JHON ARVIE A.

MALIPOL

BSBA 3.2

09 ACTIVITY 1

ANSWER:

1. Compliance means that a company adheres to the applicable rules and laws. This includes both
country specific laws and requirements from the regulatory authorities as well as internal
company directives. A range of tools and process can be implemented and used by a company to
bring about good compliance. They are designed to ensure that misconduct or violations can be
detected, prevented or resolved at an early stage, ahead of any serious consequences such as
criminal prosecution, fines or severe damage to a company’s reputation. Generally, the
responsibility for compliance lies with senior management while compliance officers are tasked
with organization and implementation within the company. The latter ensures that employees
comply with laws, regulations and the company’s own rules and codes of conduct in all business
areas and locations. To do this, compliance officers keep themselves up to date with the latest
requirements from legislators and regulatory authorities in addition to regularly training
employees in areas relevant to compliance. Compliance officers also identify potential risks for
the company as well as implementing guidelines and processes to ensure rules are abided by.
They regularly analyze and revise compliance management to adapt it to new political or
economic circumstances and emerging risks. Attract top talents Recognize and reward good
work. Monetary bonuses are always nice, but recognition of a job well done goes a long way to
creating good will and loyalty. Recognition needs to be specific: ‘Good job’ is acceptable, but
‘Good job on the Nelson project’ is better. In order to retain talent, you must make them feel
appreciated, respected, and worthwhile. Recent studies show that when employees feel
undervalued and unappreciated, they look for other employment. They need to feel that their
contributions to the business are important. Happier, more engaged employees are likely to
perform better. It’s in your best interest to win over the job candidates who are the most likely to
thrive in your company’s culture.
2. Compensation includes payments like bonuses, profit sharing, overtime pay, recognition rewards
and sales commission, etc. Compensation can also include non-monetary perks like a company-
paid car, company-paid housing and stock opportunities. Compensation is a vital part of human
resource management, which helps in encouraging the employees and improving organizational
effectiveness. From a manager's point of view, the compensation package offered to a
company's employees is essential not only because it costs money, but because it is likely to be
the primary reason the employees work for the firm. Compensation packages with good pay and
advantages can help attract and retain the best employees. A good compensation is a must for
every business organization, as it gives an employee a reason to stick to the company. In short,
we can say that compensation management is required as it encourages the employees to
perform better and show their excellence as well as provides growth and development options
to the deserving employees.
3. Job evaluation is used to determine pay and other compensation, and to support organizational
decision making. Job evaluation is a process of determining the relative worth of different jobs
 within an organization. It is used to establish a systematic method for determining the relative
pay of different positions and to ensure that similar jobs are paid similarly. This is typically done
by comparing the duties, responsibilities, and qualifications required for each job, and then
assigning a monetary value to each job based on that comparison. Job evaluation is an important
tool for creating a fair and consistent compensation structure within an organization. Advantages
of job evaluation is Helps to establish fair and equitable pay scales: Job evaluation helps to
ensure that employees are paid based on their job responsibilities and the level of skill and
experience required to perform the job. This ensures that employees are paid fairly and
equitably for the work they do.
4. For example employees receive bonus, A bonus is paid to an employee as an incentive to
perform well throughout the year. Most times, employers award a bonus for a specific
achievement that meets the company's expectations. Many companies are also willing to pay
retention bonuses to keep employees on board. A retention bonus is financial compensation
paid to employees who have remained with their organization for a specific length of time. They
offer it as an incentive to ensure that employees don't leave their company. Project bonus has
also become a very effective way to motivate employees. It is a form of extra payment for
completing a project or the proper execution of work.
5. Enables to compare employee performance based upon length of employment. In other words,
you can analyze how well newly hired employees are performing versus employees with more
seniority. longevity pay systems reward employees with periodic additions to base pay according
to employees’ length of service in performing their jobs. These pay plans assume that employees
become more valuable to companies with time and that valued employees will leave if they do
not have a clear idea that their salaries will progress over time. For employees, performance
based compensation is a reward for their hard work and acts as an acknowledgment of their
contribution to the firm as well as functioning as an incentive to stay with the company.