Human Resources field. It could be a major deciding factor when talking about what attracts and keeps people at a particular business. Compensation is defined as “Compensation is the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required. Essentially, it's a combination of your pay, vacation, bonuses, health insurance, and any other perk you may receive, such as free lunches and parking” (Heathfield, 2015). Compensation is
Words: 1276 - Pages: 6
Dr. Judie Bucholz, Instructor Assignment #5 – New and Improved Rewards at Work 1. Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. The innovations in employee benefits can improve the overall competitive compensation strategy of the organization tremendously in a positive manner due to the employee benefits strategy directly contributes to the success of an organization by attracting and retaining good employees.
Words: 1834 - Pages: 8
incorporating various benefit and incentive plans. Mathis & Jackson (2011) states that “more than 80% of organizations are now utilizing variable pay” (p.396). Also, a recent survey shows that 48% of executives see benefits as extremely important in the retention of employees and in impacting organizational performance (Mathis et al., 2011, p.428). The Plastec Company will need to re-evaluate its compensation strategy due to recent turnovers within the company. Anticipating company growth, Plastec will
Words: 1778 - Pages: 8
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
Words: 2096 - Pages: 9
1. INTRODUCTION One of the traditional Human Resource (HR) functions is determining employees’ compensation. In modern organisations, with variety of costly employee benefit programmes, wage incentive programmes and structured pay scale, the compensation task is even more difficult and challenging for an HR specialist. Employee compensation can affect their productivity and their tendency to stay with the organisation. The HR manager must ensure that the compensation policy does not lead to high
Words: 4923 - Pages: 20
then come back recharged and ready to excel, which benefits the company. “Most firms that provide high-quality benefits do so because they think it is the right thing to do and allows them to maintain a competitive edge with improved recruitment, retention, productivity, and morale” (Perrin et. Al, 2007, p. 1098). The problem lies with having a program that is flexible for the employees but yet doesn’t interfere with company operations. Abuse of leave programs creates an environment of mistrust and
Words: 1233 - Pages: 5
Carried out on behalf of women and disadvantaged groups and members of such groups are placed in dominant positions. Appraisal See Performance planning. Attrition A term used to describe voluntary and involuntary terminations, deaths, and employee retirements that result in a reduction to the employer's physical workforce. Autocratic leadership Leader determines policy of the organization, instructs members what to do/make, subjective in approach, aloof and impersonal. Balanced Scorecard
Words: 15364 - Pages: 62
Health Benefits 6 Retirement Planning 7 Employee Rewards and Incentives 8 Recommendations 10 Conclusion 11 References 12 Executive Summary We need to re-evaluate our current employee package. Our compensation strategy needs an entire tune-up. We do not offer competitive benefits that will entice the type of employees we want working for our company on a long-term basis. A new, improved, and luring employee benefit package will help set us apart from our competition
Words: 3032 - Pages: 13
Raise and Index the Minimum Wage, 27 ST. MARY’S L.J. 513, 544 n.141 (1996)) but for most Americans, “fair” compensation means so much more than salary. Employee benefits play a crucial role in the American labor market, and the benefits that an organization offers employees has an immense impact on its hiring ability, turnover rate, and employee satisfaction and productivity. The rise of the tech industry created a flood of new and unique benefits that companies used to attract the best talent to
Words: 7129 - Pages: 29
accumulate tax free until the investor withdraws and takes possession of them. The most common types of tax-deferred investments include those in individual retirement accounts (IRAs) and deferred annuities. 360 Survey: An employee feedback program whereby an employee is rated by surveys distributed to his or her co-workers, customers, and managers. HR departments may use this feedback to help develop an individual's skill or they may integrate it into performance management programs. 401(k)
Words: 10690 - Pages: 43
