Assignment Choice #1: Case 10.1 Money Doesn’t Buy Happiness. Well, on Second Thought . . .
Read Case 10.1 in Managing Human Resources. After reading the case, please complete the following items:
- Write a summary of the case,
- Answer the critical thinking questions, and
- Elaborate on two key learnings from the case related to trends in employee benefits, legal implications, and cost-containment strategies. Be sure to clearly state the two key learnings and defend them in well-organized, scholarly responses.
A key learning is defined as significant knowledge gained from reading the case. You may choose to explain your key learnings by offering a real-world application, personal insight, your thoughts and opinions about what was stated, how it is handled at your company, etc.
Please arrange your summary, questions, and key learnings in a well-organized, scholarly response of 2-3 pages. Support your observations and opinions with citations from 2-3 credible sources documented according to the CSU-Global Guide to Writing and APA Requirements.
Money Doesn’t Buy Happiness. Well,
on Second Thought…
This article talks about peoples happiness with regards to how rich or poor they are individually and how wealthy their country is. A good suggestion was made by two Brits as they stated that “Government’s policy goals should focus less on growing GPD and more on improving measures that directly affect happiness”. People in wealthier countries report more happiness than those in poorer countries. Comparing Denmark and Zimbabwe the Danes have social welfare policies directed toward some of the most salient concerns of families their health care for the aged and child care and they are happier. They have a set of public policies that deal immediately with peoples fundamental concerns. It’s not all about the money. But if you ask me it helps immensely.
Critical Thinking Questions
1. What do you think is the role of money as a determinant of a person’s satisfaction at work and with life in general? Should organizations worry about this issue? Explain.
2. As discussed in this chapter, firms vary widely on the extent to which they emphasize money as an incentive. Do you think an emphasis on financial incentives is good or bad? Explain.
3. For the past 90 years or so, job evaluation as a compensation tool has been designed to assess the value of each job rather than to evaluate the person doing the job, prompting a relatively flat pay schedule for all incumbents in a particular position. Some HR experts believe that the emerging trend is for pay inequality to become “normal.” Employers are using variable pay to lavish financial resources on their most prized employees, creating a kind of corporate star system. “How do you communicate to a workforce that isn’t created equally? How do you treat a workforce in which everyone has a different deal?” asks Jay Schuster of Los Angeles– based compensation consultants Schuster- Zingheim & Associates, Inc. If you were asked these questions, how would you answer them? Given the issues just discussed in this case, what effect do you think this trend toward greater pay inequality will have on employees’ satisfaction with their pay, their job, and life in general? Explain.