Reward Management for Fair Works Commission- myassignmenthelp

Question: Discuss about theReward Management for Fair Works Commission. Answer: Essay Preparation Template What is your understanding of what is required in this essay The essay is based on the discussion of the unjustified decision of Fair Works Commission on fixing the minimum wages of the labors at just $17.29 per year which is much lower than the earlier year. The workers are extremely worried about the current situation especially the workers who are at the lowest strata of the work chain in an organization (Hsu et al. 2015). The increase in the wage will not have any positive impact on their lifestyle as because the increased amount can hardly meet any of their requirements. The increase of the wages on the other hand can trigger a crisis amongst the small business organizations as they will have to shed off extra employees to manage their budget. Such a step can result into the loss of quality of the products. Identify 2-3 key issues that will require address in this essay; is there a contest about these issues in the literature; if so what is this contest The biggest issue of the following essay is the much lower increase to the moderate wages by the fair works commission. Another main issue has been the rising tension about the increasing wage gap and the gap between the poor and the rich. Another large issue is the growing concern for the small business organizations as they would face a financial crisis which will compel them to lower the size of the workers and will also make the investors worried creating a problematic situation (De Gieter and Hofmans 2015). The production will also lead to a sharp decline because of such a chaotic situation in the market. There have been serious contests against these issues as protests and demonstrations had been organized against such an unjustified decision by the workers. Write a short synopsis of your argument and analysis as it stands now (as they will inform your principles) The essays have revealed the unjustified policies of the fair works commission as well as the policies of reward management and the performance appraisals. As discussed earlier the ruling of the fair work commission to increase the minimum wage of the labors has not been justified. The demands of the labors have been ignored and thus there have been widespread protests against such policies (Renwick Redman and Maguire 2013). On the other hand reward management can be believed to be the efficient management of the performance appraisals that helps in the setting up of the correct strategy to achieve the different goals of the organization. The performance appraisals also help the organizations to increase the motivation and the confidence level of the employees. The performance appraisal also helps to increase the organizational performance and helps in the overall growth of the organization. Identify the three main readings that you have found useful thus far in your reading Moynihan, D. and Wells, S. (2011) Designing compensation plans to manage todays risk environment,Compensation Benefits Review, vol. 43 has been handy while researching on the following essay. In the mentioned article the author has given a vivid description of the performance management tools and has shown the readers as to how casually the performance appraisals are performed (Shaw and Gupta 2015). Performance Management systems are said to be efficient when they are set on the basis of goals that determine the business strategy of the organization. The authors have also highlighted the models of competency that are associated with the business models. References De Gieter, S. and Hofmans, J., 2015. How reward satisfaction affects employees turnover intentions and performance: an individual differences approach.Human Resource Management Journal,25(2), pp.200-216. Hsu, C.P., Chiang, C.Y., Chang, C.W., Huang, H.C. and Chen, C.C., 2015. Enhancing the commitment of nurses to the organisation by means of trust and monetary reward.Journal of nursing management,23(5), pp.567-576. Renwick, D.W., Redman, T. and Maguire, S., 2013. Green human resource management: A review and research agenda.International Journal of Management Reviews,15(1), pp.1-14. Shaw, J.D. and Gupta, N., 2015. Let the evidence speak again! Financial incentives are more effective than we thought.Human Resource Management Journal,25(3), pp.281-293.