...Running head: Compensation Planning 1 Compensation Planning Jonathan Phifer BUS 434 Compensation & Benefits Management Instructor Justin Furlong July 8, 2013 Compensation Planning 2 Compensation Planning When HR is designing a strategic compensation plan for and organization there are several key factor to consider which should include criteria for strengthening performance, containing cost, limiting liability, and promoting fair pay for employees. To ensure long term success and organizations need a compensation package that links organization strategy to good performance and ties it to the labor market. It also must be within legal compliance of the law and provides a sound salary structure pay for the employees. With the collaborative between these components they must be designed in such a way that it will support the organization business strategy which will stand the test of time and allow the organization to be successful. In this paper I am going to identify these key components and while designing a compensation plan for Holland Enterprises to allow the organization to be successful in the market place. The global market over the last two decades has placed greater stress on organizations regarding their ability to be competitive and profitable...
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...developing and planning their benefit package, there is information that is very important for the planning process and then there is other information that is not as important when it comes to the planning process. The most important information when it comes to planning process for employee benefits would be compensation(2014). You have to have a good compensation package for your employees based on their experience, education, and knowledge. When employees are searching for jobs, one of the first things they want to know is how much they will be making per an hour or if it is salary, the employee will want to know how much their salary is going to be. So that would be one of the most important things to consider when planning for the process of employee benefits. The second most important thing when a company is planning for employee benefits would be medical insurance. Most companies offer health insurance, dental insurance, vision insurance, and prescription coverage. Now a days, every person has to have health insurance due to the Obama care so that is why the medical insurance is one of the most important things to plan when planning the employee’s benefits process. Medical insurance is important because it helps everyone in the family to be able to see a doctor and to be seen when they are sick. This also helps with the productivity within the workplace when people are not always sick(2012). The third thing that is important when a company is planning for employee...
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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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...would be best served to retain its skilled employees a benefits package commensurate to its earned profits and its competitors place in the market. This small business firm seems to have great opportunities for growth and innovative promise to improve into the market of Limousine services. Create a total compensation and benefit strategy There are five components to consider when creating a total compensation and benefits package. And they are: Strategic planning, creativity, production, interactive, media. All of these are components to consider implementing when starting a small business demonstrating the competitive edge in the limousine service. Strategic planning entails some of the following business components such as setting up a timeline, establishing a budget, creating brand identity, targeting consumers, refining your message, choosing media outlets and delivering your message. Next, the creativity aspect includes branding, concept development, copywriting, corporate identity, direct mail, outdoor, digital, print, signage. Moreover, production is an essential piece for creating compensation and benefit strategy. And they are: T V commercials, radio commercials, infomercials, product videos, video testimonials, web video, and photography. Interactive ensures that these others pieces are set which includes the following: web development design; email marketing, ad words campaigns, search engine optimization & marketing, and social...
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...FSR Search 2-8 Victoria Avenue London United Kingdom EC2M 4NS +44 20 3287 2640 John Douglass Male, Single, Bahrain Recruiter Notes John Douglas is a veteran expert in compensation areas. With proven track record and expertise in compensation related areas ? we are delighted to present his CV to Al Marai. Although his age might be a concern as per the Saudi laws but he is very optimistic and interested in working with Al Marai. Please note that John has been interviewed previously by Al Marai. CR Covering Note In July 2012 I finished up my assignment as Head/Compensation & Benefits with Tatweer Petroleum in Bahrain. The drive to nationalize coupled with increasing pressure from the company?s joint venture partners to improve financial performance have led to the departure of numerous highly compensated expats, including me. I am now back in the market looking at full-time employment and consulting opportunities, e.g. the following: ? Am open to senior non-management HR roles, with emphasis on compensation and performance management development, in the USA, the Middle East/GCC, and worldwide. ? Vice-President (VP)/Director of Human Resources for small to mid-sized organizations ? VP/Director/Manager of Compensation & Benefits/Performance & Rewards ? Human Resources consulting; available for projects on an independent ?associate? basis; join ?delivery? team of a blue chip global consulting firm; conduct training workshops related to special HR strengths. I have remained...
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...Factors of HR Planning Affecting Company’s Competitive Advantage Prepared By: Trishita Chowdhury 081 358 030 Tahmina Jahan 082 302 030 Sharmin Akhter Khan 082 635 030 Tahasin Ali 093 0523 530 Tania Sultana 093 0541 030 Md. Abu Sayed 093 0216 030 Naved Mohammad Khan 101 0549 530 Prepared By: Trishita Chowdhury 081 358 030 Tahmina Jahan 082 302 030 Sharmin Akhter Khan 082 635 030 Tahasin Ali 093 0523 530 Tania Sultana 093 0541 030 Md. Abu Sayed 093 0216 030 Naved Mohammad Khan 101 0549 530 Prepared For AKM Mominul Haque Talukder (MHT) Senior Lecturer Course: Human Resource Planning Course Code: HRM 360 North South University Date of Submission: 11th April 2012 April 09, 2012 A.K.M. Mominul Haque Talukder Senior Lecturer, School of Business & Assistant Proctor North South University Bashundhara, Dhaka 1229 Dear Sir, Subject: Research Report on Level of Satisfaction of the employees of Avery Dennison. We have the honor to present to you the research report entitled ‘Factors of Human Resource Planning Affecting a Company’s Competitive Advantage’. The main purpose of this report was to assess the relationship between the seven different variables of human resource planning and the independent...
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...valuable to the organization (Mondy, Noe, & Gowan, 2005). This is a central and strategic organizational activity but at the same time of increasing complexity and importance. It includes recruiting the right people for the job, orienting and training, planning personnel needs, managing wages and salaries, providing benefits and incentives, conducting job analyses, evaluating performance, communicating with all employees at all levels, and resolving disputes. Acquiring an overall view of Human Resource Management with respect to integrating new knowledge includes explanation and examples. I will review, present, and explain in this essay that in all companies, proper management of human resources is vital to being a successful business; human resources must be a critical department within the functional area of an organization. The basic purposes of this essay is to emphasis and culminate the principles of Human Resources Management by describing the application of the knowledge learned in the field of human resource management, with emphasis on six areas: EEO and Affirmative Action, Human Resources Planning, Recruitment, and Selection, Human Resources Development, Compensation and Benefits, Safety and Health, and Employee and Labor Relations. However, for this knowledge to be relevant, all these HRM areas need to be working together, and need to correspond with the overall business strategy, Dessler(2000). Equal Employment...
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...evaluating, and compensation of employees. These steps are vital in selecting the right person that will benefit the organization and its objectives. It will also inform the reader of the types of compensations and how organizations make those compensation decisions. Human Resource Management The role of Human Resource Management (HRM) has evolved throughout the years, shifting from personnel department to human resources. The move was part of the effort to recognize the significance of employees as a structural resource. This change was accompanied by a call that allowed human resources to become a strategic partner with leaders of businesses to make critical and significant decisions. The role of the human resource professional has evolved in a way that they are doing more than just routine employment duties. These professionals are skilled with the ability to handle any and all areas of human resources. Human resource management is the function within an organization that focuses on recruitment of, management of, and providing direction for the people who work in the organization. Human resource deals with many concerns associated with people; such as compensation, hiring, performance appraisals, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training. The areas that contribute to the administration of human principal and that are aligned to meet business goals are: * Strategic Planning * Recruitment...
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...Running head: PROBLEM SOLUTION: RIORDAN MANUFACTURING Problem Solution: Riordan Manufacturing Khwaja Shaik University of Phoenix Problem Solution: Riordan Manufacturing Riordan Manufacturing is a global plastics producer employing 550 people with projected annual earnings of $46 million. The company is wholly owned by Riordan Industries, a Fortune 1000 enterprise with revenues in excess of $1 billion. Production is divided among three plants: plastic beverage containers in Albany, Georgia; custom plastic parts in Pontiac, Michigan; and plastic fan parts in Hangzhou, China. Research and Development is conducted at corporate headquarters in San Jose, California. Riordan's major customers are automotive parts manufacturers, aircraft manufacturers, the Department of Defense, beverage makers and bottlers, and appliance manufacturers. This research paper will discuss the issues being faced by Riordan Manufacturing and provides solution based on various motivation, rewards and performance concepts Situation Analysis Issue and Opportunity Identification – Total reward system The current reward system is barely based on performance, instead recognizing cost-of-living increases, seniority and position. Faced with declining morale and work ethic, Riordan managers have been pressuring the CEO to "do something" about the rewards system. Riordan’s employees comprise three major demographic groups. Baby boomers make up the bulk of the managerial and about...
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...Case Study 13-3: Texas Instruments and Hewlett-Packard Case Context: Texas Instrument (TI) and Hewlett Packard (HP) are two companies famous for introducing Electric and electronic products. Although competing in similar industries, their strategies are very much different. Problem Definition: Given the differences in strategy between two firms, what would you expect would be the differences between TI & HP in their planning and control system; strategic planning systems; budgeting systems; reporting systems; performance evaluation systems and incentive compensations systems. Inferred from the case, we expect some differences in planning and control system between Texas Instruments and Hewlett Packard. This paper will discuss and propose some strategic planning systems, budgeting systems, reporting systems, performance evaluation systems and incentive compensation system for each company. . Strategic Planning Systems: In term of corporate level strategy, both firms have the same definition of business in which the firm will participate. TI and Hewlett-Packard (HP) are both in high-technology electric and electronics. But, the second aspect of corporate level strategy, which is deployment of resources among the business, may be different for each firm depends on the objectives that they want to achieve and competitive advantages that they have. I am well known for its first...
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...PROGRAMME: MASTER OF BUSINESS ADMINSTRATION MODULE NAME: HUMAN RESOURCES MANAGEMENT 1. Explain the concept of human resources management and discuss the role of human resources management function in an organisation. According to Bratton and Gold (1999:11) Human resources management is described as the process that specialises in the management of people in work organisations. Human resources management emphasis that employees are critical in achieving sustainable competitive advantage, that human resources practices need to be integrated with the corporate strategy. Human resources specialist helps organisational controllers to meet both the efficiency and equity strategic objective. Human resources management seeks to achieve two sets of objectives which are to improve employee’s performance and enhance organisational efficiency. The major role of human resources management in an organisation is the hiring and firing of employees which involves attracting the best employees on the market, keeping them in their positions and ensuring that they perform according to the organisational expectation and enhance overall strategic goals of the organisation. Recruitment of employees is the major role performed by the human resources department. This ensures that the organisation selects the most skilful and competent people. This role involves evaluation of the ability and competence of potential employees in relation to the goal of the organisation. Human resources...
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...human resource (HR) planning activities has become a critical source of competitiveness for all organizations. Executives must be able to integrate strategic initiatives and HR practices to gain competitive advantage in the face of increasingly volatile technological innovation, customer expectations, and global competition. Technology innovations nowadays do not guarantee success as competitors can copy it easily. Customer expectation are increasing dramatically and so as the fierce competition from foreign companies. HR professionals must learn to integrate strategic and HR planning as well. Past literature suggests that it is necessary for an organization to obtain knowledge about the situation of labor in and out of the organization which can help them to make successful decisions regarding hiring, retaining and developing human resources. In today’s contemporary organization, employees’ skills and knowledge can make a positive impact on the firm‘s productivity. (Guzzo, Jette & Katzell, 1985). And so, developing employees’ knowledge, skills and abilities via training is tightly related with the competitive advantage of the organization. According to Patel & Cardon (2010) compensation is vital for contemporary organization as it contributes to attract and retain high skilled workers with superior salaries, and it encourages a desired stakeholder behavior regarding recognition and legitimacy. Minbaeva et al. (2003) inferred that compensation would enhance motivation...
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...- Assignment 5 – E-COMPENSATION Craig Doss December 21, 2012 Human Resource Information Systems (HRIS) - HRM 520 Dr. Zelphia A. Brown, SPHR, Instructor Assess the advantages and disadvantages of using a Web-based compensation tool versus a client-server based or stand-alone PC-based system and then give your opinion on which system would provide the most value to an organization’s stakeholders. Include three (3) facts to support your opinion. Compensation is an essential part of HR which must done in a timely manner and without error. As the sector of HR continues to evolve in the way that it conducts business so does the tools and technology that helps organizations with the compensation portion of HR. There has been an advance in HR technology, organizations no longer have to use spreadsheets full of human errors to record and track compensation. A new advance in technology such as web-based compensation tools has changed the way organizations handle their compensation processes. Web-based compensation tools offer organizations an array of advantages compared to stand-alone PC-based systems. Web-based compensation tools offer organizations the following advantages: the ability to create reports, allows end users to share critical information, and improves the effectiveness of the compensation process. Client-server based and stand –alone PC-based systems limits an organization’s ability to advance in the compensation portion of the HR process. These types of systems...
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...Presentation Overview Introduction Syllabus of Compensation and Benefits and PoA Methodology, Reference Text and Pre-read Evaluation Pattern and List of Assignments What is HR and HRD ? HR functions HR Philosophy and Approach for an Organization Human Resource Management Summary Tuesday, 29 July 2014 Self Introduction B. Sc. (Physics) and Masters in Administrative Management from JBIMS, Mumbai University IT experience across 3 organizations since 1985 Exposure in Manufacturing and Banking domains Career shift from technical to HR to operations Responsible for key client relationships and HR Currently working as Director for Nucsoft Ltd. Tuesday, 29 July 2014 Self Introduction Adjunct Faculty, Project Guide and Mentor at SIMSR Guest Faculty at FCRIMS, CIMSR, SSCMR and UBS Visiting Faculty for Compensation and Benefits at RIMSR, OIM, ITM, RGCMS and GNIMS Visiting Faculty for Organization Theory Structure and Design at RGCMS Visiting Faculty for Managing Change through Organization Development at SIESCOMS and OSB Visiting Faculty for Management Functions and Organizational Behavior at SIESCOMS and ITM Tuesday, 29 July 2014 About Nucsoft Started operations in Mumbai in 1994 Focus on BFSI Domain 350+ team and ISO 9001:2008 certified company Onsite/Offsite/Onshore/Offshore Software development and Production support Resourcing, Projects, Products and Solutions Major clients – Citi, HDFC Bank, Barclays...
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...is a function performed in organizations that facilitates the most effective use of people to achieve organizational and individual goals (Ivancevich, 2010). As society and organizations grow and become more complex, HRM functions continue to expand into many areas vital to organizational growth and success. The journey to understanding and applying human resource functions covers Equal Employment Opportunity (EEO) and Affirmative Action, Human Resource Planning, Recruitment, Selection, Human Resource Development, Compensation and Benefits, Safety and Health, and Employee Labor and Relations. By exploring each area, we can understand how these functions can be applied to personal career goals and set the stage for a successful future. One important function of Human Resource Management is the understanding and developing policies for Equal Employment Opportunity (EEO). Equal Employment Opportunity has implications for almost every activity in HRM: hiring, recruiting, training, terminating, compensating, evaluating, planning, disciplining, and collective bargaining (Ivancevich, 2010, p. 65). With that in mind, it is vital for all levels of leadership and management in an organization to be involved in EEO policies and programs. Developing policies and programs for each area ensures the organization is complying with the law. More importantly, developing EEO policies and programs prevents discrimination in the work place. Furthermore, developing an Affirmative Action Plan (AAP)...
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