Compensation Management Q1.a. What is the role of compensation and rewards in modern organization? What arethe advantages of a fair compensation system? Ans1a. Role of Compensation and Reward in Organization: Compensation and Reward system plays vital role in a business organization. Since, among four Ms, i.e Men, Material, Machine and Money, Men has been most important factor, it is impossible to imagine a business process without Men. Land, Labor, Capital and Organization are four major
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Dear Kathleen: This letter confirms that the date of termination of your employment with xxx. is Monday, July 21, 2012. If you are enrolled, your medical insurance benefits will extend through the end of the month in which your termination occurs subject to the usual employee co-payment contributions, after which time you may elect COBRA continuation of benefits. Further information about your COBRA rights will be sent to you. The effect on your other benefits is explained in the chart
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Critical Thinking 5 MGT410 Sick Leave Understanding the cultural differences and being able to properly negotiate through those, differences would be key for Kelly to obtain the desired results of being paid her sick time instead of having to use vacation days. Though Kelly followed all the correct policies when it came to requesting her sick time, the traditional Japanese culture was interfering with the terms of the contract. At this point of the arrangement Kelly needs to think before
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Organizational Objectives and Total Compensation in Different Markets HRM/324 University of Phoenix Compensation laws are defined to create nondiscrimination in the compensation provided to employees in the organizations. This paper will help in explaining the laws and regulations, along with the similarities and differences influencing compensation for a biotechnology company and the companies in other markets. The compensation laws and regulations are almost the same in the industries. In
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Designing Compensation Systems and Employee Benefits Compensation 1 Describe the differences between job analysis and job evaluation and how these practices help establish internally consistent job structures. A job analysis is a step-by-step specification of an employment position's requirements, functions, and procedures. Just as a seed cannot blossom into a flower unless the ground is properly prepared, many human
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Work-Life and Diversity Challenges Executive Summaries Work-Life and Diversity Challenges “The employee began working on January 1. It is July 15, and the employee requires time off for a family emergency” (HRM/445 Course Syllabus). Family emergencies happen from time to time and require employees to take time off from his or her job. To take time off work an employee must be eligible to take such leave whether it is sick time, vacation time, comp time, or FMLA. “The Family and Medical
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Chapter 4: Components of Compensation Strategy * The first strategic decision is about the relative proportions of base pay, performance pay, and indirect pay to include in the compensation mix. * Three other choices follow – what method(s) should be used for establishing base pay, what type(s) of performance pay(if any) should be provided, and which elements of indirect pay should be included. Compensation Mix choices: Base pay job evaluation, market pricing, and pay for knowledge
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The Minimum Wage Rate The minimum wage rate (the lowest legal rate to pay employees) has become a very controversial issue in the Unites States in recent years. The minimum wage rate does not reach the average living wage rate (the amount it costs to live in an area) in most parts of the country. The minimum wage rate is currently $7.25 in America, while the living wage rate for smaller cities such as Racine WI is $8.66 and Kenosha WI at $8.97 (Living Wage Calculator). The minimum wage rate needs
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Individual Report Molly Dowling BBM 320 December 5, 2012 Mrs. Asbury-Brown Individual Report MEMO To: All employees of Harbor Shack From: Molly Dowling Human Resources Director Subject: Attendance and Leave Policy Date: November 29, 2012 Effective January 1, 2013 Harbor Shack will be implementing an attendance policy. Employee absences cost U.S companies millions of dollars annually, according to the Creative Business Resources. All employees are expected to arrive at work as scheduled;
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1. Explain whether Jake’s actions are in or out of “his scope of employment.” Scope of employment refers to a person actively involved in an employment task when an accident occurs and requires a claim for work related injury under Workers Compensation Acts. In order to hold an employer accountable for the accident, it will be necessary to show that the employee was engaged in the scope of employment at the time of the accident. Rally’s Auto was running a promotion for free oil changes to
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