...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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... |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, R. A., Hollenbeck, J...
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... Identify advantages and disadvantages of internal and external equity for the organizations. Explain how each plan supports that organization’s total compensation objective and the relationship of the organization’s financial situation to its plan. Format your paper consistent with APA guidelines. Introduction All organizations value the compensation as a vital factor when trying to recruit and retain the appropriate staff. This will also help reduce turnovers within a company. The importances of external and internal equity are highly recommended. This paper will illustrate the total compensation plan for an organization focused on external equity and internal equity. This paper will also identify the advantages and disadvantages of internal and external equity for the organizations. By doing this I will explain how each plan supports the organizations total compensation objectives as well as the relationships of the organization’s financial situation to its plan. Internal and external equity Intel is an organization that practices using internal equity. Internal Equity method undertakes the job position in the organisational hierarchy (2007 Payroll.Naukrihub.com). This process aims to help balance the compensation provided to a job profile. This helps ensure that there is fairness between job rankings, job classifications, and level of management. Intel using this to ensure that their employees are being compensated fairly...
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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. A., Hollenbeck, J. R...
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...: Compensation Practice BUS 409 Janine Przybyl Jan 31, 2015 Scott A. Wattai Briefly describe the company you researched, its compensation strategy, best practices they are applying and compensation-related challenges they are facing? For my paper I choose to use Ford Motor Company this is a Company that is based in Dearborn, Michigan. They are the second largest industrial corporation in the world, with revenues of more than 144 billion and about 370,000 employees. Ford Motor Company conducts Operations that are expanded to 200 countries. Although Ford obtains significant revenues and profits from its financial services subsidiaries, the company’s core business remains in the design and manufacture of automobiles for sale on the consumer market. Since Henry Ford, the founder of Ford Motor Company, incorporated in 1903, the company has produced over 260 million vehicles with very high customer satisfaction ratings some of with are the best in the market (www.ford.com). In the last couple of years some of the companies have been dealing with some of the most difficult economical climates as the world’s economy continues to change rapidly. This continues to demand increases in the charges of compensation benefits packages. This has pushed them into taking preventive measures to ensure there compensation policies and Business strategies flow together failure can result in losing valuable employees. If you look at the growing improvements in the economy and the Businesses...
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...DETERMINANTS OF CEO COMPENSATION: EVIDENCE FROM MALAYSIAN BANKING INDUSTRY CHONG KOK CHIEK (AC082799) MUHAMMAD AZWAN BIN MOHD ARIFFIN (AC082868) SITI SUHANNA BINTI ABDUL GHANI (AC083010) BACHELOR OF ACCOUNTING (HONS.) COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTING UNIVERSITI TENAGA NASIONAL 2012 DECLARATION We hereby declare that this project is our original work except for quotations and citations which have been duly acknowledged and that it has not been previously and/or concurrently submitted for any other degree at Universiti Tenaga Nasional and/or other institutions. CHONG KOK CHIEK AC 082799 MUHAMMAD AZWAN MOHD ARIFFIN AC 082868 SITI SUHANNA ABDUL GHANI AC 083010 Date of submission: 13th August 2012 i ACKNOWLEGDEMENT We would like to express our sincere gratitude to our project supervisor, Mr. Wan Mohammad Taufik bin Wan Abdullah, lecturer of Department of Accounting of Universiti Tenaga Nasional, for his valuable advices and continuous guidance throughout the research process. Mr. Taufik spent a lot of time enlightening us on various issues, giving us a comprehensive view in the academic aspect via our meetings within his busy working schedule. It is our pleasure to have him as our project supervisor. Without his unconditional support and care, our project could not be finished effectively. He let us try different approaches with confidence in the process, assisting us to solve a lot of problems especially at the time when we did...
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...the solid, highly productive workforce it currently has in place, it is important to enhance the base compensation and benefits package offered to the employees. The company currently offers a basic compensation program and only federally mandated benefits. Employee surveys suggest the compensation and benefits program may be out of date. Employees are beginning to consider leaving the organization. Write a six to eight (6-8) page paper in which you: • Propose two (2) methods an HR professional could use to determine incentive pay. Specify the principal manner in which the proposed methods take into consideration individual, group, and company performance. Justify your response. • Examine the core legal requirements affecting employee benefits in today’s competitive environment. Determine the legally mandated benefits that the company must currently offer to its employees. • Recommend at least three (3) additional benefits that the organization should consider providing to its employees. Suggest at least two (2) important concepts that a company must consider when designing benefit plans. Provide a rationale for your response. • Assess the efficiency of common techniques for effectively communicating compensation and benefit plans to employees. Support your answer. • Suggest two (2) ethical risks of making incentive pay a large portion of employees’ total compensation. Propose two (2) recommendations for ways the company might mitigate or reduce these risks. •...
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...the solid, highly productive workforce it currently has in place, it is important to enhance the base compensation and benefits package offered to the employees. The company currently offers a basic compensation program and only federally mandated benefits. Employee surveys suggest the compensation and benefits program may be out of date. Employees are beginning to consider leaving the organization. Write a six to eight (6-8) page paper in which you: • Propose two (2) methods an HR professional could use to determine incentive pay. Specify the principal manner in which the proposed methods take into consideration individual, group, and company performance. Justify your response. • Examine the core legal requirements affecting employee benefits in today’s competitive environment. Determine the legally mandated benefits that the company must currently offer to its employees. • Recommend at least three (3) additional benefits that the organization should consider providing to its employees. Suggest at least two (2) important concepts that a company must consider when designing benefit plans. Provide a rationale for your response. • Assess the efficiency of common techniques for effectively communicating compensation and benefit plans to employees. Support your answer. • Suggest two (2) ethical risks of making incentive pay a large portion of employees’ total compensation. Propose two (2) recommendations for ways the company might mitigate or reduce these risks. •...
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...Compensation Practice BUS 409 Cheryl Smith July 26, 2015 Professor Stacey Flood Briefly describe the company you researched, its compensation strategy, best practices they are applying and compensation-related challenges they are facing? For my paper I choose to use Ford Motor Company this is a Company that is based in Dearborn, Michigan. They are the second largest industrial corporation in the world, with revenues of more than 144 billion and about 370,000 employees. Ford Motor Company conducts Operations that are expanded to 200 countries. Although Ford obtains significant revenues and profits from its financial services subsidiaries, the company’s core business remains in the design and manufacture of automobiles for sale on the consumer market. Since Henry Ford, the founder of Ford Motor Company, incorporated in 1903, the company has produced over 260 million vehicles with very high customer satisfaction ratings some of with are the best in the market (www.ford.com). In the last couple of years some of the companies have been dealing with some of the most difficult economical climates as the world’s economy continues to change rapidly. This continues to demand increases in the charges of compensation benefits packages. This has pushed them into taking preventive measures to ensure their compensation policies and Business strategies flow together failure can result in losing valuable employees. If you look at the growing improvements in the economy and the Businesses the...
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...Business Research Report Compensation Strategies for 2014 Assessment Code: RWT1 Student Name: Student ID: Date: 9/15/13 Table of Contents Executive Summary Introduction Research Findings Salaried/Hourly Compensation Commission/Productivity-Based Compensation Longevity Compensation Recommendations6 Conclusion7 References8 Executive Summary This report reviews three different compensation strategies PepsiCo can develop and implement within all of our PepsiCo. Brands and businesses for our employees. Compensation is one of the most important and rewarding factors for our employees based on our organizational health survey conducted in 2011, so a thoughtful and thorough approach should be taken as we think about changing the way in which our companies reward our employees for the work they perform on a daily basis. Salary and hourly compensations are easy and constant ways of paying the employees of our companies. Salary and hourly compensation can be a set wages employees will earn based on their job description. This wage will not change based on seniority or merit. The stability of this type of compensation system is appealing to employees as they are aware of how much income they will receive on a regular basis. Hourly based pay has very little room for opportunity of growth for the employees. Commission/productivity based pay also known asperformance based pay is a relatively common and popular approach to compensation where the employee is paid by...
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...Total Rewards System Paper University of Phoenix Online HRM570/Employee Motivation and Compensation November 27, 2006 Total Reward System Developing ways to increase job satisfaction and employee motivation include a total reward system. A total reward system includes more than just an individual’s pay and benefits. An organization needs to design a reward system needs that is aligned with their mission, goals, and strategic plan. Throughout this paper, the role of rewards and motivation practices within the education industry will be discussed. The discussion will demonstrate how elements of a total reward system are used throughout a school district in North Carolina, New Jersey, and California. Five Elements of Total Reward System Organizations need reward systems that motivate performance, reward change, and encourage the development of individual and organizational capabilities and competencies (Lawler & Worley, 2006, p. 5). Therefore, understanding the five elements of the total reward system is essential to the implementation of a successful organization pay system. The five elements include direct compensation, indirect compensation, meaningful work, long-term career opportunities, and identity affiliation. These five elements help to provide job satisfaction and motivation. In the education industry creating a balance of these five elements helps to recruit and retain teachers. Cumberland County Schools System in Fayetteville, North Carolina...
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...A RESEARCH PAPER On HUMAN RESOURCE PRACTICE IN DEPZ Prepared for: Ms. Rubina Easmin Research paper Supervisor Assistant lecturer Faculty of business administration Prepared by: Md Abu Yusuf chy ID-120204047 MBA (1) Human Resource Management Date of Submission: 30/08/2013 Faculty of Business Administration BGC Trust University Bangladesh EXECUTIVE SUMMARY To meet the requirement of the course outline as well as to comprehend the application of the theoretical knowledge in the practical fields, the research report on HUMAN RESOURCR PRACTICE in DEPZ has been conducted. The main focus of the study is Hrm Practices And Firm Performance Recruitment And Selection Performance Appraisal ,Unionisation ,Training And Development ,Compensation ,Hrm Practices to analyze the, to identify the strengths and weaknesses of existing Recruitment and selection Process and suggest some measures for bringing effectiveness in Recruitment and Selection Process. I prepared an overview of “Foreign Direct Investment in Bangladesh” based on secondary data and information. For this specific purpose I collected data and information from various sources like published materials such as the Bangladesh Economic Review, Different articles of Board of Investment (BOI) and Bangladesh Export Processing Zone (BEPZA), Daily Statement of Affairs of different Internet based publication and other books on Foreign Direct Investment in Bangladesh and articles related to...
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...The Managerial Compensation Responding to Earnings Manipulation Ruoyu Zhang** August 10, 2012 Abstract When the true earning in each period is private information to the agent, then the performance based pay provides the agent with incentive to misallocate the earnings to get more compensation. To address the concern of earnings manipulation problem, SEC imposed a strict disclosure regulation in 1993. An optimal managerial contract should be designed not only to provide the agent with an incentive to take actions that enhance the actual profitability of the firm, but also to minimize the agent’s incentive to falsify earnings reports. This paper uses a two-period model to demonstrate that the compensation scheme contingent on reported earnings cannot provide the agent with the incentive both to maximize earnings and to report earnings honestly. In the optimal contract, the principal must still tolerate some degree of earnings management. In addition, with the increase of the misrepresentation penalty, the principal would rather lower the incentive to make the agent work less but report earnings truthfully. I thank Professor Jean-Etienne De Bettignies and Professor Olena Ivus for valuable comments and suggestions. All errors are my own. ** MSc Candidate in Business Economics, Queen’s School of Business. Email: 11rz3@queensu.ca Table of Contents Abstract ..........................................................................................................
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...ISSN 1822-6760. Management theory and studies for rural business and infrastructure development. 2010. Nr. 5 (24). Research papers. CRITICAL ISSUES FOR COMPENSATION AND INCENTIVES MANAGEMENT: THEORETICAL APPROACH Ramunė Čiarnienė, Milita Vienažindienė Kaunas University of Technology, Vilnius Co-operative College For most people, pay is a primary reason for working. Indeed, compensation is at the core of any employment exchange, and it serves as a defining characteristic of any employment relationship. The study focuses on critical points of compensation and incentives management. The fundamentals of a good incentive program include the elements of vision, potential, communication and motivation and can be realized if incentive promises are fulfilled – by both employer and employee. The aim of the paper is to identify the most important attributes of compensation and incentives management. Research method is the analysis and synthesis of scientific literature, logical, comparative and graphic representation. On the base of analysis, authors of this paper present the model of incentive system for positive employee attitudes and behaviors. Keywords: compensation, employees, incentives, management. Introduction Compensation refers to all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship. Pay may be received directly in the form of cash (e.g., wages, merit increases, incentives, cost of living adjustments) or...
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...Name: Number: Course: Lecturer: RESEARCH ASSISTANT IN SOLAR PANEL INDUSTRY REVISED PART OF OVERVIEW We have seen from part 1 of research how damages to the earth, pollution and global warming have caused a lot of environmental degradation in the recent years. This is mostly brought about by the excessive use of non renewable sources of energy such as coal and other fossil fuels. These non renewable sources of energy are characterized by excess carbon emission to the atmosphere which causes this kind of environmental damaged with time due to the destruction of ozone layer. It is thus apparent from part 1 of the research that renewable sources of energy such as use of solar, biomass, geothermal, wind and other renewable sources can be used as solutions against the negative effects of non renewable sources. These renewable sources of energy offers clean sources of energy with almost no emissions of carbon to the atmosphere. As a result, the world as at now is heading towards these clean sources for the purpose of conserving environment and for economic reasons. In order to embrace the use of renewable sources such as solar energy, the researchers and the assistant researchers in solar panel industry at taking part in the research of solar energy in the areas of solar photovoltaic(PV) energy and the concentrating solar power. The solar photovoltaic panels are used to produce electricity directly from sunlight. The assistant researchers in the solar panel industry have...
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