...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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...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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...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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...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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...production runs at Henderson, the firm operates between a routine technology and a unit/small batch technology. Routine where there are moderately few exceptions to the standard work processes for the majority of their customer orders and unit / small batch technology when they are producing small runs of customized products that need considerable additional time. Henderson Printings organization size is classified as small to medium which would in the future make it a prime candidate to implement a High Involvement Strategy. The work force at Henderson Printing is primarily moderately skilled and from a region of good economic circumstances. Currently there is great disarray amongst all forms of compensation from base pay to indirect pay and performance pay, all facets of compensation appear to be spur of the moment or reactionary...
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... | |Compensation and Benefits | |Human Resource Management Coures | | Employee compensation and benefits are critical factors in the new hire acceptance process and in employee retention. Firms must develop and offer exceptional compensation and benefit programs to attract and retain the best and most talented employees while making them feel proud, valued, and as appreciated members of the organization. An organization’s fundamental purpose and objective of compensation is to provide appropriate and equitable rewards to employees at a level that matches their skills, abilities, and contributions to the organization (DeNisi, Angelo S., Griffin, Ricky W. 2008, p. 284, para.1). Compensation is the human resource management function that deals with every type of reward that individuals receive in return for performing work – including financial and nonfinancial rewards. Financial rewards include direct payments (e.g. salary) plus indirect payments in the form of employee benefits. Nonfinancial rewards include everything in a work environment that enhances a worker’s sense of self-respect and esteem by others (Cascio, 2006, p.418, para. 1). Direct compensation is an employee’s base...
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...Compensation and Benefits Strategies Recommendations Matthew High, Levuris Smith, Clinton Fowler Hrm/531 November 11, 2013 Samuel Hall Compensation and Benefits Strategies Recommendations In modern business different types of resources are used to accomplish company goals and compete in the marketplace. None of the other resources are as diverse and difficult to control as the human resource. Humans are needy and greedy. They need benefits and desire compensation. This makes it hard to control and maintain a stable workforce. This is why companies offer benefit packages and compensation to employees. Landslide Limousines is no exceptions to compete in the transportation marketplace they must maintain their employees and hold their skill personnel. In this paper, several recommendations benefits and compensation packages shall be made for Landslide. Results of a Market Evaluation On account of tight competition, hiring qualified and experienced limousine drivers in Austin, Texas for a small start-up business is challenging. Austin has a large number of competing limousine businesses operating in or near the Austin area. 441 competing companies in Austin create a number of issues when it deals with human resources. Among the problems one could expect in this market is high employee turnover because to low wages. Another factor to consider is the tightening of the US job market in current years. The number of qualified applicants is decreasing as the US economy improves...
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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...
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...These methods will touch on how management can best cope with the negative emotions associated with employee layoffs, how to conduct a proper dismissal meeting step by step, how compensation is determined for separated employees and how the impact of a dismissed employee affects a company as a whole. These methods will be best achieved by structured communication between management and employees. In addition, the paper will show that employees should receive proper notification prior to dismissal by management. During times of hardships, companies may choose to layoff employees. These times can be difficult and stressful if not handled properly. This paper will present a couple of different methods on how managers can make this period less stressful for employees, as well as show the impact of layoffs on the company as a whole. These methods will touch on proper and improper ways of communicating between managers and employees and give several steps on how to conduct dismissal meetings. Coping with Negative Emotions After an Employee Layoff Layoffs within a corporation are a difficult time for all. Management can find ways to help make this process a little easier for its employees in multiple ways. Some of these methods are communicating in a timely manner with employees, keeping rumors to a minimum and ensuring that employees hear company news directly from their manager. Having proper lines of communication open to employees is key for any branch of a company. One of the...
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...Compensation Management in corporates & components of compensation | By Regu Krishnan Dy. Manager Ford India | Introduction:- The increasing competitiveness of the labour market and turnover of employees had resulted in nightmare in compensation planning. Apart from this, the growing demands of the employees and competitive salaries offered by multinational companies had almost resulted in a compensation war in certain industries. Therefore, the human resources managers and tax experts have to evolve proper compensation planning for High end and qualified employees. The components of compensation have to be devised in such a way that, it focuses on the growing demands of employees while retaining the competitiveness and profitability of the company. Industry driven factors:- There are also certain driven factors that are influencing the compensation planning. The compensation Packages of knowledge workers are different from that of manufacturing sector. The employees working in call centers are compensated differently (vs) employees of technology driven companies.Some notable examples are., a) Compensation paid in IT/ITES, b) Investment banking/Equity research, c) Software companies, d) High-end industries having high technology content like Bio/Nano technology. e) Private research and related fields.Compensation Oval: | Components of compensation:- Basic wages/Salaries:- These refers to the cash component of the wage structure...
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...Atwood and Allen Consulting James Burkett University of Phoenix Human Resources Management HRM 531 Dr. Johnson March 15, 2015 Atwood and Allen Consulting Introduction In this week’s assignment, I will look at the following three scenarios and assist the clients in complying with both state and federal laws that govern how they are organized and run. I will assist the following clients. * A small business owner in a limousine service doing business in Texas. * A Human Resources Director of a medium sized construction company that wants to open up operations in Arizona. * A Human Resources representative with a large hotel that wants to expand its operations into the country of India. Landslide Limousines as a small business client. Bradley Stonefield wants to open a “first-class” limousine service in Austin, Texas as an on-going concern. He projects that there will be 25 employees hired at the outset. He will organize as a small business and he will be subject to state and federal laws in the recruitment and retention of drivers, as well as licensing requirements that will be determined by the state of Texas. The labor market conditions will help dictate which federal and state laws will be used. The limousine service will have to comply with a number of federal employment laws. First, Title VII of the Civil Rights Act of 1964 (Cascio, 2013, p.83) prohibits the discrimination in hiring and promotions based on race, color, religion, and sex of the applicant...
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...Compensation Practice Pansy Hobbs Strayer University Compensation Practice Introduction Compensation Strategy is the plan set by the employer to reward the employee based on the position and the type of work among other determinant company specific factors. It spans from direct to indirect compensation. Direct compensation entails monetary reward for the work done while indirect is simply the benefits that accrue from the employment for instance health and insurance. However, it varies from company to company depending on its main activity, culture and philosophy. I set out to research about Apple Inc. This research focuses on the compensation strategies and practices, best practices applied, compensation related challenges, an analysis on how compensation is applied and the negative and positive impacts on shareholders, how labor laws, unions, and market factors impact on compensation practice and the traditional bases of pay at the company. Apple Inc is a technology company located in Cupertino, California, United U.S. The branches are spread all over the world. The founders were Steve Jobs, Steve Wozniak and Ronald Wayne. It had been incorporated in 1977. It deals with the design, manufacture and marketing of personal computers, digital music players, software’s, networking services and third party contents and applications. It's notable for its (i) radical technology. Some of its merchandise are; iPhones, iPads, iPods, Mac, Apple TV and iOS operating...
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...Introduces and analyzes the basic concepts of compensation administration in organizations. Provides an intensive study of the wage system, methods of job evaluation, wage and salary structures, and the legal constraints on compensation programs. INSTRUCTIONAL MATERIALS Required Resources Martocchio, J. J. (2013). Strategic compensation: A human resource management approach (7th ed.). Upper Saddle River, NJ: Prentice Hall / Pearson. Supplemental Resources Andersen, S. (2012). The keys to effective strategic account planning. Velocity, 14(1), 23-26. Burkhauser, R. V., Schmeiser, M. D., & Weathers II, R. R. (2012). The importance of anti-discrimination and workers’ compensation laws on the provision of workplace accommodations following the onset of a disability. Industrial & Labor Relations Review, 65(1), 161-180. Employee compensation: 12 trends for 2012. (2012). HR Specialist, 10(2), 1-2. Survey of the Month: Companies Focus On Updating Compensation in 2012. (2011). Report on Salary Surveys, 18(12), 1-5. The Society of Human Resources Management (2012). General format. Retrieved from http://www.shrm.org WorldatWork. (n.d.). General format. Retrieved from http://www.worldatwork.org COURSE LEARNING OUTCOMES 1. Analyze how compensation practice can be applied to positively impact an organization and its stakeholders. 2. Examine the ways in which laws, labor unions, and market factors impact companies’ compensation practices. 3. Evaluate the effectiveness...
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...Requests for flexible working arrangements * Parental leave and related entitlements * Annual leave * Personal carers leave and compassionate leave * Community service leave * Long service leave * Public holidays * Notice of termination and redundancy pay * Fair Work Information Statement Casual workers only get NES entitlements relating to: * unpaid carer's leave * unpaid compassionate leave * community service leave * the Fair Work Information Statement. Sourced from below: http://www.fairwork.gov.au/employee-entitlements/national-employment-standards# b. Minimum wage. The minimum amount of compensation an employee must receive for performing labour. Minimum wages are typically established by contract or legislation by the government. As such, it is illegal to pay an employee less than the minimum wage. Sourced from below: http://www.investopedia.com/terms/m/minimum_wage.asp c. Award Acceptance of a bid or proposal for a contract. Sourced from below: http://www.businessdictionary.com/definition/award.html d. Enterprise Bargaining. Enterprise bargaining is the process of negotiation generally between the employer, employees and their bargaining representatives with the goal of making an enterprise agreement. The Fair Work Act 2009 establishes a set of clear rules and obligations about how this process is to occur, including rules about bargaining, the content of enterprise agreements, and how an...
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...COMPENSATION ADMINISTRATION Compensation administration is a segment of management or human resource management focusing on planning, organizing, and controlling the direct and indirect payments employees receive for the work they perform. Compensation includes direct forms such as base, merit, and incentive pay and indirect forms such as vacation pay, deferred payment, and health insurance. Compensation does not refer, however, to other kinds of employee rewards such as recognition ceremonies and achievement parties. The ultimate objectives of compensation administration are: efficient maintenance of a productive workforce, equitable pay, and compliance with federal, state, and local regulations based on what companies can afford. The basic concept of compensation administration—compensation management—is rather simple: employees perform tasks for employers and so companies pay employees wages for the jobs they do. Consequently, compensation is an exchange or a transaction, from which both parties—employers and employees—benefit: both parties receive something for giving something. Compensation, however, involves much more than this simple transaction. From the employer's perspective, compensation is an issue of both affordability and employee motivation. Companies must consider what they can reasonably afford to pay their employees and the ramifications of their decisions: will they affect employee turnover and productivity? In addition, some employers and managers believe...
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