. You did a great job in this section and provided a concrete exaTRAINING SESSION OUTLINE FOR PRESENTER VENEU – Rasmussen University DATE – 10/20/2020 TIME - 3:00 P.M. PRESENTER – Ri This model rewards an employee for the acquisition of job-related knowledge, competencies rather than for the demonstration of successful job performance. It can be pursued in three ways: competency-based pay, skill-based pay, and pay-for-knowledge. For example, a person would typically be paid more if they supplemented their product synthesis skills with computer skills. 1 TOPICS People-focused pay model Competency-based vs. job-based pay model Stair-step compensation model Advantages of people-focused pay model  Impact of people-focused pay on employee motivation People-focused pay model TIME: 1HR Rewards job-related knowledge, competencies Rather than for the demonstration of successful job performance. Three ways: competency-based pay, skill-based pay, and pay-for-knowledge. Competency-based vs. job-based pay model TIME: 1HR Job-based pay model pays salaries based on compensable factors determined by the job Salary decided by one’s responsibilities At times the conditions they work in. Competency-based pay model increases pay when one learns new skill Improves the knowledge and skill one already has. A job-based pay model pays salaries based on compensable factors determined by the job i.e., one’s salary is decided by one’s responsibilities, and at times the conditions they work in. A competency-based pay model, however, increases pay when one learns a new skill or improves the knowledge and skill one already has. For example, if persons A (with a master’s degree) and B (with a bachelor’s degree) are both product analysts, person A will be paid more. In other words, we will be using a stair-step model of payment 4 Stair-step compensation model TIME: 1HR Differential bonus Difference in the pay based on the level of one’s competencies This model of pay is a form of a differential bonus. In other words, the difference in the pay two people with the same job title will earn will be based on the level of one’s competencies. For example, if there are two shift engineers working alternating shifts, the one with a higher degree (or additional computer skills) will be paid more because of that added competency. 5 Advantages of people-focused pay model TIME: 1HR Promises both job security and job enrichment Better chance even elsewhere if they decide to Good for one’s personal motivation and satisfaction One great advantage scientists at Marylion will derive from this model is that it promises both job security and job enrichment. It would not be easy for the company to let go of a scientists who has gained exemplary skills in their specific field. In addition, a scientist with improved competencies stands a better chance even elsewhere if they decide to leave (although we wouldn’t encourage this). A people-focused pay model is also good for one’s personal motivation and satisfaction. 6 Impact of peoplTRAINING SESSION OUTLINE FOR PRESENTER VENEU – Rasmussen University DATE – 10/20/2020 TIME - 3:00 P.M. PRESENTER – Ri This model rewards an employee for the acquisition of job-related knowledge, competencies rather than for the demonstration of successful job performance. It can be pursued in three ways: competency-based pay, skill-based pay, and pay-for-knowledge. For example, a person would typically be paid more if they supplemented their product synthesis skills with computer skills. 1 TOPICS People-focused pay model Competency-based vs. job-based pay model Stair-step compensation model Advantages of people-focused pay model  Impact of people-focused pay on employee motivation People-focused pay model TIME: 1HR Rewards job-related knowledge, competencies Rather than for the demonstration of successful job performance. Three ways: competency-based pay, skill-based pay, and pay-for-knowledge. Competency-based vs. job-based pay model TIME: 1HR Job-based pay model pays salaries based on compensable factors determined by the job Salary decided by one’s responsibilities At times the conditions they work in. Competency-based pay model increases pay when one learns new skill Improves the knowledge and skill one already has. A job-based pay model pays salaries based on compensable factors determined by the job i.e., one’s salary is decided by one’s responsibilities, and at times the conditions they work in. A competency-based pay model, however, increases pay when one learns a new skill or improves the knowledge and skill one already has. For example, if persons A (with a master’s degree) and B (with a bachelor’s degree) are both product analysts, person A will be paid more. In other words, we will be using a stair-step model of payment 4 Stair-step compensation model TIME: 1HR Differential bonus Difference in the pay based on the level of one’s competencies This model of pay is a form of a differential bonus. In other words, the difference in the pay two people with the same job title will earn will be based on the level of one’s competencies. For example, if there are two shift engineers working alternating shifts, the one with a higher degree (or additional computer skills) will be paid more because of that added competency. 5 Advantages of people-focused pay model TIME: 1HR Promises both job security and job enrichment Better chance even elsewhere if they decide to Good for one’s personal motivation and satisfaction One great advantage scientists at Marylion will derive from this model is that it promises both job security and job enrichment. It would not be easy for the company to let go of a scientists who has gained exemplary skills in their specific field. In addition, a scientist with improved competencies stands a better chance even elsewhere if they decide to leave (although we wouldn’t encourage this). A people-focused pay model is also good for one’s personal motivation and satisfaction. 6 Impact of peopl