...Compensation is a routine approach to granting monetary value to employees in exchange for work completed and can accomplish numerous purposes helping in areas of recruitment, job performance, and job satisfaction. The competitive and global marketplaces as well as employee benefit programs today has become known as necessary tools used by companies to draw creative and useful employees. Meeting the requests and needs of employees can be rather complicated during difficult financial times in which businesses must find its balance between compensation methods and keeping overhead costs low. This paper will analyze the impact of various compensation methods and benefit programs on employees and organization. The paper will also relate salary and benefit administration strategies to organizational culture and performance. Compensation Methods Compensation and benefit strategies are ways that organizations can use pay and benefits to recognize and reward employees’ contributions to the organization’s success (OPPapers, 2008). In a retail or customer service organization, workers are usually compensated by one of the following methods: 1. A direct salary or hourly rate, 2. Salary in addition to commission, 3. Quota bonus, 4. Commission without advances or 5. Commission with advances. Although commission payments are tied to sales, the requirements of the exemption are that more than half the employer’s compensation characterizes commissions on services; which can include all sorts...
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...International Human Resource Management: Chapter – 6: COMPENSATION MANAGEMENT Introduction: One of the key components of IHRM is the compensation administration in MNCs. Today, compensation and employee benefits contribute to 40-50% of the total costs. Compensation is strategically reported and monitored at the broad – levels and with the investors to assess the health of the organization. What is compensation management? Effective and efficient process of managing the earnings – financial and non financial rewards of the employees in an organization based on their performance towards organizational goal is called compensation management. International Compensation is an internal rate of return (monetary or non monetary rewards / package) including base salary, benefits, perquisites and long term & short term incentives that valued by employee’s in accordance with their relative contributions to performance towards achieving the desired goal of an organization. It influences: • • • Organizational culture Recruitment and selection of competent employees Motivation and performance Objectives of compensation: Compensation decisions are strategic decisions and play a key role in achieving performance and sustainable competitive advantages for national as well as international firms. Therefore the key objectives are: • • • • • Attract employees who are qualified , experienced and interested in international assignments. Facilitate the movement of expatriate’s from one...
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... | | |MGT/431 Version 6 | | |Human Resource Management | | |Puerto Rico Campus | Copyright © 2009, 2008, 2006, 2004 by University of Phoenix. All rights reserved. Course Description This course focuses on the strategic role of human resource management, personnel planning and job analysis, personnel selection, performance appraisal, compensation, training, and development from the vantage point of the manager. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Noe, R...
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...staffing plan for the organization in which you work, or one with which you are familiar. Determine how many people you need to hire and in what functional areas, such as manufacturing, operations, customer service, distribution, marketing, and accounting. Develop strategies to recruit the appropriate applicants. Include a discussion of how the strategy is legally compliant. Use the reading assignments, interviews with your HR representatives or staff persons, website articles, Electronic Reserve Readings, and HR journal articles to support your position. Use at least two text references. Format your report consistent with APA version 6 guidelines. Submit copy of Plagariarizer Checker Submit certificate of originality 7/7/11 80 Learning Team Charter Create the Learning Team Charter. To receive full points, you must submit a complete charter, not just contact info. 7/7/11 30 Week Three: Compensation and Benefits Details Due Points Objectives 3.1 Analyze the impact of various compensation methods and benefit programs on employees and organizations. 3.2 Relate salary and benefit administration strategies to organizational culture and performance. 3.3 Examine how incentive plans relate to organizational objectives. Readings Read Ch. 11–13 of Fundamentals of Human Resource Management. Read this week’s Electronic Reserve Readings. Participation Participate in class discussion. 7/15/11 20 Multiple Choice Quiz Inclass Quiz 7/15/11 20 Individual Five-Year Career...
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... | | |School of Business | | |MGT/431 | | |Human Resource Management | Course Description This course focuses on the strategic role of human resource management, personnel planning and job analysis, personnel selection, performance appraisal, compensation, training, and development from the vantage point of the manager. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Noe...
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...Modifying Centinela Hospital Clinical Laboratory By: Email: Phone: GM 591: Leadership and Organizational Behavior Professor: 10/8/2011 Introduction Centinela Hospital Clinical Laboratory provides comprehensive twenty four hour coverage of routine and emergency laboratory medicine to staff physicians for diagnosis and treatment of patients. Centinela Hospital is located in Inglewood , California. A 369 bed acute care facility owned by Prime Healthcare a privately owned corporation. In 2007 Prime Healthcare bought the Hospital from Tenet Healthcare. The current census of the hospital averages to about two hundred fifty in house patients daily, with a total of more than 140,000 patients treated per year. The Laboratory has forty five full time employees, ten part-time, and five per diem, for a total of sixty employees with a variety of roles and titles. The Laboratory is licensed by the California State Department of Health Services, Laboratory Field Services and accredited by the Joint Commission and Clinical Laboratory Improvement Act Agency (CLIA). The full service clinical laboratory provides the following services: Chemistry, Hematology, Microbiology, Blood Banking, Serology and Immunology. I am a Board Licensed Clinical Lab Scientist and there are thirty five of us. The rest of the laboratorians are either Licensed Lab Technicians or Certified Phlebotomy Technicians. My main specialty and concentration is the field of Microbiology. I am the Lead...
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...National Human Resource Standard Competencies Framework & Body of Knowledge PEMBANGUNAN SUMBER MANUSIA BERHAD 2014 0 TABLE OF CONTENTS TABLE OF CONTENTS ....................................................................................................................... 1 THE STANDARDS ~ AT A GLANCE ................................................................................................... 2 THE FIVE DIMENSIONS ..................................................................................................................... 3 THE THREE LEVELS OF HR PROFESSIONALS ............................................................................... 4 HR COMPETENCIES .......................................................................................................................... 6 HR CORE COMPETENCIES ............................................................................................................... 7 HR FUNCTIONAL COMPETENCIES .................................................................................................. 8 HR COMPETENCIES FRAMEWORK.................................................................................................. 9 HR COMPETENCY LEVELS ACCORDING TO DIMENSIONS......................................................... 10 HR BODY OF KNOWLEDGE............................................................................................................. 19 CONCLUSION .....................................
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...The internship report titled “Compensation practice and Employee satisfaction in Banking Industry’’, is submitted as an partial prerequisite of the BBA program of University of development alternative The purpose of this internship report is to highlight the overall compensation & employee satisfaction activities of “Exim Bank”, along with the brief description of Exim Bank Limited. Writing this report has been a great pleasure & an interesting experience. It enabled me to know the insight activities of Human resource Department. The research method used for this report was survey. After a good effort I came up with a final questionnaire. This questionnaire was given to the groups of different employees for the research. This project helped me tremendously to understand the implication of my book knowledge in the practical field. It has also shaped some of my basic views like how to communicate & carry oneself in the world of business. I realize that certain information enclosed in this report is confidential & should be confined within academic discourse & interest. I am extremely grateful to you for your valuable guidance, diligent effort & awareness whenever it was required. I tried my best to follow your instruction, schedule, format & discipline obediently & sincerely. To complete this study, I have used structured questionnaire & each of the respondents has been interviewed through it. To represent an apparent sight I have used tables & graphs while analysis...
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...involves compensation practices being aligned with the achievement of the organization's strategic business objectives Pay for performance – pay system that rewards employees on the basis of their performance Compensation Philosophy A formal compensation policy should: * Reflect the organization’s strategic business objectives and culture * Articulate the objectives that an organization wants to achieve via its compensation programs * Be communicated to all employees * Be perceived as fair and equitable * Provide the foundation for designing and implementing compensation and benefits programs Remuneration Policy: * The Committee recognizes that the Group operates in a global environment and that its performance depends on the quality of its people. To Prosper, the Group must be able to attract, motivate and retain highly skilled executives willing to work around the world. Key principles: * Competitive rewards are provided to attract and retain executive talent on a global basis * Demanding key performance indicators apply to delivering results across the Group and are applied to a significant portion of the total reward * Rewards to executives are linked to the creation of value to shareholders * The criteria used to assess and reward executives include financial and non-financial measures of the performance * Remuneration arrangements should ensure equity between executives and should facilitate the deployment of human resources...
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...Sciences , JNTUH CEH, Kukatpally, Hyderabad-500085, A.P, India Department of Management Science, Madanapalle Institute of Science and Technology, Madanapalle, A.P-517325, India sandhyadean@yahoo.com 1 Abstract Employee motivation is one of the important factors that can help the employer to improve employee and organizational performance. Different theories of motivation are discussed. The paper concludes that employee retention can be practiced better by motivating the employees in the following aspects: Open communication, Employee reward program, Career development program, Performance based bonus, Recreation facilities, Gifts at some occasions. Keywords: Employee retention, Organizations, Strategies, Career, Performance based. Introduction Management Update (June, 1988) nine of ten managers An Employee Retention Program (ERP) is said to be think people stay or go because of money. But, Kaye and effective when a systematic effort is made to create and Evans (2000) conclude that money and perks matter, but foster an environment that encourages and supports employees are interested in challenging and meaningful employees to remain employed by maintaining strategies work, good bosses, and opportunities for learning and and practices in place that addresses their diverse needs. development. Employee retention (ER) is a process in which the Significance of employee retention employees are encouraged to remain with the Retention is not only important just to reduce the organization...
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...Submitted by WWW.ASSIGNMENTPOINT.COM The report titled “Compensation practice and Employee satisfaction in Banking Industry”-An Analysis to identify the influential factors and their Relationship”, is submitted as an partial prerequisite of the BBA program of Stamford University, Bangladesh. The purpose of this internship report is to highlight the overall compensation & employee satisfaction activities of “Exim Bank”, along with the brief description of Exim Bank Limited. Writing this report has been a great pleasure & an interesting experience. It enabled me to know the insight activities of Human resource Department. The research method used for this report was survey. After a good effort I came up with a final questionnaire. This questionnaire was given to the groups of different employees for the research. This project helped me tremendously to understand the implication of my book knowledge in the practical field. It has also shaped some of my basic views like how to communicate & carry oneself in the world of business. I realize that certain information enclosed in this report is confidential & should be confined within academic discourse & interest. I am extremely grateful to you for your valuable guidance, diligent effort & awareness whenever it was required. I tried my best to follow your instruction, schedule, format & discipline obediently & sincerely. To complete this study, I have used structured questionnaire & each...
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...Compensation – The sum total of all forms of payments or rewards provided to employees for performing tasks to achieve organizational objectives Rs Compensation- Nature and scope • The complex process includes decisions regarding variable pay and benefits • It suggests an exchange relationship between the employee and the organization • It involves design, development, implementation, communication and the evaluation of reward strategy and process of the organization Compensation Objectives 1. 2. 3. 4. To reward employees’ past performance fairly, in line with efforts, skills and competencies To attract and retain competitive high performing employees To motivate the high performing employees and reinforce desirable employee behaviour To remain competitive in the labor market 5. 6. 7. To align employees’ future performance with organizational goals To communicate the employees their worth to the organization To provide employee social status • Strategic compensation – Using the compensation plan to support the company’s strategic aims. – Focuses employees’ attention on the values of winning, execution, and speed, and on being better, faster, and more competitive.. • IBM Strategic Compensation Planning • Strategic Compensation Planning – Links the compensation of employees to the mission, objectives, philosophies, and culture of the organization. – Serves to identify the net monetary payments made to employees with specific functions of the...
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...endowment for the Utah Symphony was $10 million. At the same time that the symphony is above the average orchestra within its group, it is also spending substantially. Artistic costs constitute the major expense category of expense for the orchestra (see Table 1). The symphony does not own its facilities. The building that houses the offices and the Abravanel Hall where the symphony performs are owned by the county. Most of the symphony’s cash (+90%) is allocated to orchestra and development (fund-raising) staff salaries, benefits, and payroll taxes. The orchestra musicians are unionized with annual salaries of $50,000 to $85,000. This is considered “too high given the size and status of the symphony” (Delong & Ager, 2005). Having a higher salary is advantageous in attracting quality musicians but this also becomes a financial weakness. Since the orchestra musicians are covered by a collective bargaining agreement, wages cannot be adjusted. Their salaries are set in collective bargaining agreements signed by both...
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...Reflect about the culture existing in your organization and illustrate the impact of property rights and top management on it. 2. Consider any major strategic changes in your organization. Explain the shift in importance of one/two departments as a result of such changes. 1. Explain about your current job and the stage where it creates maximum value? What are the reasons? Also identify untapped opportunity for value creation from other stages of value creation My current organization designs, develops, manufactures and services integrated power systems for use in the air, on land and at sea. They are one of the world’s leading producers of aero engines for large civil aircraft and corporate jets. They are the second largest provider of defence aero engines and services in the world. For land and sea markets, reciprocating...
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...of organisational objectives Human Resource Management seeks to achieve - Individual, Social Organizational Goals: Organization is a social unit that is composed of number of people and function through people only. All the resources such as men, money, materials and machinery are collected, co-ordinate and fictionalized by the people. Without human efforts, no organization can achieve its goals. Therefore, this resource is called human resource, which is the most significant resource of any organization. We also consider that human resource become unending source of ability, power, skill, efficiency, knowledge, creativity for accomplishment of organizational objectives and also play crucial role in management process. These days, organizations have realized that the most valuable asset in the organization is its people. The growth of an organization depends on talent of its human assets as people act as change agents for the implementation of any initiatives in an organization.(Baptiste, 2004) Human resource management is a set of policies, practices and programs formulated to achieve both personal and organizational goals as it is the process of binding people and organizations together. According to Flippo, Human Resource Management “the planning, organizing, directing and controlling of the various aspect of human resources to the end that individual, organizational and social objectives are accomplished”. Human resource Management is also known by different names...
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