Word - 1 Read the case and answer the questions below: Reynolds Foods is a small, privately owned manufacturer of gourmet food products. The company consists of a kitchen, assembly line, and warehouse for distribu- tion. A small corporate support staff and internal and external sales staff complete the labor force. The business is very seasonal, registering the majority of its sales from September through January. The company is proud of its quality and financial success. It uses only premium ingredients and high-quality containers, such as glass imported from Italy. Employees are seen as an important advantage since the company depends on a skilled workforce to maintain high quality standards and create new product ideas. Reynold uses a marketbased pay system and offers a combination of incentives to reward its workforce. It sets pay at the fiftieth percen- tile for small employers and compensates for the differential by emphasizing variable pay and offering a generous benefits package. It also claims a friendly work- place, flexible work schedules, and other nonmonetary rewards. Reynold decided to enlarge its existing total rewards program with an organization-wide plan link- ing incentive to corporate performance as assessed by changes in return on assets. The amount made available for cash bonuses from the funding pool was deter- mined by the company's performance on the following criteria: product and service quality, "controllable" cost savings, and sales. Actual payouts from each of these three sources were determined by individual performance and tenure at the organization. The team members of the project took many steps to win employees' buy-in. First, it measured only those elements of performance that lay within employees' control. For example, large capital expenditures made by senior managers were not added up as "controllable" costs. Second, the team established a participative governance system whereby employees recommended and executed ideas for improving performance on the organizational measures. Third, employees received training on what these measures meant and how they would be assessed. The team composed several rounds of data on the measures before announcing the new incentive plan and several rounds afterward. The outcomes proved impres- sive: Sales improved, controllable costs reduced, quality enhanced, and performance appraisal ratings improved after the incentive plan was put in actual practice. QUESTIONS: (Answer the questions in not less than 100 to 150 words) 7. If you have to implement your new total rewards system, suggest a checklist to ensure that you are addressing all the major issues in the above case. (1+1+1+1+1=5 Marks) 8. Discuss why it is advisable for the management to conduct a survey in the above situation and how it will be useful to generate data? (2.5+2.5=5 Marks) lule Word - 1 Read the case and answer the questions below: Reynolds Foods is a small, privately owned manufacturer of gourmet food products. The company consists of a kitchen, assembly line, and warehouse for distribu- tion. A small corporate support staff and internal and external sales staff complete the labor force. The business is very seasonal, registering the majority of its sales from September through January. The company is proud of its quality and financial success. It uses only premium ingredients and high-quality containers, such as glass imported from Italy. Employees are seen as an important advantage since the company depends on a skilled workforce to maintain high quality standards and create new product ideas. Reynold uses a marketbased pay system and offers a combination of incentives to reward its workforce. It sets pay at the fiftieth percen- tile for small employers and compensates for the differential by emphasizing variable pay and offering a generous benefits package. It also claims a friendly work- place, flexible work schedules, and other nonmonetary rewards. Reynold decided to enlarge its existing total rewards program with an organization-wide plan link- ing incentive to corporate performance as assessed by changes in return on assets. The amount made available for cash bonuses from the funding pool was deter- mined by the company's performance on the following criteria: product and service quality, "controllable" cost savings, and sales. Actual payouts from each of these three sources were determined by individual performance and tenure at the organization. The team members of the project took many steps to win employees' buy-in. First, it measured only those elements of performance that lay within employees' control. For example, large capital expenditures made by senior managers were not added up as "controllable" costs. Second, the team established a participative governance system whereby employees recommended and executed ideas for improving performance on the organizational measures. Third, employees received training on what these measures meant and how they would be assessed. The team composed several rounds of data on the measures before announcing the new incentive plan and several rounds afterward. The outcomes proved impres- sive: Sales improved, controllable costs reduced, quality enhanced, and performance appraisal ratings improved after the incentive plan was put in actual practice. QUESTIONS: (Answer the questions in not less than 100 to 150 words) 7. If you have to implement your new total rewards system, suggest a checklist to ensure that you are addressing all the major issues in the above case. (1+1+1+1+1=5 Marks) 8. Discuss why it is advisable for the management to conduct a survey in the above situation and how it will be useful to generate data? (2.5+2.5=5 Marks) lule