Topic: Human capital theory has been advanced as a rationale underlying seniority pay. Merit pay plans appear to be the most common form of compensation in the United States. Although widely used, these systems are not suitable for all kinds of jobs. Pay-for-knowledge pay is becoming more prevalent in organizations today. However, pay-for knowledge pay programs are not always an appropriate basis for compensation. Discuss the conditions under which, and provide examples for, ideal positions for each base of pay. In your discussion also provide examples of positions which would not be a good fit for each base of pay as well. Be sure to provide your rationale. Cite at least two outside sources as references in support of your initial response.
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HUMAN RESOURCE ASSESSMENT
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HUMAN RESOURCE ASSESSMENT
Human capital theory is a theory which analyzes earnings. It is concerned with understanding and occurrences that small scale business owners undergo. It is a unique rationale from other forms as companies requires them to develop and achieve their set goals. Amadu K.(2013) quotes from Berzina (2011) and Hesli and Lee (2011)that ”Human capital theory addresses any contextual attributes that can influence personal research skills and training and also that it is stock of enterprise accumulated by workers-knowing how to do something; it is valued for its income earning in the future”. This form emphasizes both training and formal schooling for productivity.
Merit Pay plan is a type of pay in relation to their performances.Employees are expected to hit the target or effective performance of their job for them to receive bonuses over a certain period of time.Merit pay plans are given to employees on the basis of their contribution to the company (Corpuz, 2006). This type may be implemented in school levels.Merit pay according to Bruce K.(1984), may be vital if a school is using a sound decision making process for its administrators. Also, a realistic administrative salary is scheduled and by doing so, the system will not be difficult. Pay for knowledge pay program is a system in which employees are paid based on their academic attainments and level of skills. The more skillful a worker will be the more the pay.Richard L.(2007) states that in this form rates changes from entry level to lead operators. It focuses on worker’s ability to improve their education to increase their salaries. Some companies encourage workers to train and study more. This type encourages personal growth amongst the workers which will eventually result in performance in………………………………………………………………………………………………
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