SOCI 2030 Lecture Notes - Profit Sharing, Valassis, Employee Retention
21 Oct 2012
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Document Summary
Pay for knowledge some organizations now emphasize paying for knowledge skills-based pay is a concept that pays workers according to the number skills mastered, relevant to the job. Eg. westbridge pet containers, a company specializing in foods and personal care introduced a pay for knowledge system. When employees become qualified for another job at westbridge, they are rewarded financially. Workers who are interested can train for all positions in the plant the company is also satisfied because the system provides a flexible workforce, high employee retention and competitiveness, and higher morale. Provides one-time payments to employees rewards based on the accomplishment of a specific performance target typically don"t increase base salaries or wages. Popular in the executive level, but are now being use more extensively. Eg corning, a glass and ceramics company rewarding individual achievements with on the spot bonuses of 3-6% of one"s pay. Distributes net profits to some, or all employees.
