...Total Compensation Methods Paper Total Compensation Methods Paper In all businesses, a company needs to make sure that their turnover ratio is maintained while, at the same time, keep their best employees. Compensation and benefits are just two ways that a company can do such things. The company must know what each individual is looking for at the same time. Not all employees want the same thing. Some employees want the steady 40 hour 5-day a week salary job, while others may want 4-day weeks and more paid time off. By providing a proper balance of all items such as compensation, benefit programs, and salary, the administration of the company can keep their excelling employees and may not have to worry about a huge turnover ratio. Compensation Methods “Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.” (HR Guide to the Internet) In this type of economy, many businesses will start to freeze wages and stop giving their employees any type of compensation. However, this may hurt the employee morale. By giving out a reward for an excellent job performance at times, a company could see a bigger profit in this rough economy. There are a few different types of compensation methods. These methods include but are not limited to the following: • Commission • Overtime • Bonus • Expense Allowances ...
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...Philosophy of Compensation Nikolette Arnold Letu How should a compensation plan reflect an organization’s mission statement and core values? The company’s mission and vision statements reflect its core values. For the same reason, having the right vision and mission statement is of outmost importance as it serves as a guiding principle for organizations to be able to stay focused on what they intend to do and how they should do it (Evans, J., 2010). Most organizations that have aligned their activities with their vision and mission statements have gained more than satisfactory results. Part of an organization’s strategic development is the setting of goals that coincide with their core business values. For example, a product manufacturer would ask, what is the purpose of making these products? How do I market these products? In the face of the competition, how would I know that consumers would buy these products? In addressing these questions, one would need to have a clear goal of what particular product he would manufacture and the intended market for the said products. Apparently, the product must have an edge whether in pricing, design and other value adding strategies in order to become sellable. In this regard, a manufacturer sets a vision of what he wishes to accomplish; should he want to become the leading producer of sports apparel. In order to accomplish that, he sets his mission, if it be producing the best sports apparel using only the best material...
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...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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...Compensation Theory and Practice Term Paper On Compensation Theory and Practice (A study Based on UCBL) Course code: MGT-321 Course Title: Human Resource Management Submitted to Tanzila Ahmed Course Instructor Submitted by Group Name: INNOVATORS Name ID Md. Ahadujjaman 1001010131 Faglul Karim Raihan 1001010142 Abdul Aziz 1001010127 Ashfaqur Rahman 1001010141 Gulam Sarwar 1001010060 Sec-C, 24th batch Department of Business Administration Leading University, Sylhet Date of Submission: August 26, 2011 Compensation Theory and Practice 2 LETTER OF SUBMISSION August 26, 2012 Tanzila Ahmed Lecturer of HRM Department of Business Administration Leading University, Sylhet, Bangladesh Subject: Letter of Submission. Dear Sir, It is an enormous pleasure to submit our tern paper titled “Compensation Theory and Practice” assigned as a requirement of our course related. In preparing this assignment we have acquired much knowledge about compensation. We have tried our best to furnish the assignment with relevant data, which we had to collect from online and related journal. We hope this assignment will help the organization sector to gather some insights on the windows to do further studies in this aspect. We would like to convey our tributes to you and thank you for giving us the opportunity to work on this topic. Your queries in this aspect will highly be expected. Thank you Sincerely yours Faglul Karim Raihan ID: 1001010142 Md.Ahadujjaman ID: 1001010131 ...
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...Green Cycle Recycling Company May 2014 Dear Jonathan Doe, Green Cycle Recycling Company is pleased to provide you with your overview 2014 Total Compensation Statement. Within every successful organization, you will find hardworking and dedicated employees. At Green Cycle Recycling, we realize that employees such as you, who efficiently utilize their time and talents to further the growth of our organization, are our most valuable asset. That is why we proved competitive salaries and comprehensive employee benefits. This total compensation statement will briefly outline the benefits that are provided by Green Cycle Recycling, as well as the cost of those benefits. Please read this information carefully and if you should have any questions, do not hesitate to contact Kelly Wilmington at 877-967-5464. It is our hope that your benefit package will provide added security for you and your family. We appreciate your contributions and dedication to our team. Sincerely, Kelly Wilmington, President and CEO Statement period 2013 to 2014 Your Personalized 2013 Compensation Statement Jonathan Doe 302 North Dupont Highway New Castle, DE 19720 Benefits Medical Medical benefits are provided through Dental Dental benefits are provided through Life Insurance Life Insurance coverage is offered free of charge through BLANK at one times annual earnings up to $50,000. Short Term Disability Coverage is offered through Long Term Disability Coverage is offered free...
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...Abstract During the last 50 years, the ratio of company’s a Chief Executive Officer compensation compared to the average employee’s compensation has substantially grown. In America, these ratio have grown from a ratio of 24:1 in 1965 to 40:1 in 1980 (Mackey, 2009) to even over 300:1 ratio in 2018 (McGregor, 2018). In this paper will consider following four questions: Is it ethical for CEO to be paid so much more? Is this a valid reward distribution system? Should companies consider ways to reduce the gap? Are upper management salaries subject to ethical considerations? Ethicality of CEO Compensation The goal of having a high CEO compensation is to retain and motive the proven highly successful leader who is capable of commanding increase...
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...●TANGLEWOODCASEBOOKfor use withSTAFFING ORGANIZATIONS●●6th Ed.Kammeyer-Mueller | TANGLEWOOD CASEBOOK To accompany Staffing Organizations, sixth edition, 2009. Prepared by John Kammeyer-Mueller Warrington College of Business University of Florida Gainesville, Florida Telephone: 352-392-0108 E-mail: kammeyjd@ufl.edu Copyright ©2009 Mendota House, Inc. Herbert G. Heneman III President Telephone: 608-233-4417 E-mail: hheneman@bus.wisc.edu INTRODUCTION TO THE CASE CONCEPT | Rationale for the Tanglewood Case Many of the most important lessons in business education involve learning how to place academic concepts in a work setting. For applied topics, like staffing, learning how concepts are applied in the world of work also allow us see how the course is relevant to our own lives. The use of these cases will serve as a bridge between the major themes in the textbook Staffing Organizations and the problems faced by managers on a daily basis. The Tanglewood case is closely intertwined with textbook concepts. Most assignments in the case require reference to specific tables and examples in the book. After completing these cases, you will be much more able to understand and apply the material in the textbook. With this in mind, it should be noted that the cases are designed to correspond with the types of information found in work environments. This means that for many important decisions, the right answers will not always be easy to detect...
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...Bailey DeVry University Professor: Patricia Meunier-Muenks HRM-430-67386 Compensation & Benefits Compensation Challenges for Wisconsin Electric April 16, 2016 Executive Summary The point of this paper is to look at the compensation challenges inside of Wisconsin Electric (WE Energies) and make a pay methodology that will benefit the organization, as well as the representative. With the steady change in today's business world, to have an upper hand makes it troublesome for managers to pull in and hold the most skilled representatives. Recognizing the organization's compensation procedure guarantees the organization offers the right pay and pay increases in compensation to keep top employees. When we hear the word compensation we consider paying a worker for their work performed, however, there is substantially more to compensation. Compensation and benefits, "incorporates not just compensation, but also the direct and indirect rewards and advantages the representative is furnished with consequently for their commitment to the organization. To decide compensation, companies should build up a pay and compensation program that diagrams a fair process for repaying workers" ("Compensation and Benefits," n.d.). This approach is a critical piece in helping HR to deal with staying aggressive and successful in the worldwide business sector. All through this paper we will talk about the compensation and benefits methodology of WE Energies and recommendations on the most proficient...
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...Strategic Compensation Employees receive compensation from a company based on the work they have done. Although most people believe that compensation and pay are quite the same, the fact is that compensation is much more than just monetary rewards offered by an employer. According to Martocchio (2011) in his book Strategic Compensation, he asserts that it involves all forms of monetary returns and tangible services and benefits that employees receive as a part of the employee-employer relationship. Tangible services and benefits include insurance, pension plans, paid vacations, sick days and employee discounts. An organization’s strategic compensation practices can have far-reaching implications on its competitive advantage. An organization...
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...employees, you have been asked to evaluate different compensation strategies that are available for adoption within your organization. Compare and contrast at least three compensation strategies and determine recommendations for how they may be implemented within your organization. Name: Henry Rivera I.D. #: 000318961 Reference Title Finding #1 Godfrey, W. (2013, January). Compensation Strategy for Success. Prezi. Retrieved from http://prezi.com/j9k9_m_2qiwn/compensation-strategies-for-success/ Sager, Suzanne. (2011, September). Merit Pay Most Often Used in Compensation in Public and Academic Librarians. Library Worklife. Retrieved from http://ala-apa.org/newsletter/2011/09/01/merit-pay-most-often-used-in-compensation-for-public-and-academic-librarians/ Ojimba, E. (2004, November 15). Salary Basics – Developing a Strong Compensation Strategy. Salary.com for Business. Retrieved from http://www.salary.com/Small-Business-Advice/advice.asp?part=par410 Finding #2 McGladrey. (2011). Lessons from Recession Increasing Focus on Incentive Compensation Programs. Retrieved from http://mcgladrey.com/Perspective/Lessons-from-recession-increasing-focus-on-incentive-compensation-programs University of Wisconsin – Green Bay. (2013, April 9). Compensation Philosophy. Retrieved from http://www.uwgb.edu/hr/documents/CompPhilosophy0401.pdf Finding #3 Gerhart, B., Milkovich, G.T., & Newman, J.M. (n.d.). Compensation Strategy. Answer, McGraw Hill. Retrieved from http://mhanswers-auth...
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...Eire Papers As part of the bid tabled by Eire Papers, it would purchase outside linerboard from the Southern division as well as for printing to be carried out by the Thompson division with compensations to the 2 divisions being $90 and $30 respectively. As provided in the scenario, Southern division’s sales price comprises a 60% cost component and a 40% contribution margin, this therefore amounts to 40% X $90 = $36 in terms of the contribution to the company. Thompson’s receipts cover its incremental costs of $25 which therefore yields a net result of $30 - $25 =$5 in terms of contributions that would be afforded to Papyrus as a whole. The act of supplying both the linerboard and the printing service therefore allows a profit to be made by Papyrus and therefore reduces the net amount it is essentially paying for the purchase of the boxes from Eire Papers. The bid price should consequently be reduced by the amount of expected profit. The true cost of the Erie Papers bid can therefore be derived to be in the region of $432 - $36 -$5 = $391 per thousand boxes. Thompson The comparable costs relative to Papyrus are calculated for all 3 bids. The 3 values reflect incremental costs to Papyrus, with Thompson having the lowest bid of $288. This method is employed to show the relative incremental costs Papyrus will bare from each bid. (Why are we comparing costs rather than Margins?) Thompson Total Incremental Costs to Papyrus = $120 + $168 = $288 Since 70% of Thompson’s...
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...CPDC The CPDC (Cost per Double Click) designates the amount paid to the affiliate for a click on a link or on an advertiser's graphic element, followed by another click on the advertiser's site. CPM CPM stands for cost per thousand impressions (M is the Roman numeral for a thousand). This means the advertiser pays for every thousand times the advert loads on the publisher’s page. This is how a campaign is normally priced when brand awareness or exposure is the primary goal. The advertiser and the publisher negotiate a fixed amount that the advertiser will pay for every 1,000 times an ad is shown. CPM is a very simple payment scheme, assuming the two parties can agree on a method for counting impressions. There are often stipulations in the agreement, such that the ad can only be shown on certain pages of the publisher’s site, or can only be shown on pages with a limited number of other ads. In a CPM relationship, the publisher is primarily concerned with maintaining a high-quality audience that has well defined interests or characteristics. The advertiser is primarily concerned with creating a message that will be noticed by their target audience, because they pay for the impression whether or not the user actually sees the ad. In general, the more knowledge a publisher has about a particular audience, the higher the CPM that can be charged, because the advertiser is able to more clearly know who their message is being delivered to. One prominent...
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...27MAR201319523653 ORCHIDS PAPER PRODUCTS COMPANY 2013 ANNUAL REPORT To Stockholders Dear Stockholders, In 2013, Orchids Paper Products Company experienced record converted product net sales and total net sales levels for the second consecutive year. We continued to broaden our product offerings and experienced additional penetration into the mid/premium tier product markets. Net sales of converted products exceeded $100 million for the first time in the Company’s history. During 2013, we focused on continuing to increase sales of converted product to fully consume our parent roll capacity. Our efforts centered on new product development in both paper making and converting and combining those efforts with an effective sales and marketing plan. As a result, we continued to expand our converted product offerings into the mid/premium tier market, creating new sales opportunities which resulted in shipments of 8.2 million cases, or approximately 53,000 tons, an increase of 16.2% over case shipments in 2012. More specifically, during 2013, our net sales increased 15.4% to $116.4 million compared to $100.8 million in 2012. This included a 21.1% increase in converted product sales. Our sales of mid-tier and premium tier products comprised 37.9% of our unit net sales in 2013, compared to 15.0% in 2012 and 6.8% in 2011. We also focused considerable efforts on controlling production costs while improving quality attributes to supplement the high quality production capabilities of...
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...was acting on behalf of someone but not whom; and Giorgio, who did not know that Delilah was acting on anyone’s behalf. For which contracts, if any, are you liable? For which contracts, if any, is Delilah liable? Explain. During my reading I learned that whenever an agent acts with actual or apparent authority then their acts are imputed to the principal. In this situation Delilah’s contract with the other two individuals (Evon & Felipe) would be binding on the employer. However the contract with Giorgio wouldn’t bind with an employer because Delilah did not give the identity of her agency. Just because she didn’t return with wood pulp she would not be penalized because her job was to simply secure sources. Another employee of your paper mill, Hotspur, steals a shipment of wood pulp for your company to impress you with initiative to secure new resources for free. Unfortunately, he runs down a pedestrian crossing properly in the crosswalk on his way back to your factory, injuring her. If the pedestrian sues your company can there be a recovery for the injury? Initially, organizations whose representatives hurt somebody while acting inside of the extent of their obligations are frequently considered in charge of the terrible demonstration of a worker. Second an organization may likewise be considered in charge of a worker's awful demonstrations in the event that it were demonstrated that the organization procured a representative without adequate foundation data to decide...
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...a suitable system to secure the data. Management at the highest level require data collected by HR departments as the data would be essential to their planning the future direction of the organisation and make them aware of any number of significant issues such as employee retention and enable them to pursue a solution. HMRC can request copies of records collected by HR to ensure that employees are being treated fairly and are contributing the correct taxes and National Insurance contributions. They can request other information such as working hours and if they are being paid the National Minimum Wage or to prevent exploitation. HR data can also be used to record employee performance and hence if the employee is dismissed and seeks compensation they can be used as a point of...
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