INSTRUCTIONS : Answer ALL the questions using the answer booklet provided. Ensure each part of the question is numbered as it is on the question paper. CASE STUDY - JEWEL Jewel \& Associates is a company well known for its JEWEL-TEX fabric for protective outerwear, such as raincoats, swimsuits and sports wear. In 2018, the company ranked fifth on the Manufacturer's Association of Jwnaica list of "50 Best Companies to Work For." It was the eighth year in a row the firm had made the list. One of Jewel's hallmarks is innovation. Rather than job titles, bosses, and organization charts, Jewel uses a team approach, with leaders, sponsors, and team members. The goals of Jewel's compensation plan are internal and external equity. Jewel uses two approaches to achieve these goals. The first is straightforward and typically used by companies: comparing pay at Jewel with pay for comparable jobs at other companies. That takes care of the external competitiveness part. It is the internal competitiveness part that is different at Jewel. The process works like this: Associates (co-workers) on the same team rank each other based on contributions to the company for the year. Team members can provide comments to support their rankings and identify strengths or areas for improvement of the associates they rank. This information is then used for determining pay raises. One of Jewel's hallmarks is innovation. Rather than job descriptions, titles, bosses, and organization charts, Jewel uses a team approach, with leeders, sponsors, and team members. 45. Define and discuss the terms internal equity and external equity. (20 marks) 46. Provide a critique of the compensation practices at Jewel, indicating the pros and cons of each approach. Do you think that Jewel can achieve its goals of internal and extemal equity with the two approaches used? (12 marks) 47. Jewel intends to expand and would need to employ more managers, indicate three (3) legally required benefits. Recommend four (4) discretionary benefits that would make the compensation package attractive to prospective managers, explain why these discretionary benefits would be attractive. (18 marks)