...in writing about the relationship between compensation and employee engagement. 2. Why are you interested in this particular topic? Is there a connection to your field of work or are you looking to broaden your knowledge base on the subject? I am interested in this topic because I would like to broaden my knowledge base on the subject. I have always been interested in employee engagement, but since I have enrolled in this course I would like to know compensation’s role in the matter. 3. Have you done a preliminary literature search on the topic? If so, how many recent journal articles (5 years or less) did you find? Would you be able to source at least 10 to 15 journal articles? Would you be able to write a 10 to 15 page, double-spaced paper on this topic? I have done a preliminary literature search on the topic and I have found 11 recent journal articles that I would be able to source. I would be able to write a 10-15 page, double-spaced paper on this topic. 4. What title would you give your paper? I would title my paper “Unlocking Employee Potential: The Link between Compensation and Employee Engagement”. 5. ------------------------------------------------- How would you construct the paper? What would the sub-sections be composed of and what would you label them as? ------------------------------------------------- The subsections of the Theories Discussed would be Employee Engagement; Motivation; Effects...
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...The Time for Employee Recognition and Rewards Programs Is Now Thesis: Employee Recognition and Rewards Programs Can Generate Significant Revenue and Profits Introduction In today’s economy, many companies are dealing with a workforce that has been – or very soon will be – reduced to core essentials. The competitive marketplace, on the other hand, cannot be put on hold until the economy improves. Attracting and retaining the very best talent is a key element to stability at any time, but it is especially so during a recession. Successful companies know that they must have the entire team fully engaged in the success of “their” company during challenging times. This is important to success not only during the recovery, but also well beyond. A lack of engagement, according to recent research, can lead to an overall reduction of 10 percent in our GNP, not to mention its effects on the corporate bottom line. Creating a climate of appreciation, where efforts are recognized and potentially rewarded, can go a long way toward strengthening the process of engagement and improving the outlook for the company as a whole. Further complicating the recession economy is the shrinking talent pool. As baby boomers retire (or hope to soon), so-called baby busters and millennials are taking over leadership roles throughout corporate America. A shortage of talented workers worldwide is inevitable in the coming years. Global recruitment will see an increase in diversity – in age, experience, language...
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...employees and management meet organizational goals. Employee incentive programs have been a successful way of helping achieve these goals. This paper will discuss performance management and show how apac incentive plans relate to their specific organizational objectives. It will also show if incentive plans help apac achieve its goals and objectives. Performance Management is defined as the process through which managers ensure that employees activities and outputs contribute to the organization’s goals. This process requires knowing what type of activities and outputs are needed in each individual organization, observing whether they occur and providing feedback to help employees meet expectations of the company. While giving feedback, management and employees may find performance issues and think of new ways to resolve issues. Performance Management can be approached in different ways. Performance appraisal is one way companies rate employees and was the way most organizations have previously evaluated employee performance. The evaluation of employee performance by using a scale has many negative results. Performance appraisal measures specific areas of employee performance usually annually or sem-annually. Evaluations usually rate employee performance on a scale and if the evaluation is good, raises are given to the employee. Evaluations and appraisals are uncomfortable for the employees and managers if the employee being evaluated needs too much improvement. Employees...
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...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 turnover rates because of low wages limousine drivers fall under. One more issue to consider is the decreasing numbers of applicants, because of the increasing numbers of the United States (US) jobs improving and job positions are becoming available due to the improving economy. “The labor market has shown signs of shaking off its winter slump, with employers adding 192,000 workers to...
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...there is a need to recruit and retain valuable employees. Gain sharing is one such way to achieve this goal. Offering a productivity gain sharing incentive can encourage better teamwork, improve productivity, more employee involvement, and improve customer satisfaction while lowering costs. This incentive plan is based on actual performance and is paid out after the desired results are realized. This could make a substantial positive impact on the bottom line. Circle Works is a leader in the bicycle industry. This company was founded 50 years ago on the basis that hard work, has and will continue to make this company a success. The custom built bikes are a consistent demand for the company. Today's technology has made many advances in this field. The design engineers have made great advances in ways to make the bicycles fit today's standards. The production teams that work hands on with these products everyday also have intricate knowledge on how to put these bicycles together with care and quality. With a new generation of bike builders entering the workforce, it is vital to the company to be able to recruit and retain valuable employees. Gain sharing is one such way that will enable this company to do precisely that. Gain sharing is an incentive program that provides employees with an incentive payment based on improved company performance. Productivity gain sharing plans are based on a mathematical formula that compares a baseline of performance...
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...with minimum dysfunctions. Motivating staff is an important factor in improving job performance, keeping employee morale high, and maintaining an effective working environment. Management should adopt motivational methods that will encourage the staff to perform duties at the highest of expectations. The healthcare field is an extremely stressful and highly demanding field. Management should implement motivational methods, including incentive programs, alternative working arrangements, and clear polices regarding to rules and regulations. In an organization, employees share a common working environment; however, the goals, personal responsibilities, and lifestyles, of each employee differ from one to the next. Health care managers should communicate with employees individually and as a group in an attempt to understand the importance of working at their maximum potential. Communication is also important for the manager to understand what issues are preventing employees from performing duties at a maximum potential. “Active support from the management in such activities via resources, time, recognition, a clear vision and guidelines can positively influence the knowledge seeking and contribution behavior or individuals.” (2011 ). Adopting an employee incentive program is a method of motivation that will boost employee morale and job efficiency. Managers must provide employee appreciation, opportunities for advancement, bonuses, and salary increases as rewarded for a job well done...
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...The ultimate goal of every business is to achieve success and once achieved, maintain that position in the marketplace, but a smart business owner will have other equally important goals. Two of those are employee and customer satisfaction, which often go hand-in-hand. In an attempt to attract and keep the best employees companies use incentives as a means of motivating and rewarding employees. Incentive plans are an effective means of garnering hard work and commitment from employees, while simultaneously highlighting those employees who have the qualities of becoming stars of the organization. Although recognition may or may not come with a monetary reward positive feedback from company superiors is an excellent motivator, inspiring employees to work harder and often garnering employee loyalty. Companies using incentive plans ensure the organization’s success, as well as retain established customers and gain new ones. The Citizens Property Insurance Corporation (CPIC) incentive plans vs. organizational objectives relate well to one another. Although near the bottom rung of the company ladder agents, those charged with selling products directly to customers, are the foundation of the business. Agents must be motivated to make sales, knowing each sale will directly profit the agent as well as the company. Rozycki states “The agent receives monetary compensation as well as nonmonetary compensations; the company has acquired a new customer or renewed an existing customer therefore...
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...Incentive Plans Travis Green MGT 431 Human Resources Management May 26, 2012 Incentive Plans Providing job satisfaction and incentives for employees should be a priority for employers because incentive pay is often related to job satisfaction. Job satisfaction helps retain valuable employees and contributes to a companies continued success. According to Noe, et al, 2007, “An effective performance plan should be linked to an organizations goal and employees should believe they can meet performance standards.” (Noe, Hollenbeck, Gerhart, & Wright, 2007). This paper will examine incentive plans at EMCOR Mechanical Services and how these plans do or do not help the organization achieve its goals and objectives. At EMCOR Mechanical Services, the organizational objectives are to “go above and beyond promoting a profitable and sustainable business that meets the customers’ expectations, while maximizing opportunities.” The organization also places focus on career satisfaction, integrating employee’s values, integrity, teamwork, effective communication, and empowerment to make the job fun. As a nationwide organization, that continues to grow in a down economy, many employees are committed to the organization. These employees care about the quality of work they produce and are more productive because the company seems to care about them. Salary, flexibility, growth, interpersonal relationships, and a since of value should be taken into consideration when planning...
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...Employee Retention at JD's Casino PSY 435 May 13, 2013 Employee Retention at JD's Casino Employee retention should be a high priority for any company because the lower their turnover rate the higher their profits. One of the most expensive costs in doing business is employee turnover (Employee Retention, 2007). Meaning, the more a company has to pay for training new employees, the less their overall profit will be at the end of the fiscal year. A few things that may interfere with employee retention are occupational stressors, employee’s job satisfaction, and counterproductive employee behavior. Although there may be several items that interfere with employee retention, there are also many work motivation theories that an organization can use to assist in retaining their employees; two examples would be goal-setting theory and reinforcement theory. JD’s Casino has a few job related stressors that could be a cause for concern; however, formulating a plan to reduce those by applying work motivation theories will be useful with employee retention at JD’s Casino. Occupational Stressors Occupational stressors are a major concern for health issues and a number of different problems within the workplace, such as substance abuse, physical illness, and family problems. (“Physiology of Job Stress,” 2009). These stressors are often liked to work related problems like absenteeism, low production rates, and more accidents (“Physiology of Job Stress,” 2009). One occupational stressor...
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... | |Subject: |Proposal to Develop and Implement an Employee Incentive/ Recognition Program | Attached is my proposal to establish a program to increase employee performance and morale. Employee satisfaction is of utmost importance for the chamber and the membership, because it is the foundation of success. The benefit of having a melting pot of new and prior employees is that it allows the chamber to focus on building the team. With change comes resistance this resistance is reason for improvement. This is the ideal opportunity to address, create, and implement a new employee incentive/recognition program to increase morale and productivity. Having a small staff working with management is a benefit as we can use the development of the program as a team building exercise. This exercise instills ownership and loyalty to the chamber because of the direct involvement in the decision making process. What better way to increase retention? Enabling the staff to work together to obtain a common goal while expressing their concerns and developing methods for correction provides a sense of self-worth and camaraderie. Lack of leadership and high turnover resulted in lack of employee productivity and a decline in employee morale. The board of directors made the decision to revamp the chamber by hiring new management and staff. Now is the time to...
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..._________________________ _________________________ 2 I. Point of View Mr. Danilo Lagman’s stand point is taken into consideration in analyzing the case of Bonifacio Savings and Loans Association. Mr. Lagman is the Vice President for operations. It was a well-known fact that Mr. Lagman would take the place of Mr. Panganiban, head of Accounting Division, who introduced a one-year deposit campaign program dubbed as Bonifacio Savings and Loan Association’s “Employee Motivation Program (EMP)”. Mr. Lagman was chosen as the overall coordinator of the said program. Thus, he is the one expected to manage and control the EMP. As the manager of the program, he is responsible to continually monitor the progress of the campaign thus includes seeking for improvement and satisfactory performances. II. Statement of the Problem The BSLA decided to embark on one year- deposit campaign program, the EMP which aims to increase deposit levels which was BSLA’s traditional source of funds. Despite the poor performance of BSLA head office branch, the one year incentive program was considered a success. The program was launched again due to its success only this time, the Sucat branches, which were the substantial contributors, did not perform well as in the past, as well as another poor performance from the head office. Expectations were not met in the second launch of...
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...Sodexo Incentives We live in an era where businesses usually compete in a global level to offer the best products or services and they usually rely on their employees to provide them with the expertise and ideas that could be turned into profits, as a result, companies must try to create value to the employees to keep them in the organization, many companies implement incentive programs to retain their best talent. The costs of replacing a valuable employee are usually very high depending on the skills and the profession of the employee, that is why it is very important for companies to have “special benefit packages” to discourage employees from leaving the organization. It is also important to recognize that employees are not only motivated by economic reasons when deciding to stay or leave a job, they also want to feel that they are part of the organization and that their values match that of the organization. People spend a great deal of their time at work and for that reason the organization has to provide the employees with a positive environment where the employee feels satisfy and as a result they are motivated to a better performance. Companies can adopt monetary or non-monetary incentive programs to motivate employees. For many people, money is regarded as a main source of motivation for achieving higher performance, that is why companies implement bonuses and different wage plans to stimulate people to perform at their highest level. They can also have nonmonetary...
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...Brooks Food Markets Berkina Porter Principles of Organizational Behavior – BUS322 October 30, 2011 Brooks Food Markets, Inc. is a family-owned U.S. regional supermarket chain headquartered in Pittsburgh, Pennsylvania. Brooks has more than 80 stores spread across the mid-Atlantic region, in Delaware, Maryland, New Jersey, New York, Pennsylvania, District of Columbia, Virginia, West Virginia and Massachusetts. It was founded in 1915 in Pittsburgh, Pennsylvania. Brooks has appeared on Fortune’s annual “100 Best Companies to Work For” list since 1960, and has ranked among the top 10 for 11 consecutive years. Brooks Food Markets has been serving communities with fresh food, quality food and low prices for working families. You can stop in for a simple meal or a gourmet meal. You can find all different types of food, vegetables, fruit, spices, and everything in between. Brooks is a privately owned company, founded in 1915 by Joseph and Robert Middlebrook as the Middlebrook All Foods and Vegetables Company. Brooks started in Pittsburgh, Pennyslvania and continues to be headquartered in Pittsburgh. Shyvonne Middlebrook is CEO. Shyvonne has the stamina needed to work the 12 hour 6 days a week schedule that is very demanding, challenging, making the hard decisions, keeping staff aligned towards the goals of the company while traveling, and keeping her immediate family happy. She is well educated in this industry on leadership, people, marketing, technology and performance....
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...for Performance & Financial Incentives Motivation, Performance, and Pay 1. Financial Incentives- Financial rewards paid to workers whose production exceeds standards. 2. Frederick Taylor- scientific management & use financial incentives in the late 1800s 3. Systematic soldering- employees work at the slowest pace possible an produce at the minimum level 4. Fair day’s work- output devised for each job based on careful, scientific analysis 5. People reacted to different incentives in different ways Employee Preference for Noncash Incentives 1. 40% A trip of your choice 2. 20% shopping spree 3. 19% Home Improvement 4. 10% Tickets 5. 4% Electronics Employee Incentive Plans- Pay for Performance Plans 1. Individual Employee Incentives & Recognition 2. Sales Compensation Programs 3. Team/Group based Variable Programs 4. Organization wide Incentives 5. Executive Incentives Compensation Programs Individual Incentive Plans Piecework Plans- Oldest incentive plan, still used widely, these works are paid a sum (piece rate for each unit he or she produces Pros of Piecework 1. Easily understandable, equitable, & powerful 2. Rewards are proportionate to performance Cons of Piecework 1. Employee resistance- to change in standards or work processes affecting output 2. Quality problems-when employees concentrate on output 3. Employee dissatisfaction- when incentives cannot be earned or withdrawn ...
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...Differential Piece rates Straight Piece rate In this method payment is made on the basis of affixed amount per fixed units produced without regard to the time taken Earnings = Number of units x rate per unit. Piece rates with guaranteed time rates In this system the payment is at the time rates but adjusted to the cost of living. Merit awards for personal qualities, skill, ability, punctuality etc. are also considered. The employer compensates the high labor cost by increasing the price of the products. Differential Piece rates A wage plan based on a standard task time whereby the worker receives increased or decreased piece rates as his or her production varies from that expected for the standard time. Also known as accelerating incentive. 2. Define Sales Commission, and explain the conditions that should exist/be met within a position for this pay-for-performance methodology to be successful. Answer: The amount of money that an individual receives based on the level of sales he or she has obtained. The sales person is provided a certain amount of money in addition to his/her standard salary based on the amount of sales obtained. Conditions that should exist: 1. Organizations must tailor pay for performance systems to their mission and environment 2. A pay for performance system can only be effective if employees value the pay or recognition that the organization offers in return for high performance, understand what is required of them, believe that they...
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