PLEASE RESPOND TO THIS, I MUST COMPLETE A PEER REVIEW ON THE BELOW. Thanks
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Please demonstrate critical thinking abilities. No fewer than 100 words for post.
For this response, should outside sources be used to support the content within the postings, proper in-text citations and correctly formatted references should be prepared consistent with the APA (6th edition). The list of references should be physically positioned at the end of the postings.
2. You own Falzer’s Tool Coating Company, a high-tech firm specializing in the coating of cutting tools (e.g. drill bits, cutting blades) to provide longer life before resharpening is needed. You are concerned that the competition continues to develop new coating methods and new applications of coating in different industries. You want to create a work environment where employees offer more new product ideas and suggest new industries where these ideas might be applied. What type of compensation plan will you recommend? What are some of the problems you need to be aware of?
The best opportunity for the employee is to be compensated fairly, is the opportunity to benefit or from the idea or process. An hourly employee may see benefit in a one time bonus of $2,500, and acknowledgement in a quarterly publication. Dependent on tenure the idea or process, could be paid quarterly or annually. Though, a full an complete agreement as well as disclosure should be in writing with the employee. Non-disclosure as well as non-compete should also be made between the company and the employee. All entities involves should be completely aware of the ramifications of the idea.
Non-disclosure as well as non-compete protects the ingenuity of the idea, as well as both parties. The employee should be made fully aware of his compensation being offered.
Milkovich, G., Newman, J., & Gerhart, B. (2014). Compensation (11th ed.). New York, New York: McGraw- Hill.