...suggest two jobs evaluations, compare possible compensations for this two positions and also we will be explaining the importance of providing employee benefit plans to the employees working in this two chosen positions. The two jobs that we as a team have identified for the Elias Group Organization is the Director of Technical Services and the Director of Administration and HR. The Director of Technical Services is in charge of three managers, which are the manager of web services, the manager of information res. and the manager of desktop services. The other position, which is the Director of Administration and HR in this position, they answer to the president of the company and which they answer to the board of directors. In this position the Director of administration and HR is involved with the legal counsel since they have to deal with Human Resources department and administration. The general function of performance management is to promote and improve employee effectiveness. It is a continuous process where managers and employees work together to plan, monitor and review an employee’s work objectives or goals and his or her overall contribution to the organization. Our organization does not use a performance management system but we would recommend it to use one. The reason why is because the managers and the employees can work together to plan and see what kind of contribution they can give to the...
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...Compensation and Benefits Plan Based on the job analysis performed previously by Team B for the program manager position, the success of the new engine program would bring in a big jump in sales for the company. Thus, the program manager position is important to ensure a quality completion of the program. Keys to successful compensation and benefits plan are to provide fair compensation to attract and retain employees and to align with the company’s strategic goals. The proposal for the compensation and benefit plan for the program manager is competitively based on U.S. national averages in aerospace industry, company size, education, and experience. The base salary range is formulated by using the Formal Salary Structures (Culpepper and Associates, 2010). They are consistent with aerospace industry standards. The proposed base salary range is between 25% -75% companies offer in accordance to Salary.com. The plan includes benefits that are consistent with company budgeting plan and strategic plan. The compensation and benefit plan is as followings. Salary: The base salary shall be in the range $126, 396 - $154,343. The salary range shall reflect an employee’s work experience, education, and skills as a mid-level program manager. The range is corresponding to the company’s pay grade PM-9 to PM-12. Annually, management will review the employee’s overall individual performance and job responsibilities to make any salary adjustments as necessary. Benefits: All employees are eligible...
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...The purpose of this paper is to create and devise a memo for Forward Style, Inc.’s management. The company offers benefits, such as Private Retirement Plan, Medical insurance, Disability insurance, Social insurance, including Social Security, Unemployment insurance, Worker’s Compensation, Pay for time not worked, Stock options, Child Care, and Family and Medical Leave (FMLA) of 6 paid weeks and up to 6 additional unpaid weeks. After reviewing and evaluating the company’s incentives and benefits program, I will determine if legal requirements are being met by the company. I will accurately identify and explain which benefits are legally required and which benefits are being used to attract employees. Additionally I will explain how the offered benefits impact the organization. Employee benefits are important to most employees. Therefore, benefits an employer offer can be a deciding factor for a potential employee in deciding whether or not to work for that company. According to the U.S. Small Business Administration, there are two types of employee benefits, such as benefits employers are required by law to provide and benefits that are optional for an employer to offer and or provide. Examples of required benefits include unemployment insurance, workers' compensation, and social security, whereas optional benefits include health stock options, child care, retirement benefits, and health care insurance coverage (The U.S. Small Business Administration, n.d.). Memorandum ...
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...Compensation and Benefits System of Microsoft MGMT 365 February 23, 2014 Compensation and Benefit System of Microsoft Microsoft was founded in 1975, and is the worldwide leader in software, services, and solutions (Career). Microsoft is proud to offer great products and employ outstanding people. Previous Microsoft CEO, Steve Ballmer once said, “There are many things that are true about Microsoft. We have big goals, big dreams, and big aspirations for the future. We are both competitive with our products and in the way we attract and retain talent. For me, the most important factor is competition for talent, because I know our success comes from the people who work here” (Foley). Listed at number 76 on Fortune Magazine’s 2012 “100 Best Companies to Work For”, the survey lists the average annual pay for salaried position as $132,023, and for hourly as $61,245 (Fortune). The most common salary job is Software Development Engineer, and the most common hourly job is Business Support (Fortune). There are currently 100,932 employees worldwide, with 59,197 of those employees being in the United States (Career). As with any company, Microsoft works hard to provide a compensation and benefit system that will attract and retain quality employees, while also choosing incentives and perks that will set them apart from competing firms such as Google, Apple, Oracle, and Facebook. According to Microsoft’s website, they are widely recognized as a leading company for offering...
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...growing across America’s businesses. Some believe that tuition reimbursement for employees is only encouraging them to seek jobs elsewhere after the employee receives his or her degree. However, studies outlined by Pattie, M., Benson, G., & Baruch, Y., in Tuition Reimbursement, Perceived Organizational Support (2006) disclose that employers who take an active role in the education process with the employee are more likely to have higher ratios of employee retention after graduation. New Opportunities for Employees Career growth and advancement are two elements employees value about their jobs. It is essential for an employee to feel a sense of accomplishment when allowed to apply the skills gained through education to the employees current job rather than feeling as though they need to change jobs to apply his or her degree. Tuition reimbursement programs when coupled with career growth and advancement for employees can be extremely effective and lucrative for companies. For example, implement an incentive program for a raise or a promotion for employees close to graduation acknowledging their latest accomplishment. This type of tactical move by an employer encourages employee retention, making him or her feel valuable and important in their job. Employees feel valued when an employer shows confidence in the employees ability to do his or her job. The knowledge and skill set employees earn when obtaining a degree are valuable assets to both the employee and the...
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...Sustaining Employee Performance Maintaining a healthy, successful employee base is an important responsibility for human resource teams. There are a number of ways that, implemented correctly, can help them achieve this goal. They include performance management, compensation, and benefits. After human resources has recruited, hired, and trained the best candidates, the next step is to ensure that they are meeting standards, and if they are not, that they receive the proper training. The best way to track employee performance is to set up a performance management system. Performance management is not just an annual review of what the employee did wrong last year, or what they achieved, according to "HrCouncil" (n.d.) it “is the continuous process of setting objectives, assessing progress and providing on-going coaching and feedback to ensure that employees are meeting their objectives and career goals” (Keeping the Right People: Performance Management). To have an effective performance management system, there are a number of practices that should be adopted. The first practice is to provide sufficient training for management who will conduct the appraisals. Training will ensure that they can successfully complete the evaluations without prejudice or bias, and stay within all legal requirements. Thoroughly trained management will be able to “act upon the outcomes of the performance management process[…]to ensure that good performance is recognized, inadequate performance results...
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...MEMORANDUM To: Forward Style Inc. Management Team From: Jennifer Winter, Human Resource Management Subject: Evaluation of Rewards Program Date: August 27, 2010 Forward Style Inc. is a marketing company with 65 employees. The following memo provides an evaluation of the organization’s current rewards program. Some benefits are mandated by law. Other benefits, although not mandated by law, are subject to government regulations. The evaluation addresses legal requirements and how the offered rewards affect the organization’s ability to retract and retain key employees. Social Insurance Social Security benefits, mandated by law, are financed by both the employer and employee. Employer’s payroll tax equals 6.2% and employees’ equals 4.2% through 2012 (IRS, 2012). The maximum taxable earnings amount is $110,100. The Medicare tax rate is 1.45% for both employers and employees. There is no limitation for taxable earnings on Medicare taxes. Because mandated by law, Forward Style Inc. does not have influence in design of this benefit. Unemployment Insurance also mandated by law is financed by federal and state taxes on employers. The Federal Unemployment Tax (FUTA) rate for 2012 is 6% on the first $7,000 of each employee’s wages. Employers may claim a credit against their FUTA tax for contributions paid under state statutes, up to 5.4% of wages paid. New Mexico’s wages subject to tax is up to $22,400. The minimum rate is 0.05% to 5.4% in 2012 (Tax Policy Center, 2012)...
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...they are able to attract and retain their employees and talent. These two important areas will have to fall in line with the organization objectives that the organization is trying maintain and also be enough to ensure that the employees are being compensated well for their work, because if not the competition will have no problem stealing away talent. Rewards and recognition are also important when an organization is considering how to acknowledge their employees and give them reasons for staying with the organization. Compensation and Incentives There are a few things to consider before actually setting the compensation for a position. A compensation survey should be obtained to help determine what other firms are paying for specific jobs or jobs within the same labor market (Mondy, R, 2008). Other determinants would be cost of living, expediency, economy, labor unions, and legislation in that particular state. At Coca cola, compensation and benefits packages are among the best in the world, benchmarked against other global, high-performing employers. We also offer a variety of developmental opportunities for our associates, including Coca-Cola University, a learning program for high performers (Employee Engagement, 2013). Compensation that will be offered to the employees will be based upon the title and position they will be hired for. Regular skilled workers for Coco-cola will receive regular wages based upon their position and titles. For employees that are sales...
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...skillset to stay abreast of the constantly evolving work force, advances in global technology, and cultural diversity in order to manage human skills and talents to ensure effective alignment with the goals of an organization. Human resources are the most valuable element within any organization. In this paper, I will present a brief description of how areas of human resource management discussed throughout this course work together to perform the primary functions of human resource management. The human resource management process is made up of strategic HR planning, job analysis and job design, attraction and recruitment of talent, selection and job fit performance appraisal/management, training and development, compensation, and benefits and benefit administration. “Strategic planning considers meeting resource demands, examining and evaluating resource deployment, estimating capacity, and also recognizing and handling human talent to satisfy capacity needs” (Youssef, 2012, section 1.6). Job analysis and job design include specifying the duties and responsibilities of a particular job. Job analysis allows managers the ability to comprehend how a job is performed and flows. It gives managers insight as to what a particular job entails, how the work flows, and how to further develop the job in order to maximize productivity within the organization. Information collected for job analysis includes: work activities, human behaviors, equipment used for the job, performance records...
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...productive, incentives should be offered. Though there are many kinds of incentives that can be offered ,it was found that profit sharing resulted in the greatest yield to the human assets .Employees knew that if they became productive they would earn a bonus and this would help hem recognize their productive levels . Building of human assets through profit sharing: Retirement savings plans and profit sharing were considered to be the most important human asset building activity and though revolutionary in nature with a little foresight and great planning can be converted into a productive tool which could never be refused by any employee. Profit sharing as has been empirically proved, it the best ways to retain employees in an organization .when employees settle themselves into an organization for long periods of time they get associated with the firm and become the most productive asset and are very simple incentives to attract the right kind of people, invest in them and protect their retirement benefits. These are considered to be most common method of building human assets . organizations have to recognize that employees needed to build their assts while at work and it was in their interest to see that these needs were met .Employees also realized that the longer they stayed with the company better would be their retirement benefits. This was an economic incentive given by employers to build the strong human asset base. Employees were educated on the profit sharing...
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...CHAPTER 12 EMPLOYEE BENEFITS CHAPTER OVERVIEW The chapter is introduced with the stories of three loyal, long-term employees whose retirement plans were drastically altered. Due to changes in their employers’ pension plans, each person was forced to adapt to reduce payouts. The stories reflect changes in benefits happening in countless companies. Benefits are generally membership-based rewards which are desirable to employees and which can be designed to meet the diverse needs of today’s workers. The costs and complexities of both legally required benefits and voluntary ones, such as health insurance, retirement plans and time off are presented, as well as current issues, including flexibility of benefits choices and availability of benefits for families, domestic partners and retirees. Effective benefits administration allows companies to attract and retain good workers by creatively and cost-effectively offering employees more than just their paycheck. Additional Features of This Chapter: Exhibit 12-1 is a listing of the major benefits typically offered and the percentage of employees participating. Exhibits 12-2 and 12-3 provide sample Health Maintenance Organization and Preferred Provider Organization coverage plans. Exhibit 12-6 calculations demonstrate the financial impact of flexible spending account plans. “Ethical Issues in HRM” discusses the issue of benefits for domestic partners. “Diversity Issues in...
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...Ebony Brown HRM/324 January 24, 2012 Jocelyn Freimark The design of a company’s benefits program is important to ensure the plans fit the structure of the company and the needs of its employees. Being a new company starting with 150 employees it will be important to design a varied and comprehensive retirement program that will not only address the needs of the company’s current employees, but will also attract potential employees, and be affordable for the company. Qualified plans “entitle employers and employees to substantial tax benefits” (Martocchio, 2009, p. 3), because neither has to pay taxes on contributions within a dollar limit outside of defined contribution plans. As an additional benefit, investment earnings are tax free and participants and their beneficiaries do not pay taxes on retirement benefits until the funds are received. There are two types of qualified retirement plans: defined benefit plan and defined compensation plan. A challenge of the defined benefit plan is that it may prove to be more costly for employers as employer contribution rates fluctuate yearly and requirements may be difficult for employers to ensure all the funds are available for participants or beneficiaries to receive. In this case, the best retirement benefit design option is the defined contribution plan. Under the defined contribution plans “employers and employees make annual contributions to separate accounts established for each participating employee...
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...and cargo throughout the United States and around the world. The Company offered customers service to destinations with Delta and Delta Connection carrier service to 321 destinations in 58 countries in January 2008. To Latin America and the Caribbean, Delta offered more than 500 weekly flights to 63 destinations in January 2008. It is a founding member of SkyTeam, a global airline alliance that provides customers with worldwide destinations, flights and services. Through the late 1970’s and 1980’s, Delta Air Lines worked to establish its name as the premier U.S. airline for customer service. The foundation of Delta’s customer service was based on a company with a culture of “southern hospitality” and employees who went above and beyond the call of duty. The company’s human resource strategy helped build the skills, motivation and opportunities for employees to deliver great customer service, and that allowed Delta to attract business travelers who paid premium prices for travel (Wright, 2008). Delta’s success shows just how important HR strategy can be, especially in its impact on company performance (Wright, 2008). The information published on Delta’s offers a great deal of information about the company, culture, and the benefits to jobseekers. Furthermore, the website provides an abundance of information about the pre-hire process, benefits and perks, and feedback from current employees about the company and job satisfaction. Delta uses the branded messaging approach...
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...Report XCOM/285 July 22, 2010 There are ways an employees can benefit their companies, and one of the way is to further their education and apply the knowledge towards their careers to better their companies. Their education not only can better companies, but also can contribute to advancing their current positions in the company. Now there are courses that are provided online at colleges and universities. The online classes can be extremely beneficial to the full-time employees, because they can log on and complete their school assignments anytime during the day, and weekends. A plan such as this could retain the employees and also attract new ones. The convenience of this option will attract a lot of employees once they get more familiar with the online program. Investing in our employees’ education is an excellent idea, especially with the reasons provided. The company’s profits could partially be used towards helping our employees with their tuition reimbursements. The most important thing about this idea is to keep advance our current employees to a higher education and then apply them to business in a profitable way. Expenses such as spending it on hiring new employees through outside agencies could be prevented if the company to retain them. Earning a degree could open all sorts of doors for current employees. For example, a pay increase, and this could be a good incentive for the employees to obtain a degree. Also a potential promotion once the employee...
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................................................................................. 9-10 References .................................................................................................... 10-11 Table ................................................................................................................ 12 FPC COMPANY OVERVIEW Food Process and Control was founded in 1980, it is a small company that consults and designs line and control systems for food, beverage and cosmetic industries. Humberto Martinez is the engineer who does all the blue prints and he has four welders and a secretary. His matto of his company is that they are “small enough to care and large enough to serve” (Humberto,2010). This small company started operations offering a good package of benefits to attract good talent. The benefits exceeded those of similar or larger companies.The original package offered Complete Medical, 3 week vacation plus all official Holidays paid, plus other non official Holidays, besides the company included five sick days that could be used or paid at the end of the year. Also the company offered a generous bonus at the end of the year (Martinez, 2010). The Medical covered 100% of the premiums for the employee , and his/her spouse and 50% on children- all with $500.00 deductible plan, and...
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