The text describes a bottom-up and top-down approach to managing labor costs. For this assignment, complete the following:
•Describe the components of both approaches and decide which would be most important to use in either your current work environment or one with which you are familiar, and explain your reasoning.
•Also include a discussion about the approach you did not select, and describe a scenario in which this approach would be most effective. For example, if you choose the top-down approach to describe your workplace, or a workplace with which you are familiar, then in the second part of the assignment you will discuss the bottom-up approach and describe a scenario in which this would be an effective way to manage labor costs.
•In both parts of your response, imagine that managers will be part of the budgeting process and will amend, revise, or adopt new approaches to compensating, rewarding, and incentivizing the workforce. In your opinion, what are the advantages and disadvantages of this type of management involvement?
Milkovich, G. T., Newman, J. M., & Gerhart, B. (2013). Compensation (11th ed.). New York, NY: McGraw-Hill/Irwin. ISBN: 9780078029493.