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ETP2602 NOVEMBER 2019 EXAM PACK (Memo)
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ETP2602 NOVEMBER 2019 EXAM PACK. MEMORANDUM WITH IN-DEPTH DETAILED SOLUTIONS AND EXPLANATIONS. BEST TOOL TO HELP YOU REVISE AND PREPARE FOR YOUR EXAMS.
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ETP 2602 NOVEMBER 2019Question 1.1
i. Develop and focus- The company develops its employs and helps them focus on their
job through providing extra benefits.
ii. Attract – the firm attracts employees through its remuneration policy
iii. Retain- The salaries of the employees at Abebe Pty Ltd are continuously reviewed and
matched with the market and performance.
iv. Motivate- Offers technological gadgets whereby quality of work improves and motivates
employees to work even from home
Question 1.2
i. Life insurance- Very good form of retention method as employees won’t want to leave
company in order to claim their life insurance packages. These packages can even be
given to their family if they pass on hence it’s a security measure for the remaining
family members.
ii. Health insurance- This is important to keep employees as health is a basic need for
anyone and helping and employee in this regards will make them loyal to the company.
They can be treated freely or at a lesser cost if they of their family members gets sick
iii. Academic loans debts- This is when company offers academic loans with flexible
repayment terms to its employees for their kids, spouses or the employee itself
iv. Accident insurance- This is when the company makes sure that employees are
compensated accordingly in the case of any accident occurring.
v. Executive reimbursement plans- this is when critical executive staff is retained through
paying for the medical aid or sending them on occasional family holidays
vi. Pet insurance- This is when the pets owned by employees are catered for interms of their
health and wellbeing.
Question 1.3
8 question used to assess data from a compensation survey
i. Do benefits meet employee’s and employee family’s needs
ii. Can the set benefits be improved somehow in future
iii. Is the compensation viable from a business point of view
iv. What kind of compensation packages motivate and contribute to employee satisfaction
v. Is the employee being empowered by the compensation package
vi. Are the employees fully aware of their compensation packages and their benefits or not
vii. Where do these packages being offered stand in comparison to other competitors in the
industry
viii. How accurate was the survey and was the survey done on an anonymity basis so as to
ensure the most honest of responses.
, Question 1.4
i. Innovative strategy- this is offering benefits and compensations which are affordable yet
attractive to the employee and public through being innovative. For example instead of
paying for employees health services build a hospital which will offer services for free to
employees for a minimum monthly subscription.
ii. Branding strategy – Create an easily recognizable brand for the company to the extent
that other companies will offer services like car insurances, health and life insurances at a
favorable amount.
iii. Cost benefit analysis- identify the benefits and compensations that aid to the production
and motivate employees to do more at a lesser cost and adopt those for your employees
Question 2.1
i. Open communication- An open door policy is usually available where anyone can
communicate with anyone freely from the highest ranked in management to the
lowest ranked employee
ii. Customer centric mission- All focus and respect is given to the customer of the
product. It’s simply proper customer care.
iii. Empowered employees and leadership at all levels- Employees are given support,
tools and resources necessary to motivate their employees to do a good job
iv. Great performance management process- set measuring standards for employees,
track their performance, make corrections where necessary and reward like wise
v. Shared vision- Every stakeholder of the company shares and works towards
achieving common goals hence success is all but guaranteed.
Question 2.2
Transformational leaders
motivate their employees
are hard workers
are caring and show empathy for their employees
they are decisive
exhibit great levels of awareness
are critical thinkers
have an open door system, they listen and talk to everyone in their organization
they are ethical and honest with their work
are very optimistic and confident
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