Advantages & Disadvantages of Using Observations for Teacher Evaluation. The narrative observation may be planned in advance to ensure that every child in the nursery is observed in this way once every half-term, for example. Management and workers should understand the pros and cons of pay-for-performance plans to decide if the pay structure is right for them. An MCO doesnt have direct control over physicians or hospitals but through contractual agreements that set incentives for meeting agreed-upon standards, it can exert influence. Thus, his remunera­tion depends upon the number of hours for which he is employed and not upon the amount of his production. Time or Day Rate System: This is the most common system found in practice. As this method takes much longer and is much more detailed than the magic moment, it is used less frequently. Can be applied to a wide range of jobs. Disadvantages. This week, you are required to write an essay on the following January 13, 2020. Describe the various compensation methods. It is important that sales managers learn to combine salary, commission, bonuses, and benefits so that … Method # 1. Expatriate Compensation – A good compensation package is one that is considered fair by an expatriate, but it must also be cost-effective for the organization. It should be planned to achieve the mobility and staffing goals of the organization. Straight salary plans and straight compensation plans represent two extremes in compensating salespeople. Explain whether each method is qualitative or quantitative. Compensation and reimbursement models are another method of controlling access, cost, and quality in a managed care environment. Advantages. Understanding the different types of compensation is essential if you are a compensation specialist, HR leader, payroll specialist, business owner or manager. There are a few methods commonly used to determine global expatriate compensation. Implementing pay-for-performance policies in business offers advantages and disadvantages to companies and employees. For example, if the median salary for a range is $50,000, then it has a minimum of $40,000 (i.e., 80% of $50k) and a maximum of $100,000 (i.e., 200% of $50k). Each method of wage payment system has its own advantages and disadvantages. Typically, each salary band will have many consolidated, smaller grades within it, usually with a range spread of 80% to 200% of the median. Under this the worker is paid an hourly, daily, weekly or monthly rate of wages. Advantages: Disadvantages: The value of the job is expressed in monetary terms. The pay for each factor is based on judgements that are subjective. 1. surveys: Quantitative data collected from subjects who respond to a series of questions about behaviors. This method allows for objective assessment of employee performance, as the evaluator is asked to choose the statement most reflecting the employee’s performance. 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