Strategic Compensation‚ 6e (Martocchio) Chapter 1 Strategic Compensation: A Component of Human Resource Systems 1) What is the primary factor that will prevent companies from growing in the next decade? A) increased government regulations B) the inability to attract and retain employees C) caps on executive pay in some organizations D) increased global competition Answer: B Diff: 3 Page Ref: 6 2) Which of the following would be an example of a non-monetary reward? A) medical insurance
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Toyota Motor Corporation Toyota Motor is one of the leading auto manufacturers in the world. Toyota sells its vehicles in more than 170 countries and regions worldwide. Toyota’s primary markets are Japan‚ North America‚ Europe and Asia. It is headquartered in Toyota City‚ Japan and employed about 316‚121 people as on March 31‚ 2008. Strengths‚ Weaknesses‚ Opportunities and Threats (SWOT) Location of Factor TYPE OF FACTOR Favorable Unfavorable Internal Strengths • Strong financial performance
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PERFORMANCE BASED COMPENSATION "" HOW IT CAN BE USED STRATEGICALLY IN TODAY’S COMPETITIVE WORKFORCE 1) Definition of Performance Based Compensation Performance based compensation can be defined as programs implemented for recognizing employees’ contributions. Different programs differ according to four different features‚ namely‚ the payment methods‚ the frequency of payout‚ ways of measuring performance and choice of which employees are covered. Performance based compensation is extremely important
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Building a Lasting Compensation Plan Building a Lasting Compensation Plan Compensation plans are as varied as the companies that implement them. They reflect a company’s culture‚ financial strategy‚ organizational structure and goals. Compensation plans serve as the catalyst for employees to join a company and remain‚ which in turn enables the organization to fulfill its obligation to provide goods and services. Developing an effective compensation plan requires thorough preparation
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TOYOTA MOTOR THAILAND In the environment where companies operate‚ the external environment is continually changing and creates uncertainty to managers. As a consequence the internal environment needs to be efficiently adapted responding to those changes. The external environment consists of two main concepts; General and Task Environment. The General Environment does not directly affect the organization operations but it influences the organization over time. Toyota Motor is easily impacted by
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TOYOTA CASE STUDY 1. Identify using a model the levels of a product. a) Core Benefit: This is the basic need of the consumer that the product satisfies. This is the basic need that urges the consumer to buy something. For example‚ a hotel room satisfies the basic need of having a place to sleep and some privacy. So the core benefit here is the need for a place to sleep and privacy. b) Basic Product: This is the basic product that satisfies the inner needs of the consumer. At this level
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Planning process in Toyota Toyota is the third-largest auto manufacturer in the world‚ behind General Motors and Ford‚ with global vehicle sales of over six million per year in 170 countries. However‚ Toyota is far more profitable than any other auto manufacturer. Auto industry analysts estimate that Toyota will pass Ford in global vehicles sold in 2005‚ and if current trends continue‚ it will eventually pass GM to become the largest automaker in the world. What is the secret of Toyota success? The
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S.W.O.T. Analysis of Toyota Corporation in the United States ˇ Fast‚ inexpensive productionˇ Well known‚ trusted brand nameˇ World’s third largest car manufacturerˇ Camry- best selling carˇ Other strong brands- i.e. Lexus‚ Scion ˇ Lack of appeal to younger buyersˇ Prestige of Toyota name compared to higher end vehicles in the market. ˇ Design and introduction of new modelsˇ Utilizing hybrid technologyˇ Provide online buying and activities ˇ Strong competitors in all marketsˇ Increasing gas
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Toyota is the leader of the hybrid technology with its Prius. The Prius was the world’s first mass-produced hybrid car (Case‚ paragraph 2‚ ‘The Prius…higher speeds.’). Toyota used the Prius as the centre-piece of their campaign to give themselves a more environmental image compared to their rivals. The reason why the Prius was such a success and other hybrid models were having troubles to get buyers‚ is that the buyers of the Prius want to make a statement about themselves. They want to show people
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Chapter 1 Setting the Stage for Strategic Compensation‚ Page 31 2. Presumably‚ five core job characteristics promote intrinsic compensation. Give examples of jobs that you believe rate highly on these core job characteristics. Explain your answer. Director of Daycare Facility * Skill Variety-Knowledge of upcoming changes in the facility‚ upcoming health and safety issues regarding children‚ knowing the many different disabilities that you serve as a daycare and how to handle them. * Task
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