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on 16 September 2012

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Transcript of Compensation

Implementing Open Compensation Policies By: Keshia, Evangelia, Jessica, Melody, Alexandra, Shwayta and Darvy. What is Open Compensation? Open Compensation is a system that allows other members within an organization to view their fellow colleagues total compensation package (direct pay/ indirect pay). Agenda To determine whether Generation Y, Generation X, and Baby Boomers are willing to have an Open Compensation system implemented in their organization. Hypothesis Survey Research Our group predicted that the Generation Y would be most inclined to accept conditions to the implementation of an open compensation system compared to Baby Boomers and Generation X. Distributed surveys to each generation using ‘Zoomerang’.
Generation Y (18-27)
Generation X (28-43)
Baby Boomers (44-60)
Results were collected and analyzed manually.
Input in excel and formulated graphs. Survey Findings Question: Would you be open to the idea of your total compensation package being available for other colleagues to view? Generations Willing to Have an Open Compensation Policy Survey Findings Question: Would it influence your decision to choose an open compensation policy if your name, education, and seniority level are disclosed? Generations Influenced Survey Findings Question: Of the following, please choose your top three values (listed in preferred order): Survey Findings Question: Do you believe that the organizations morale will suffer as a result of an open compensation system made readily available for all employees to view? Generations That Believe Morale Would Suffer Survey Findings Question: If you were making less than your colleague, given that you are in the same position, would your performance decrease due to the difference in pay? Survey Findings Recommendations BABY BOOMERS Between the Generations. Study (purpose, hypothesis)
Sample of Survey Findings and Charts
Cases Compared to Survey Findings
Recommendations Results: We found that 30% of Baby boomers and Gen X are open to this system scoring higher than Gen Y at 28%. Results: We found that 66% of Gen Y responded yes to this question emphasizing the importance of the above conditions. 52% of Gen X and 48% of Baby boomers responded yes to being influenced by this decision. Results:
Gen X: Family and friends; trust; loyalty
Gen Y: Family and friends; trust; education
Baby Boomers: Family and friends; education; and loyalty All three generations chose family and friends as their top value. Results: We found 76% of Gen Y respondents believe morale will suffer as a result of this system. Results: Generation Y most strongly agreed to the above statement. Conclusion of Findings We found that our results did not validate our hypothesis and in fact discovered Generation Y was the least accepting of the Open Compensation system. Our overall results demonstrate that less than 50% of respondents from each generation would prefer to have an Open Compensation system implemented. Cases Compared to Findings “THE IMPACT OF PAY SECRECY ON INDIVIDUAL TASK PERFORMANCE ” :
PETER BAMBERGER & ELENA BELOGOLOVSKY Studies found that among those with higher levels of inequity tolerance, pay secrecy is directly associated with better task performance than pay openness. Procedural Justice: openly communicated; process perceived fairly by employee.
Consequences: morale suffers; decreased performance High- Involvement: for successful open compensation implementation
Intrinsically motivated; high involvement in organization; organizational citizenship behaviour of employees Equity Theory: perception of the compensation system should be fair in accordance to their position
Consequences: social segregation; undesirable behaviours of employees THANK YOU FOR LISTENING TO OUR PRESENTATION!!! To determine whether the decision of each generation would be influenced to the changing of conditions with respect to an Open Compensation system.
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