HRM3705 Assignment 7 (COMPLETE QUESTIONS & ANSWERS) Semester 2 2024 - DUE 4 November 2024 ;100 % TRUSTED workings, Expert Solved, Explanations and Solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)...........
Read the article entitled SA faces exodus of skilled...
HRM3705
ASSIGNMENT 7 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 4 NOVEMBER 2024
, HRM3705
Assignment 7 Semester 2 2024
Unique Number:
Due Date: 4 November 2024
Remuneration Management
Introduction
To retain skilled artisans, especially in a challenging environment like South Africa's
metal and engineering industry, organizations need to think strategically about their pay
structures. It’s not just about increasing wages; it’s about aligning those wages with the
company’s overall goals and ensuring artisans feel valued, fairly compensated, and
motivated to stay. Here’s a look at how an organization can do that, keeping in mind the
concerns raised by Solidarity Trades’ Network on the recent wage agreement, and the
roles unions and remuneration strategies play in addressing this issue.
1. Aligning Remuneration Strategy with Organisational Goals
An organization’s remuneration strategy isn’t just about giving employees a paycheck.
It’s an important tool that can drive performance, retain key talent, and help achieve
business goals. For a manufacturing company in South Africa, keeping skilled artisans
is critical, as losing them could mean a dip in productivity, quality, and even safety,
impacting the company’s ability to meet customer demands and stay competitive. But
how does an organization make sure its pay structures keep artisans motivated and
loyal?
A solid approach would be to create a remuneration plan that not only offers competitive
wages but also aligns with the company’s growth and efficiency objectives. For
example, if the goal is to improve innovation, the company might offer performance-
based incentives that reward artisans for introducing cost-saving techniques or for
hitting production targets. This way, artisans aren’t just receiving basic pay but feel
they’re contributing to, and being rewarded for, the organization’s success.
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