Due Day 7 – Pay Raise Exercise – Post to Assignments link as Word.doc attachment
Complete the exercise 10.2 “The Pay Raise” at the end of Chapter 10. You are the supervisor and you must determine the pay raise allocations. Explain your rationale and decisions in detail. What feedback would you provide to each employee in the performance review meeting?
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Yes, i am lost on how to allocate the $30,000 to seven employee's...
Did you complete exercise 10.2?
I have no idea what that exercise is -- nor what is in chapter 10 -- but wouldn't you allocate the money to the employees based on their experience and/or their contributions to the company?
Yes, I am trying to cut and paste the information as reference...
MS.SUE i am unavailable to cut/paste the information that needs to be used as reference...
Thank you tough...
To complete the exercise 10.2 "The Pay Raise," follow these steps:
1. Begin by reading Chapter 10 of the relevant book where the exercise is mentioned. Understand the context and requirements.
2. Familiarize yourself with the details of each employee's performance, contributions, and any applicable company policies or guidelines related to pay raises.
3. Review each employee's performance review or evaluation to gather specific feedback and data regarding their work.
4. Consider the following factors while determining the pay raise allocations:
a. Performance: Evaluate the employee's performance based on specific criteria such as meeting goals, exceeding expectations, taking initiatives, and being a team player.
b. Results: Assess the actual results achieved by each employee, considering quantitative and qualitative outcomes.
c. Skills and competencies: Take into account the employee's skills, knowledge, and competencies required for their job role.
d. Market rates: Consider the current market rates for similar roles to ensure the pay raise is competitive.
e. Budget constraints: Keep in mind any budget limitations or guidelines provided by the company.
5. Analyze the data and compare it with your understanding of each employee's performance. Use your judgment to allocate pay raises according to each employee's contribution and performance while managing the available resources.
6. Document your rationale and decisions in detail. Explain the reasons behind each allocation to demonstrate fairness and transparency.
7. Have a clear understanding of the feedback you want to provide to each employee during the performance review meeting. Tailor your feedback to highlight both the areas of growth and the strengths of each employee.
8. Conduct the performance review meeting with each employee individually. Communicate the pay raise decision, explain your rationale, and provide constructive feedback on their performance.
9. Answer any questions or concerns the employee may have regarding the pay raise and use this opportunity to discuss their future development and goals.
10. Document the outcomes and keep a record of the decisions made for future reference or follow-up discussions.
Once you have completed the exercise and developed your rationale and decisions, you can create a Word document to attach as a Word.doc to the Assignments link, as instructed. In the Word document, provide a clear and detailed explanation of your rationale and decisions for each employee's pay raise allocation.