Selecting a CP Plan at Dow AgroSciences
Order Instructions:
Dear Admin,
Please read the following case study then answer the questions bellow:
CASE STUDY ((Selecting a CP Plan at Dow AgroSciences))
Dow AgroSciences LLC, based in Indianapolis, Indiana, is a global leader in providing pest management and biotechnology products that improve the quality and quantity of the earth’s food supply and contribute to the health and quality of life of the world’s growing population. Dow AgroSciences employs approximately 6,000 people in more than 50 countries and has worldwide sales of approximately US$ 3 billion. Dow AgroSciences is a wholly owned subsidiary of the Dow Chemical Company.
Consider the following information about Dow AgroSciences:
•Mission. Dow AgroSciences delivers innovative technology that exceeds market needs and improves the quality of life of the world’s growing population. We do this through responsible pest control, aiding the production of an abundant, nutritious food supply, and the use of plants as a renewable agricultural resource to produce new and improved agricultural outputs.
•Vision. We are a premier company applying chemical, biochemical, and genetic solutions to agricultural and specialty market needs.
•Core Values. To ensure the prosperity and well-being of Dow AgroSciences employees, customers, and shareholders, cumulative long-term profit growth is essential. How we achieve this objective is as important as the objective itself. Fundamental to our success are our core values we believe in and practice:
o• Employees are the source of Dow AgroSciences’ success. We communicate openly, treat each other with respect, promote teamwork, and encourage personal initiative and growth. Excellence in performance is sought and rewarded.
o• Customers receive our strongest commitment to meet their needs with high-quality products and superior service.
289 290
o• Products are based on innovative technology, continuous improvement, and added value for our customers and end users.
o• Our conduct demonstrates a deep concern for human safety and environmental stewardship, while embracing the highest standards of ethics and citizenship.
In light of the Dow AgroSciences’ mission, vision, and core values, what type of CP plan is likely to be successful? Explain the rationale behind your choice.
Source: This case study is based, in part, on information available online at http://www.dowagro.com/about. Retrieval date: March 15, 2007.
Then answer the following questions:
1)Evaluate the mission, vision, and core values of the organization as presented in the case study.
2)Based on what you have learned this week, recommend a CP plan for Dow Agrosciences and explain why you think it would be successful.
3)What are the benefits of implementing a contingent pay plan? Would such a plan be accepted in all cultures?
4)How does an MNC resolve this with their subsidiaries?
Also,
1) The answer must raise appropriate critical questions.
2)Do include all your references, as per the Harvard Referencing System,
3)Please don’t use Wikipedia web site.
4)I need examples from peer reviewed articles or researches.
5) Turnitin.com copy percentage must be 10% or less.
Appreciate each single moment you spend in writing my paper
Best regards
SAMPLE ANSWER
Business organizations focus on providing good services to ensure customer satisfaction. The result of the organization effort is reflected in the form of growth and organization sustainability. Organizations ensure that the employees are motivated and are working towards achieving of the organization goals and achievement. Unlike the traditional pay where wage and increase in remuneration depend on position and seniority, contingent pay salary and salary increase is based on job performance (Carson, 2012). The payment plan should be developed in a way that the pay motivates the employee of an organization to work towards achieving organization goals. On the same note, the payment system should reflect the organization core values and should be in line with the organization culture. Contingent pay schemes attempt to make a company more effective in attaining organization goals. The aim of contingent pay plans is to help in improving organization performance.
The purpose of this case study is to develop a contingent pay (CP) plan for Dow AgroScience based on the organization mission, vision and core values. Further, the paper discusses the benefits of implementing a contingent pay plan. And discusses how multinational corporations resolve issues relating to contingent pay and different cultures.
Dow AgroScience is a multinational corporation providing biotechnology products and pest management. The organization focuses on delivering innovative technology that help improve the quality of living for the world ever-growing population. Dow AgroScience is committed to corporate sustainability and product stewardship (Corporate Values, n.d.). Dow AgroScience mission statement is clear and understandable to the company’s employees, customers, and other stakeholders. Dow AgroScience mission statement is brief and clearly specifies the organization business of pest control and assisting in the production of food supply amid using plants as a renewable agricultural resource to develop innovative products.
The company has a clear vision of being a premier company providing an agricultural solution and specialty market needs. Dow AgroScience core values define the acceptable behavior; it compels the employees of the organization by stating what the organization opts to achieve and why it wants to achieve these objectives. The company’s core values inspire the employees and involve them in the organization. Ideally, the company core values hold the organization through shared values and standard behavior. It is good for the organization to introduce contingent pay to achieve these goals and ensure that there is prosperity. This is because contingent pay makes performance management more effective since rewards are tied to outcome.
Before selecting a CP plan it is important to consider the culture of the company and strategic direction of the organization (Armstrong & Taylor, 2014). Dow AgroScience culture focuses in developing talents and leadership abilities of their employees. The company focuses on achieving organization goals through motivation and employee development. It is imperative to note that Dow AgroScience values diversity and work-life balance.
Therefore the best contingent Pay system that is likely to be successful for Dow AgroScience is a plan that enhances strategic direction and employee development so as to achieve the organization goals. The contingent pay that ideally fits Dow AgroScience is a skill-based pay to enhance development. To improve customer service, Dow AgroScience contingent pay should encompass a competency-based pay with gains sharing (Chen et al., 2012). The company should give sales commissions the company employees working in the sales department to add value to the company customers. The company can also enhance teamwork by giving team sales commission, gain sharing and competency-based pay.
Contingent Pay plans that help to enhance strategic directions is likely to be successful because it encourages positive behavior. Employees will also be motivated to develop new behavior that may produce better results and enable the organization realize its goals (HENEMAN, 2002). This can be achieved by defining and measuring performance before allocate rewards. The company should give both financial and non-financial rewards.
Implementing contingent pay plan has quite a number of benefits. Performance management becomes more effective when using contingent plan because rewards are tied to outcome. Contingent pay enables an organization to clearly define effective performance and determine factors that are indispensable to achieve performance (Warwas, 2015). Contingent pay also enables managers, supervisors and employees understand what is required of them. On the same note, Contingent Pay boosts employee motivation to work and achieve goals that are in line with organization desires.
However, Contingent Pay may not be accepted in all cultures. Effective organization put a lot of emphasis on job performance and consistency. In a multicultural organization, cultural rules can drive behavior and expectations. In such organization, contingent pay may not be effective in improving job performance if it is not aligned with cultural values of the community (Cowling, 2013). An efficient organization culture should encourage employees to share problem-solving ideas and knowledge. To achieve this, the contingent pay plan should be developed to respect cultural values of the community and payments should be made in such a way that makes the employees identify with the community.
Multinational corporations can help align contingent pay with the cultural values of the community where the company operates to resolve cultural difference in its subsidiaries. This can be achieved by developing clear and open communication challenge that makes employees voice their opinions regarding the contingent pay plan. Multinational organization need to identify and respect cultural norms. If the contingent pay plan is not in line with the cultural rules, it may not effectively achieve the main goal of motivating employees to improve performance (HORNE, 2013). Being in a position to share challenges that hinders optimal performance and the consistency required to achieve performance can be prevented by disregarding cultural norms. Therefore, Dow AgroScience should put into consideration cultural norms of the communities they operate in and develop a contingent pay scheme that is tailored to fit with cultural norms of the community.
In conclusion, developing a contingent pay scheme is paramount in motivating employees towards achieving organization goals. The contingent pay plan should be consistent with the organization values and goals. The contingent plan adopted should motivate employees to optimize their work performance and work towards achievement of organization goals.
References
Armstrong, M., & Taylor, S. (2014). Armstrong’s handbook of human resource management practice. Kogan Page Publishers.
Carson, R. (2012). Contingent valuation: a comprehensive bibliography and history. Edward Elgar Publishing.
Chen, C. X., Williamson, M. G., & Zhou, F. H. (2012). Reward system design and group creativity: An experimental investigation. The Accounting Review,87(6), 1885-1911.
Cowling, A. (2013). Appraising and rewarding performance. Managing Human Resources,197.
Corporate Values. (n.d.). Retrieved June 29, 2015, from http://www.dowagro.com/about/values/
HENEMAN, R. L. (2002). Linking pay to performance. Greenwich, Conn, Information Age.
HORNE, M. S. (2013). Contingent workforce: business and legal strategies. [S.l.], Law Journal Seminars Pr.
Warwas, J. (2015). Principals’ leadership behaviour: values-based, contingent or both?. Journal of Educational Administration, 53(3), 310-334.
We can write this or a similar paper for you! Simply fill the order form!
