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
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The company strives to come up with lucrative employee compensation programs to attract the best professionals in the industry. The company’s benefit plan outlay takes shape as follows: Benefit | Cost outlay (per annum) | Life insurance; for employees | $15000 | Accidental health cover | $7500 | Dependent life insurance: * For spouse * For up to 3children (below 21years) | $5000 $2500 each | Medical insurance (for employee and dependants) | $25000 | Unemployment insurance
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MEDFORD UNIVERSITY CASE STUDY ANALYSIS #3 Leilani P. Sharp Potomac College Abstract Medford University is a research university with about 10,000 students. It has a good liberal arts undergraduate program, a top-rated medical school, and a fine law school. It employs about 12,000 people. A majority of these employees work at the university hospital. Lately, the university has faced significant financial pressures. The hospital is under pressure to reduce
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The research paper by Jooyoung Kwak “An empirical study of fringe benefits and performance of Korean firms” surveys the implications of employee benefits on the performance of Korean employees. Doing a regression analysis of data collected over a period of six years the article tries to find a connection between the levels of benefits in an employee’s compensation package and his/her performance. Kwak accredits the streamlining of benefit plan tactics to the financial crisis of the late 90's. The
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Employees Gobble up the benefits at General Mills #1. What employee benefits that are not described in this case would you expect to be important to employees at General Mills? Why do you think that they are not mentioned? Salaries, Employee Benefit Basics Retirement Options Training and Assistance Compensation Packages Health Insurance Family Benefits, Ancillary Insurance Time Off Wellness Initiatives Job training and retirement compensation should be most important benefits to GM employees
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The Consumer 2 Describe the selection process you would use to make the most cost effective and employee friendly decision. I would use to make the most cost effective and employee friendly decision depends upon how these benefits are best for their situations. Being able to design and administer a benefits program requires knowledge of many laws and an understanding of the field of
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Running head: “Allstate Insurance Company” “Goal setting techniques of the Allstate Insurance Company” Strayer University BUS 520 Dr. Farshid Moghimi 25 July 2011 “Does Allstate have an effective goal setting program?” Goal setting is the process of specifying desired outcomes toward which individuals, teams, departments, and organizations will strive and is intended to increase organizational efficiency and effectiveness. The process of implementing goal setting initiatives
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versus internal equity, and principle benefits. Recognizing the current employee loss rate and understanding the results of the exit interviews; this analysis will give answer to why employees are leaving. This plan will also create a process that will sustain employment levels while creating a positive employee growth rate. The reasons and development process created for Holland Enterprises will attract and hold the type of employee that will allow them to be successful in the future. Current Status
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THE FEDERAL BUDGET 2011 ECONOMY – Deficit of $49.4b in 2010-2011 and $22.6b in 2011-12. - Real GDP growth forecast at 4% in 2011-2012, 3.75% in 2012-13. - 2.25% growth + 4.75% unemployment rate. Forecast to be 4.5% in mid-2013. - Half a million jobs to be created by mid 2013. - Cash surplus of $3.5b by 2012-13. - $362.1b govt expenditure, Govt expects to raise $342.4b in revenue next financial year. - $22.6b cut in savings over 4 years. Largely due to natural disasters
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Implementation Report Ronald Ahrens XCOM/285 Essentials of Managerial Communication University of Phoenix The following report was helping us explore why we should expanding employee benefits with in this he company. We had a good year but without a good year it would benefit the company so adding tuition reimbursement as an employee benefit would be great. It would help the employees working on their degree in business or communication as they are working for us so this can be a positive in more than
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