a. Think about your organization, or an organization you are familiar with. If there was a need to reduce operating costs, what options are available? b. What do you see as the best options for an organization to reduce total compensation costs? Provide some context for your recommendations and discuss their prioritization.

A

a. There is a need to reduce operating costs at the XYZ Company because it has not been profitable for the last two years. The first option would be to improve on the production efficiency, especially in the supply chain. The second option would be to cut the secondary benefits of the employees.

b. The best options for reducing total compensation costs are reduction in secondary benefits and the introduction of the group cover as opposed to individual cover. For instance, reducing the entertainment, leave, and paid holiday covers may substantially reduce the cost by up to 10%. On the other hand, the group covers medical, life insurance, and pension plans may reduce the cost by up to 20% as such a company will benefit from economies of scale. The second option should be given the first priority since its impact would be more significant than the first option.

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Academic.Tips. (2021) 'a. Think about your organization, or an organization you are familiar with. If there was a need to reduce operating costs, what options are available? b. What do you see as the best options for an organization to reduce total compensation costs? Provide some context for your recommendations and discuss their prioritization'. 10 June.

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Academic.Tips. (2021, June 10). a. Think about your organization, or an organization you are familiar with. If there was a need to reduce operating costs, what options are available? b. What do you see as the best options for an organization to reduce total compensation costs? Provide some context for your recommendations and discuss their prioritization. Retrieved from https://academic.tips/question/a-think-about-your-organization-or-an-organization-you-are-familiar-with-if-there-was-a-need-to-reduce-operating-costs-what-options-are-available-b-what-do-you-see-as-the-best-options-for-an-org/

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Academic.Tips. 2021. "a. Think about your organization, or an organization you are familiar with. If there was a need to reduce operating costs, what options are available? b. What do you see as the best options for an organization to reduce total compensation costs? Provide some context for your recommendations and discuss their prioritization." June 10, 2021. https://academic.tips/question/a-think-about-your-organization-or-an-organization-you-are-familiar-with-if-there-was-a-need-to-reduce-operating-costs-what-options-are-available-b-what-do-you-see-as-the-best-options-for-an-org/.

1. Academic.Tips. "a. Think about your organization, or an organization you are familiar with. If there was a need to reduce operating costs, what options are available? b. What do you see as the best options for an organization to reduce total compensation costs? Provide some context for your recommendations and discuss their prioritization." June 10, 2021. https://academic.tips/question/a-think-about-your-organization-or-an-organization-you-are-familiar-with-if-there-was-a-need-to-reduce-operating-costs-what-options-are-available-b-what-do-you-see-as-the-best-options-for-an-org/.


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Academic.Tips. "a. Think about your organization, or an organization you are familiar with. If there was a need to reduce operating costs, what options are available? b. What do you see as the best options for an organization to reduce total compensation costs? Provide some context for your recommendations and discuss their prioritization." June 10, 2021. https://academic.tips/question/a-think-about-your-organization-or-an-organization-you-are-familiar-with-if-there-was-a-need-to-reduce-operating-costs-what-options-are-available-b-what-do-you-see-as-the-best-options-for-an-org/.

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"a. Think about your organization, or an organization you are familiar with. If there was a need to reduce operating costs, what options are available? b. What do you see as the best options for an organization to reduce total compensation costs? Provide some context for your recommendations and discuss their prioritization." Academic.Tips, 10 June 2021, academic.tips/question/a-think-about-your-organization-or-an-organization-you-are-familiar-with-if-there-was-a-need-to-reduce-operating-costs-what-options-are-available-b-what-do-you-see-as-the-best-options-for-an-org/.

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