...Management Abstract This paper will explore the ways human resource management has evolved throughout the years and the importance of human resources in an organization. This paper will show a correlation of the components associated with the process of recruiting, hiring, 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...
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...Role of Compensation Paper Beverly L. Clanton University of Phoenix HRM 424 Will Dorrieu 05/27/09 Role of Compensation Paper Explain the role compensation plays in the achievement of organizational goals. To any successful organizations a solid compensation system is critical. In order to attract qualified applicants to an organization and retain them, one must first provide mechanisms. Compensation plays a very important role in attracting the best talent in the organization as well as retaining them for a long time. It thus helps in creating a solid human resource responsibility in the organization which enhances the productivity, efficiency as well overall quality in the organization. A sound human resource infrastructure with the appropriate set of employees possessing the proper set of skills for the right job is critical to the success of any organization, which is perfectly achieved via a suitable compensation plan. Further, in order to avoid high attrition levels, compensation plays a key role in retaining the top talent in the organization. To maintain high standards of productivity and service, the organization must motivate employees. A suitable compensation, incentives and rewards program is the key motivator in any organization today. In order to motivate employees and boost their morale to achieve desired performance levels and goals, compensation plays a key role as in order to achieve more incentives and compensation, employees raise their performance...
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...University ILR School DigitalCommons@ILR CAHRS Working Paper Series Center for Advanced Human Resource Studies (CAHRS) 1-1-2003 Strategic Compensation: Does Business Strategy Influence Compensation in High-Technology Firms? Yoshio Yanadori Cornell University Janet H. Marler University at Albany - S.U.N.Y, marler@albany.edu Follow this and additional works at: http://digitalcommons.ilr.cornell.edu/cahrswp Part of the Human Resources Management Commons This Article is brought to you for free and open access by the Center for Advanced Human Resource Studies (CAHRS) at DigitalCommons@ILR. It has been accepted for inclusion in CAHRS Working Paper Series by an authorized administrator of DigitalCommons@ILR. For more information, please contact hlmdigital@cornell.edu. Strategic Compensation: Does Business Strategy Influence Compensation in High-Technology Firms? Abstract This study examined whether a firm's business strategy influences the firm's compensation systems in hightechnology firms. For the firm strategy variable, we used innovation strategy, which is one of the most critical business strategies in the high-technology industry. Our analysis showed that a firm's emphasis on innovation is positively related to the firm's employee pay level, both short-term pay and long-term pay. Moreover, a firm's emphasis on innovation has significant influence on several other aspects of employee compensation management. Innovation is positively associated with the...
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...Business ethics are a pivotal aspect in strategic business finance, or finance in general. Poor ethical practices and immoral acts have been conducted across many years by many individuals and businesses in the business world in regards to finance. This paper will focus on two of the more well-known ethical issues that occurred in the late 1990s and early 2000s, Enron Corporation and WorldCom. This paper will focus on the factors that led to the demise of the corporations, as well as the violations that occurred within the accounting practices, and the specific ethical violations in strategic financial planning. To summarize, the largest contributing factor to the demise of Enron Corporation and WorldCom was simply corporate governance failure (Stanford GSB Staff, 2016). The smaller factors that led to the governance failure were such things as increases in executive compensation and stock options, jumps to incentives to manage earnings, and major shifts in the structure of auditing firms. These changes directly led to the loss of money and public confidence. These reason can be classified as nothing other than management greed. This can be validated by the statistical increases in worker compensation which rose forty-two percent in the 1990s as well as corporate profits rose eighty-eight percent, the standard and poor index increased two hundred and forty-eight percent, as well as CEO compensation rose four hundred and sixty-three percent during this timeframe (Stanford GSB...
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...Written Exam: 70 Internal Assessment: 30 Time: 3 Hours Project Economics and Management Paper Code: 3.1 Unit-1 Concepts of projects; project identification; formulation, analysis, risk, planning, design, report and appraisal; location of an enterprise; factory design and layout. Unit-II Understanding financial analysis; ratio analysis; fund flow analysis; breakeven analysis; social cost-benefit analysis; budgeting and planning process. Unit-III Sources of development finance; institutional finance to entrepreneurs; working capital management; incentives and subsidies; policies governing entrepreneurship; role of a consultancy organization. Unit-IV A review of project performance; post evaluation approach; community participation in projects; SWOT analysis; managing risk and exposure. Suggested Readings: 1. 2. 3. 4. Note: 1. 2. Four case studies will be discussed in a paper by the concerned teacher in the class. Instructions for External Examiner: The question paper will have two sections. Section ‘A’ shall comprise eight questions (two questions from each unit). The candidates will be required to attempt four questions (selecting one question from each unit). Section ‘B’ will contain one CASE STUDY which will be compulsory. All five questions will carry equal marks. Chandra, P., Project Planning Analysis, Selection, Implementation and Review, Tata McGraw Hill, New Delhi. Hedemey, J.W., Control and Management of Capital Projects, John Wiley, New York. Wysocki, R.K., R. Bick...
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...HRM 530 Full Class All DQs Assignments and Final Exam Click Link Below To Buy: http://hwcampus.com/shop/hrm-530-full-class-dqs-assignments-final-exam/ HRM 530 Week 1 DQs Technology and Strategic HRM (graded) This course focuses on the strategic value that technology brings to HRM and the business. Thanks to technology, HRM is now a strategic partner in companies. How specifically has technology created this strategic partnership? Share an example. What value has resulted from this strategic partnership? HRM Technology Trends (graded) From the lecture, you can see how far HRM has evolved. Conduct some research using your text, supplemental readings, and other academic sources. What are some of the current trends in HRM technology? Where do you see HRM technology headed? Provide specifics. HRM 530 Week 2 DQs HRM Strategic Partnership (graded) As shared in this week's lecture, HRM has moved from support to strategic partner. The examples shared included tracking employee work time, tracking leaves, and time tracking for payroll purposes. How has, and how can, HRISs impact this strategic partnership? Review an example from your employer or through research on how a business has used HRM technology to create a strategic focus. HRIS E-Engineering (graded) Business Process Re-Engineering (BPR) is a valuable tool to help organizations assess the probability of process change. Why might this be an important concept for HRM professionals introducing...
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...Introduction This paper will analyze methods of ensuring Marriott’s Human Resources (HR) strategy aligns with the company’s business strategy and the job positions and responsibilities of the HR department. The paper will then address personal preferences and reasoning. Finally, the paper will discuss methods of improving Marriott’s competitive advantage and three ways they can increase diversity. Ensuring HR strategy is in alignment with the business strategy One way a company can ensure the HR strategy is in alignment with the business strategy is to organize the HR department to be a strategic entity. This would entail every aspect of HR – hiring, training, development, compensation, performance, etc. - being strategically focused in alignment with the business strategy of the organization. It will take effort and a realization that HR is more than administrative support. The definitive goal is for HR to support an organization through the management of human capital, which is the major subset of the broader organization’s strategy (Righeimer, n.d.). A more specific way to ensure the strategies are in alignment is to incorporate the company’s strategy into performance management. Goals are developed for personnel which incorporate the specific tasks necessary for each area to successfully complete in support of the vision. This assists in the accountability of employees in support of the business strategy and allows employees to see how they personally and...
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...Running Head: REFLECTIVE PAPER 1 BUS 303 Human Resources Management Reflective Paper Instructor: Volante Henderson August 12, 2013 REFLECTIVE PAPER 2 Reflective Paper The function for the human resource management is to increase the effectiveness of the employees to achieve the goals of the organization. The areas of focus should be EEO and Affirmative Action, human resources planning, recruitment and retention, human resources development, employee compensation and benefits and labor relations. The Human Resource Management (HRM) plays an important role in every organization to meeting the goals of the business. The HRM affects every employee. This paper will discuss these areas that are listed above and how the role of the HRM can be effectively optimized for shaping the organization and the employee’s growth and working behavior. EEO and Affirmative Action Human Resource Planning Human Resource planning is how an organization makes an assessment and plans for the future of the company. Simply, the plan of what the company needs and how it is going to get it done. For the company to achieve this goal a strategic plan is needed. HRM department is the key player in the business achieving this goal through the strategic plan. Most banks require businesses to...
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...maximize the productivity of an organization by optimizing the effectiveness of its employees while simultaneously improving the work life of employees and treating employees as valuable resources,” according to reference to business. Within this paper many areas of Human Resource management such as the EEO and affirmative action, the planning and recruitment process, the selection and development process, the compensation and benefits process, the safety, health, and employee and labor relations will be examined. Every business big or small should have long and short term goals and a strategic plan to achieve those goals in order to increase the market value of that organization. When you speak of HRM, you speak of people, every business has to have people, and having a well-developed HRM department will allow the business to gain their employment, develop their skills, and keep them motivated and happy while working for the organization. Listed below are the major everyday strategic HRM tasks; •planning and alignment •staffing •preparing compensation offers •orchestrating cultural change Let’s begin with HR planning. Strategic HR planning is a very important part of strategic HR management. It combines HR management to the strategic mission or goals of the organization. Finding the right person with the right skills at the right time is a must as well as looking...
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...AFT3073 – RESEARCH METHODOLOGY |GROUP ASSIGNMENT (25%) – RESEARCH TERM PAPER TOPICS | |Current Strategic Management Issues | |This course assignment is a term paper on current strategic management issues. Possible themes/issues for your research term paper | |include (but are not limited to) the following: | |Ethics and Corporate Citizenship Themes | |Understandings of corporate citizenship | |Links between ethics and corporate citizenship | |Performance measurement | |Accountability and governance | |Stakeholder engagement, consultation, reporting and governance | |Corporations, territory and governance ...
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...School of Business and Entrepreneurship Research Paper Proposal Course Name: Total Compensation Course Number: HRM 5375 Student Name: Christina Burton Please answer the following questions: 1. What is the research topic you are interested in writing about? I am interested 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. ------------------------------------------------- ...
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...| Compensation | Defining compensation, compensation philosophy, and critical components of a compensation. strategy. | | | Introduction Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. (Hr guide 2000) Compensation is a financial tool used by companies in every industry as an incentive when recruiting new employees. It is also used with existing employees to induce performance and as a reward for good appraisals. It is used to spur employees to take an active interest in their development. Finally is often factored into labor management relations and even employee terminations. The bottom line is that a company uses compensation to achieve its strategic goals and plans. This paper will discuss compensation philosophy, the critical components of a compensation strategy, and will give example of an effective compensation practice/policy. Compensation Philosophy All companies with employees must determine how and what to pay their workers and when to offer things like raises, bonuses and other incentives. (wisegeek.com 2009) Compensation is often packaged in many forms. To put it simply, compensation is the plan on how employees will be paid throughout different cycles of their careers. At the beginning of their career when they are being recruited companies offer wages, benefits, and other financial perks such as bonuses to recruit the best, most qualified candidates for the position that needs...
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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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...Organizational Objectives and Total Compensation in Different Markets Sheila E. O'Kane HRM/324 March 25, 2013 Ken Zula Organizational Objectives and Total Compensation in Different Markets An analysis of current laws and regulations on organizational objectives and total compensation is the purpose of this paper. As a Human Resource consultant the primary objective is to provide the client’s organization with the information knowledge of the laws and regulations that impact compensation. Armed with this knowledge the organization is able to develop a total compensation plan that is in alignment with the firm’s strategic plan. The laws that influence compensation practices are designed to help “ensure that pursuit of goals by any one group does not undermine others’ goals” (Martocchio, 2009, p. 49). These laws make sure that the employees who have the “least amount of power” (Martocchio, 2009, p. 49), are protected. The client organization has 200 employees and provides goods and services to the federal government under contract. There are several laws that the organization must adhere to as a federal contractor that affect total compensation. The most prevalent affect comes from laws surrounding wages. These laws fall under the heading of Prevailing Wage Laws. One such law that applies to the client organization is the McNamara-O’Hara Service Contract Act of 1965. Contractors who employ service workers such as plumbers and electricians must pay “at least the...
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...Setting the Stage for Strategic Compensation Student’s name Professor’s name Compensation Management BUS 409 University name April 1, 2012 Abstract In this term paper I will answer the following questions, describe the three main goals of compensation departments, describe the contextual influence that I believe will pose the greatest challenge and the contextual influence that will pose the least challenge to companies’ competitiveness and explain why, describe when subjective performance evaluations might be better (or more feasible) than objective ratings, also describe under what conditions profit sharing plans are not likely to motivate employees and based on my knowledge of pay-for-knowledge pay concepts, describe three jobs for which this basis for pay is inappropriate and explain why. Keywords: describe, goals, challenges, performance, employee, pay Setting the Stage for Strategic Compensation 1. Describe the three main goals of compensation departments. Compensation departments responsibilities focus towards three main functions or goals that have to be met in a company or organization, this are to attract, motivate and retain employees. These three key elements are the main parts for continuous functioning of any organization. The employees or workers are a very important part that holds an organization, without them the organization simply falls apart or have no competitive edge over competitors. Any organization faces the task to aligning these goals with...
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