Question $1128$ Marks

Remuneration is defined by Erasmus, et al$.(2019)$ cited in Coetzee, et al$.(2020)$ as the financial and non$-$financial extrinsic rewards provided by an employer for the time, skills and effort made available by the employee in fulfilling job requirements aimed at achieving organisation objectives. Coetzee, et al$.(2020)$ indicates clearly that remuneration plays a crucial role for organisations and employees and is considered as one of the most important human resource management functions of any HR Department.

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$($Accessed $02/05/2024)$

Compile a comparative summary of the two $(2)$ chosen South African registered companies using the following aspects.

$1\mathrm{.}1$ Identify and discuss the various components of remuneration $($e$.$g$.,$ base salary, bonuses, benefits$)$ found in each company contributing to a total rewards approach. For guidance, make use of figure $1\mathrm{.}1$ Remuneration components $($Coetzee$,$ et al$.2020).$

In your discussion also attend to:

$$ provide examples of how the two companies combine these components to create a comprehensive rewards package and

$$ consider the impact on employee satisfaction and organisational performance.

$$ Discuss how individual preferences influence remuneration choices.

Reference at least four $(4)$ other sources used to answer this section. $(52$ Marks$)$

$1\mathrm{.}2$ Evaluate the applicable External and Internal factors influencing remuneration as indicated in figure $1\mathrm{.}4$: External and internal factors influencing remuneration. $($Coetzee et al$.,2020).$ All factors must be evaluated, and the chosen companies compared with one another. In the comparative summary, motivate why the external and internal factors are the same or different for the two companies. Substantiate the answer with sound examples and reasons obtained through research. Reference at least four $(4)$ other resources used. $(28$ Marks$)$

$1\mathrm{.}3$ Elaborate on the ways both companies use $$ if applicable $-$ to address the concept of internal alignment. When internal alignment is not implemented, give best$-$practice advice on how to address the pay relationships among different jobs within each company. When internal alignment is implemented, indicate the best$-$practice aspects implemented to address the pay relationships among different jobs within each company. Reference at least four $(4)$ new resources used. $(48$ Marks$)$

Question $296$ Marks

To maintain external competitiveness, companies often conduct regular benchmarking studies to compare their pay levels and structures with those of other companies in the same industry or region $($Microsoft$,2024).$

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Read the following articles:

$$ Global Compensation Strategy, Challenges, and Best Practices $|$ WebHR

https:$//$web$.$hr$/$blog$/$global$-$compensation$-$strategies$-$challenges$-$and$-$best$-$practices

You can scan the QR code below to access the article.

$$ Betterworks: Compensation Strategy Examples $$ Online available at: https:$//$www$.$betterworks.com$/$magazine$/$compensation$-$strategy$-$examples$/$ to start your research.

$2\mathrm{.}1$ Analyse the same two $(2)$ real$-$world companies by investigating each company$`$s external competitive landscape, industry, product$($s$),$ business strategy, business objective$($s$),$ remuneration policies and lastly company cultures. Use the following template and complete the table with all applicable and relevant information: $($Reference all sources $$ at least four $(4)$ new sources$).(20$ Marks$)$

Aspect Company A Name Company B Name

External competitive landscape

Industry

Product$($s$)$

Business strategy

Business objective$($s$)$

Remuneration policy

Company culture

$2\mathrm{.}2$ Choose the company with the best remuneration strategy. Motivate your answer. Consider the fact that the companies are South African companies which operates in a diverse country with many challenges and opportunities. In your answer, address specifically the relationship between remuneration and organisation strategy. $(20$ Marks$)$

$2\mathrm{.}3$ Write a formal suggestion letter to both the chosen companies advising them on which remuneration strategy and best practices can be used to overcome their unique challenges and to effectively achieve their objectives. Make suggestions on the best way each company can align its remuneration strategy with its overall business objective. The formal letters must be based on the summary of all aspects you first discovered about each company $($see above$).$ Address in the letter the following aspects:

$$ refer to each company$`$s current strategy and then propose a recommended strategy for each company as a technique to enhance the overall rewards experience.

$$ Specific challenges each company have and whether it correlates with th