Final answer:
The best compensation plan for a hotel owner who seeks employee flexibility and skill variety is skill-based pay. It incentivizes employees to learn diverse skills and be adaptable in their job roles, unlike piece rates, stock options, or team-based pay which do not focus on individual skill development.
Step-by-step explanation:
If you are the owner of a large hotel and expect your employees to be flexible, learn a variety of skills, and shift from one job to another as needed, the best compensation plan that fits your needs is skill-based pay. This approach rewards employees for the range and depth of their skills and knowledge, rather than just their job title or position. It encourages continuous learning and allows for greater flexibility in job assignments, as employees are incentivized to acquire and use multiple skills within the organization.
Piece rates would not be suitable, as they reward output in a specific task, rather than flexibility and skill variety. Stock options are typically a form of long-term incentive that may not directly encourage multi-skilling. Team-based pay could be considered, but it incentivizes collective performance rather than individual skill development and versatility, which is what you require in your hotel operations.