...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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...Business Research Report Compensation Strategies Student Name: Shannon Prazen Table of Contents Executive Summary 3 Introduction 4 Research Findings....................................................................................................................................4 - 7 Finding Number 1………………………………………………………………………………………………………………………………4 - 5 Finding Number 2……………………………………………………………………………………………………………………………….5 - 6 Finding Number 3……………………………………………………………………………………………………………………………….6 - 7 Recommendation…………………………………………………………………………………………………………………………………….7 Conclusion……………………………………………………………………………………………………………………………………………….7 References………………………………………………………………………………………………………………………………………………8 Executive Summary Within this report I have completed research on three additional compensation strategies that have a focus on retaining and recruiting highly qualified employees in the manufacturing field. The additional compensation packages could be implemented into the benefit package already in place for both our exempt and non exempt employees, as well as future employees. The key factor in this report is to battle our problem of employee turnover. While we offer a very competitive wage for a manufacturing company we also need to show that we value dedication and above all pride in a job well done. We need to make sure that we are encouraging the quality of the work performed meet existing standards, and also provides the extrinsic motivation needed to...
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...Compensation Strategies Table of Contents Executive Summary 3 Introduction 5 Research Findings 6 Health Benefits 6 Retirement Planning 7 Employee Rewards and Incentives 8 Recommendations 10 Conclusion 11 References 12 Executive Summary We need to re-evaluate our current employee package. Our compensation strategy needs an entire tune-up. We do not offer competitive benefits that will entice the type of employees we want working for our company on a long-term basis. A new, improved, and luring employee benefit package will help set us apart from our competition. Our current benefits policy includes: Paid vacation for salaried employees only after 1 full year of continuous service, paid sick days for salaried employees only after 1 full year of continuous service, medical and dental only to all employees after 6 months of continuous service, holiday dinner for corporate employees and their spouse/domestic partner. We can improve these areas and add some other options to our current employee package, Our current health benefits are through an HMO, which is the best option at this time. Perhaps in the future when we have become a 500+ employee company we can look at the other option, a PPO coverage with an additional option to include an HSA account. Our current HMO plan provides coverage with a small co-payment and a 20/80 % coverage with a $1000 annual deductible. The only way I can see right now to...
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...Compensation & Benefit Strategies Compensation and Benefit Strategies In today’s world, assigning a right compensation for a right job position and matching it with individual’s expectation has become a challenging task. For large scale organizations, defining compensations and benefits is even harder and border challenge. In this case organizations need to consider various demographic factors prior to defining favorable compensation strategy. Any compensation strategy applicable in given organization cannot be matched with similar job functions in other organizations or in other regions for same organization. A constant review of compensation and benefits strategy is needed with various benchmarks to attract right talent. Organizational long term strategies, span of organization, hierarchical structure, policies and future internal expansion in organization determines overall pay scales and promotions. For a large organization as referred in video ("Atwood and Allen," 2014) which is already having multinational presence and looking forward to expand further in various demographic regions, needs to consider various factors to fulfill organizational strategies. Attracting right talent, retaining existing talent and improving upon existing talent of employees are some major challenges faced by all such types of organizations. For such organization with its multinational existence I will choose a multinational based compensation plan which will account for regional...
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...Sysco Compensation Strategies Sysco Corporation is the global leader in selling, marketing, and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the food service and hospitality industries. Sysco attributes their great success in part to its performance based company culture. Performance Based Pay To achieve its company’s goals and stay number one as a food service marketer, Sysco motivates their employees by putting certain incentives into place. Sysco believes competencies, incentives, and work practices support high performance. As a result, Sysco compensation strategies are performance based. Driver and warehouse workers compensation at Sysco is primarily activity based. Their activity based performance is dependent upon each individual’s productivity level. The drivers for example have control over their route as if running their own business. A driver will have a number of elements that dictate the pay he or she will receive depending upon their route and pounds of products delivered to the customer. Also, as an added bonus, when a driver finishes their route early, they are free to leave for the day. This type of performance based pay extends throughout the entire company in various forms from the chairman of the company to the frontline workers. Executives and managers at Sysco...
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...Learning Team Assignment: Compensation and Benefits Strategies Recommendations Purpose of Assignment For this task, Traci has asked your team to develop compensation and benefits strategies for your client. It is important to understand the relationship of compensation and benefits to achieving business objectives and employee attraction and retention. You will also need to consider the increasing cost of compensation and benefits and appropriate actions management may take to maintain or reduce this cost factor. It is important that any business have a compensation and benefits plan that not only attracts and helps to retain quality employees, but also allows the business to survive financially. Learning Team Assignment: Compensation and Benefits Strategies Recommendations Purpose of Assignment For this task, Traci has asked your team to develop compensation and benefits strategies for your client. It is important to understand the relationship of compensation and benefits to achieving business objectives and employee attraction and retention. You will also need to consider the increasing cost of compensation and benefits and appropriate actions management may take to maintain or reduce this cost factor. It is important that any business have a compensation and benefits plan that not only attracts and helps to retain quality employees, but also allows the business to survive financially. Learning Team Assignment: Compensation and Benefits Strategies Recommendations ...
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...Compensation and Benefits Strategies Recommendations May 20, 2014 Steven Colon James Thompson Oscar Caldera University of Phoenix HRM/531 Robin Sully Compensation and Benefits Strategies Recommendations The following paper will be about the development of the compensation and benefit recommendations for Mr. Bradley Stonefield. This development will have a market evaluation with researches on what companies in the relevant market are providing to employees from a total compensation perspective. With the results of the research, we will then take a look at the compensation structure. With these two outcomes, we will be able to recommend a position in the market. We will also be creating a total compensation and benefits strategy, consider the use of performance incentives and merit pay to recognize and engage employees. In creating these compensations we will have to identify laws related to the benefits and pay program. Results for the Market Evaluation The results for the market evaluation will show that it will be very competitive for a small startup business to hire qualified and experienced limousine drivers in Austin, Texas. According to the Yellow Pages (2014), Austin has over 113 limousine business competing in the same market. With these many companies operating in the same market may result in several issues when it deals with human resources (HR). One of the issues with this type of market is that should assume high employee...
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...Compensation and Benefits Strategies Recommendations Learning Team B HRM 531 May 28th, 2014 Ms. Joyce Harada Compensation and Benefits Strategies Recommendations Introduction Mr. Jason Galvin (Human Resources representative with Bollman Hotels) is consulting with Ms. Traci Goldeman (Atwood and Allen Consulting) for recommendations specifically for pay and benefits strategies. A few of the items Jason wants Traci to keep in mind are first, Bollman Hotels wants to be comparable to other international chains. Second, the expansion to India is new so the pay and benefits strategies must work well there. Third, Bollman Hotels plans to add 20% to their current workforce. Lastly, the annual net revenue is $100 million with an expected 15% growth after the first year. To be comparable to other international hotel chains, Bollman Hotels must know the standard pay and standard benefits offered to U.S. citizens working abroad and the pay and benefits offered to local, national employees in those countries. The expansion to India is preferred due to India being the world’s preferred outsourcing destination. “Companies are able to stay ahead of the competition, control cost, increase quality and reduce time to market. India is one of the ten fastest growing economies in the world. In a recent survey conducted in the US, 82% of US-based companies have voted for India as their first and most preferred choice." (Outsource2India, 2014). The addition of 5,000 employees is a positive...
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...COMPENSATION AND OTHER EMPLOYEE RETENTION STATEGIES Abstract There are three human elements that are important to any organizations success - good leadership at the top, effective management at all levels, and personnel who possess the knowledge and skills to get the job done. Retaining effective employees is a challenge, and replacing employees who leave an organization is extremely expensive. Roger E. Herman’s book Keeping Good People – Strategies for Solving the Dilemma of the Decade discusses five strategies that an organization can implement, and which will aid in retaining top talent. This paper discusses those five strategies. Compensation strategies are those which ensure top talent can be recruited, and retained due to competitive compensation from an organization. Environmental strategies involve efforts that address 1) ethics and values, 2) organizational policies that interpret values and translate them into action, and 3) the physical environment that a company’s employees occupy. Relationship strategies are the actions of how an organization treats its people, as well as how they treat each other. Support strategies are those that equip employees with the resources that they require to complete the job. People growing strategies are actions that organizations can practice that contribute to the professional and personal development of their employees. For most organizations to be successful there are three human elements which are crucial...
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...HRM531 HRM/531 Compensation and Benefits Strategies Recommendations Week 3 Download 100% accurate A++ and most economical answer from here http://www.homeworkmarket.com/content/hrm531-hrm531-compensation-and-benefits-strategies-recommendations-week-3-1 Complete the Compensation and Benefits Strategies Recommendations task as described in the Email from Traci on the Atwood and Allen Consulting Page. Hello, For this task, I need you to work with a team. You will only be able to work with one client, though, so everyone in your team must agree on which client to work with. I need you to develop some compensation and benefit recommendations for the client. Don't forget to check the Client Communications link to see a copy of my communications with the client regarding this issue. In your recommendation, make sure you do the following: Conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective. Recommend a compensation structure. Recommend the position in the market. Create a total compensation and benefits strategy. Consider the use of performance incentives and merit pay to recognize and engage employees. Identify laws related to the benefits and pay program. Your recommendation should be no more than 1,750 words. Please have this to me by the end of the week. Download 100% accurate A++ and most economical answer from here http://www.homeworkmarket...
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...Before you think about designing and implementing a compensation plan, you must first develop a clear and compelling compensation strategy. To develop a successful compensation strategy you need to take the following steps: Define your compensation philosophy. Link compensation to your overall business strategy. Change the culture and reinforce it with compensation. Reward the behaviours that drive the results. Think total compensation. Measure your return on invested payroll £s. 1. Define your compensation philosophy A sound compensation programme begins with a clear, focused compensation philosophy that defines and answers fundamental questions such as: What do we want to pay for? How do we want to pay for it? What is our competitive posture? How will we split up the pie? We recommend developing a total compensation mission statement that clearly specifies the results you want to accomplish, the behaviours necessary to achieve them, what you will pay people for, and how you intend to position your company in the marketplace. This lays the foundation for your entire compensation programme. It serves as a compass and a beacon to guide you through the difficult task of creating and implementing the programme. Who creates the total compensation mission statement? Depending on the size of the company and the management structure, any or all of the following: board of directors, board of advisors, CEO, top management team and representatives from others in the organisation...
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...To start with, we must first understand what a managerial strategy means and how we can apply the appropriately. And according to a lay man understanding it simply means how you designs you organization in order to meet your targeted goals and how the managerial strategy links to rewards and compensation. To choose the appropriate managerial strategy for the multi-products corporation, we must firstly have to understand the five key Contextual variables, which will help identify the best managerial strategy to use. These variables are:- THE ENVIRONMENT This is the most important aspect to help determine the managerial strategy to use, because it help ask two questions to determine the managerial strategy and the first question is:- Whether the firm environment is stable or unstable? and an unstable (dynamic) environment exists where product or service life cycles are short, where product or service demand is volatile, where customers needs change quickly and unpredictable (Richard, 2009). And according to the multi products corporation story, market research suggests that the demand for the product will be strong and stable and demand will not be very price sensitive, since golfers who want the product will generally be willing to pay what it takes to get the product. However, it have a stable environment and classical or human relations approach will be best for the corporation. The second question is if the firm's environment...
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...was is no compensation strategy in place. As an HR director I would start by revamping the entire system. There would need to be policies in place to form the compensation system. The Four main policies that I would start with would be internal alignment, external competitiveness, employee contributions and management. These four policies manage pay in ways that accomplish the systems objectives. (Milkovich et al., p. 10) The question to address when looking at the internal alignment of the company is how should different types and levels of skills be paid within the organization. The Wilson Brothers have no form of internal alignment. The salaries of the employees that were hired in the past were all negotiated. There were no pay comparisons between jobs and skill sets within the company. Pay relationship within the organization affects employee decisions to stay in the organization. (Milkovich et al., p. 10) When looking to hire future employees for the company one should look at the Marginal Productivity Theory. This theory states, unless an employee can produce something of value from their job equal to the value received in wages, it will not be worthwhile for the employer to hire that employee. (Milkovich et al., p. 39) By applying this theory to the Wilson Brother’s company it would eliminate the need for salary negotiations among employees. The second point to address is external competitiveness. External competitiveness refers to the compensation relationships...
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...Jacklyn Marcus, Ph.D 2225 Broadway Suite B Santa Monica, CA 90404 310-714-8809 Unrealistic and Unspoken Expectations Harm Relationships By Jacklyn Marcus, Ph,D Certified Life Skills Coach We all create expectations for ourselves. It is a basic human trait to project our desires and thoughts onto those we are closest to. We tend to expect significant people in our lives to behave in a manner envisioned in our mind. Expectations in relationships can be harmful when unspoken ideals are projected onto the other person. Unspoken assumptions and unrealistic expectations commonly sabotage relationships. How many times have your feelings been hurt because you mistakenly assumed someone else knew what you thought or expected? Do you ever become annoyed or angry with someone who acted differently than you expected? Have you found yourself saying: “If you really loved me, you would…” “Why didn‟t you…” “You should…” It doesn‟t matter what kind of relationship you are in. Each person‟s expectations plays a large part in determining the health of the relationship. Perceptions of a relationship change when there is a contrast between the ideal and the real. The partnership strengthens when one begins to see the relationship for what it really is. Having unrealistic or unfulfilled expectations is a sure way to ruin a relationship. When an individual has a strong desire that their partner meet their impossible expectations they become blinded...
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...Foundations of a Compensation Strategy Datrise D. Boyd Bus 434: Compensation & Benefits Management Professor Furlong, J. Sept 10, 2012 Foundations of a Compensation Strategy The sole purpose of a compensation strategy is to “develop a compensation program that recognizes the lifestyle and standard of living of all employees,” (Henderson, R., 2006, pg 3). To define a compensation strategy even simpler, organizations use this strategy to determine how rewards to their employees are distributed. Considering that, compensation is an excellent way to motivate those employees not performing well to do better and those that are working hard to work harder. It is critical that a good compensation strategy be developed and put in place so that companies have a fair process of rewarding each employee for their hard work and determination. “The most effective compensation strategy is one that develops a clear link between the following components: job description, performance evaluation, external salary survey, and internal salary comparison,” (assignment instructions). The position selected for this paper is Human Resource management but first let the discussion focus on the three links mentioned previously. The job description is where potential candidates learn the expectations of the inquired position such as general tasks, functions, and responsibilities. It can also include the position point of contact, specifications such as qualifications or skills needed, or a salary...
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