Answer the below in 100 words:
1) What is the purpose of having a performance management system? Describe the performance management system in your organization (or another with which you are familiar). How effective is it? What could be improved?
2) Fundamentals of Human Resource Management discusses three classifications of rewards. They are intrinsic versus extrinsic rewards, financial versus nonfinancial rewards, and performance-based versus membership based rewards. What are the strengths and weaknesses associated with each type of reward? Which type of reward is most successful in the business environment and why? Remember to use a specific workplace example to illustrate your position.
3) Which employee benefit do you personally value the most? Why is it important for organizations to offer benefits to their employees? How do benefits positively or negatively affect an organization? What does your organization do to make sure employees understand the value of their benefits?
4) Organizations often struggle with balancing guaranteed compensation with "at risk" compensation (bonuses, commissions, stock options). What is your experience with using contingent compensation? What plans have worked well and which have not?
5) What are some of the issues your organization faces with regard to executive compensation? What changes in executive compensation have you seen over time that was effective or less so?