Q. 1 Factors determining compensation
Compensation include the monetary and non-monetary dictated by internal and external factors which include the organization's ability to pay, organizational business strategies, work evaluation, workers' performance appraisal, level of employee experience and potential, competitiveness in the labor market, industrial rate, cost of living index, as well as labor union laws and regulations.
Q. 2 Definition of Equity theory
Equity theory is the stipulation focused on the fairness of balance in the distribution of resources and opportunities among individuals in an organization. The principles of equity theory measure the ratio of sharing contribution and rewards. Adams Stacy the father of Equity Theory purport that workplace behavioral psychology seeks the establishment of equity in perceived input and output balances as well as fair treatment of all people in an organization (Adams, 1963).
Q. 3 Definition of;
Wage-lead approach: The wage-lead approach is and organization strategy in the belief that businesses can achieve high productivity by maintaining a minimum workforce with better pay. In this notion, it is perceived that well-paid staff with efficiently increase productivity and reduce the cost per unit output.
Wage-competitive approach: The application of wage-competitive approach is the employer's effort in attracting workers using the industry-standardized wages. This competitive approach makes employers to offer pay that is slightly above the minimum standard wage levels.
Wage-follower pay plan: Wage-follower approach is employers maintaining consistency with the market rate to attract and retain employees. The approach is not idealized on the monetary implication of the service causing high work out and poor pay.
Q. 4 The wage gap between men and women
Gender wage gap entails the average difference in the level of remuneration of men and women working under the same conditions. The primary reasons attributing to gender wage gap existing stereotype on women's ability to perform certain tasks like their male counterparts as well as the societal feminine disadvantages like maternity leave likely to contribute to lower annual earnings of women as compared to men (Jappelli & Pistaferri, 2014). Women are perceived not to take up additional voluntary tasks like overtime reducing their competitive wage rate with that of men.
Q. 5 The first US state to offer parental leave
Parental leave has been introduced in the United state labor laws to allow parents to enjoy maternity, paternity, and adoption leaves. California was the first to offer paternity leave of six weeks of partial payment.
The universal benefits of parental leave program include promotion of gender equity, capabilities or responsibility enhancement, and family attachment between parents and children.
Q. 6 The goals of wellness programs
The goals of implementing a wellness program in an organization include, enhanced productivity of the employees, contained healthcare cost, improvement of employee engagement and job satisfaction, boost organizational royalty, and attraction of high-level talent.
Components of stress reduction programs
Stress management requires effective consideration of the following components; good nutrition in healthy living, sound thinking, problem-solving skills, relaxation and fun or enjoyment.
Q. 7 Define Flextime
Flextime is the formal arrangement into a flexible working schedule allowing workers to alternate their time they start working and the finish times. This arranged schedule decamps from the normal working schedule to a different bandwidth period to accommodate other life responsibilities like parenting or studies.
The advantages of using Flextime
The advantages of utilizing flextime include increased creativity, higher productivity, efficient employee communication, reduced worker's stress, recruitment attractiveness, increased employee retention, and widened talent pool. For instance, utilization of flextime in the workplace can help an employee to prefer working in an organization that would offer flexible working schedules to cover their learning time especially part-time scholars.
Adams, J. S. (1963) Toward an understanding of inequity. Journal of Abnormal Psychology, 67, 422-436.
Jappelli, T. & Pistaferri, L. (2014) ''Fiscal policy and MPC heterogeneity,'' American Economic Journal: Macroeconomics, 6 (4), p. 107 - 136.
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