HRM3705 ASSIGNMENT 7 (COMPLETE ANSWERS) SEMESTER 2 2024 - Due - 2024 100% satisfaction guarantee - Immediately available Both online and in PDF
Course
Remuneration Management - HRM3705 (HRM3705)
Institution
University Of South Africa
Book
Compensation and Remuneration
“SA faces exodus of skilled artisans in wake of lacklustre wage deal” the above news clip
highlights the concerns of the Solidarity Trades' Network in respect of a recent wage
agreement within the South African metal and engineering industry. The implications of this
agreement place into sharp focus certain key issues that organisations are confronted with regarding the
retention of skilled artisans. The ensuing is a sequential approach how an organisation would, with its
remuneration strategy, align its overall objectives to retain skilled artisans taking into consideration
Trade union influences and the impact of wage agreements on strategic resolution to remuneration
practices.
1. Alignment of Remuneration Strategy with Organisational Goals and Objectives
Organizations should ensure that their pay plan is consistent with broader objectives of the
organization. In cases where they would like to keep such skilled artisans onboard, which means
paying a representative wage for the value that talented artisans bring into the company in
addition to satisfying the workers' need for money. For example, an organization may use
performance-related pay as its way of acknowledging the efforts of artisans in respect of quality
Productivity. This approach will enable employees to be more committed and have a sense of
belonging regarding laborers by convincing them that their own interests are aligned with the
objectives of the business itself. It is stated in the article that "many artisans feel highly devalued
by not having stable It works for wages against the ever-increasing cost of living; the objective is
to bridge this inconsistency. It means that organizations can generate a motivated workforce by
offering competitive salaries.
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