pay benefits
1) Trends in pay and benefits in Europe, contrasting where possible with the USA. Comparing pay and benefits between Europe and the USA is extremely complicated because you are referring to a number of different countries which constitute one area. Therefore Europe has too many different cultures, traditions, and systems that diversify. However the USA works in one particular way and can dominate the entire world if it wants too. To make the Coursework simpler I categorised the answer in sections relating to the question. Companies in Europe tend to base there rewards in levels of executive pay. There is a greater emphasis in merit pay and can be rewarded even more with performance measures. Companies tend to use Pay and Benefits as a policy in the organisation rather than a regional must. Merit Pay: Performance related pay, used widely in Europe, it's the base salary related to the performance of the employee. Pay for Performance: This system is being used more and more, basically the organisation pays your contribution and not your level in the company.
In some European companies monetary rewards are not seen as motivational, pride comes first. High individualism: (USA, Britain) Pay for performance with rewards for individual achievement. Emphasis on short-term achievements and external equity. Low uncertainty avoidance: (Hong Kong, Sweden) Uses decentralised pay programs and are concerned with external equity, variable pay. All of these facts should be carefully thought about when focusing on Pay and Benefits systems. Usually these payments come annually or more often. Very little discretion on the part of the supervisors. Europe is a hard example because problems vary country to country aspects like cost of living, pay and benefits, cultures, get in and ruin the perfect system. Low masculinity: (Holland, Scandinavian countries) Gender not an issue in job evaluation. Team Bonuses: Like the individual bonus but relating to teams and it's being used more and more throughout the whole company rather than executives only. Incentive Schemes Longer term Bonuses. The culture of the country is very important but when it comes to pay and benefits systems, however each country is different and even companies know what they need to satisfy them and employees, now I'm going to describe different kinds of pay and Benefits. American managers seem to place more emphasis on long-term executive plans than those in Europe. Low power distance: (Holland, Sweden) Small differences in pay between workers in the organisation.
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