Compensation System A Brief Discussion Term Paper
- Length: 10 pages
- Subject: Business
- Type: Term Paper
- Paper: #69975296
Excerpt from Term Paper :
Dental care under MCSS fee schedule for Ontario Works adults;
Prosthetic appliances such as back braces, surgical stockings, and artificial limbs (provision, replacement, and repairs);
Wheelchairs and repairs for the portion not covered through ADP;
Hearing aids and batteries (co-payment under Ministry of Health and Long- Term Care's Assistive Devices Program (ADP) for the provision, replacement, and repairs to hearing aids);
Vision care for adults;
Dentures where deemed appropriate;
Cost of completing other medical forms; and Other items may be approved individually based on medical documentation stating the need and the benefits.
7. It is important to carefully define these factors and determine an appropriate number for the organization. The definitions should not overlap, resulting in the same job dimension being measured multiple times. However, the important aspects of each job and what the organization wants from its employees must be included. From there, home country-based compensation is the following Your position abroad is seen as if performed in your home country. You maintain your salary structure, which the strength of this compensation. Adjustments are made for additional duties and your reentry status is verified if duties change once you repatriate. Popular with transfers of managers of up to 5 years. Generally, double income with contracts in each country are becoming less popular due to national tax implications and complicated administration procedures, which is a weakness of this compensation. (Home Country Based).
Headquarters-based pay has the following strengths and weaknesses
Maintains a partial home-country pay and benefits link.
Provides some commonality of pay, regardless of home country.
Disadvantages potentially more costly than a home-country balance sheet approach.
Makes repatriation more difficult to low-salary countries.
Allows differences in total compensation, requiring special attention in explaining these facts to expatriates.
Requires a means of equating jobs between nationalities so that the single spendable income calculation can be made.
8. Companies should go public to reduce the cost of internationally business activities. Once a decision of this significance is made, it is important that a company has a well defined strategic plan. A well defined plan will not only reduce risk, but it will also lay the ground work of transitioning the organizational changes to the employees who are affected most. Going public will change a company, it is inevitable, and they will now have to face regulations and rules that SEC provides.
For example, if the company entered the biotech industry in 1996 with groundbreaking technology that helped them to grow to $400 million dollars in just eight years. The CEO and the Board believes that they need the IPO to reach aggressive strategic objectives of 40% annual growth rate, introduce six innovative products, and develop two technological breakthroughs. It is also important for both the CEO and the Board to focus on the company's brand image, customer base and marketing infrastructure. Of utmost importance to everyone in the company is strategically placing the senior leadership team in a joint effort towards super ordinate goals rather than personal goals.
The organization should benchmark ideas from other industries to incorporate in its business strategy. This will ensure the IPO is a successful transition, useful, and research has been utilized to allow for the IPO move. There are a few challenges that the company must confront to become a leading company in the biotechnology industry. In order to diminish mistakes and to ensure a straightforward transition towards the IPO, they need to collectively benchmarked the company with other organizations that faced similar circumstances, situations, and goals.
9. Among issues of training, human resources must look to see what global opportunities can be exploited. The company should begin to prepare for a global surge, ensuring that all employees are aware of the potential changes that could face the organization in a short time span.
Internal alignment often referred to as internal equity, means establishing a pay relationship between different jobs, skills and competencies within the organization. This relationship forms the basis of a pay structure which supports the organization's objectives and strategies and is fair to employees, motivating them to achieve these objectives. Pay structure refers to the array of pay rates for different work or skills within an organization. The concept of alignment is based on the principles of equity theory, which measures ratios of individual inputs to outcomes vs. those of referent others and also utilizes the concepts of procedural and distributive justice.
Ironically, when the contingent workforce concept was first trotted out in the late 1980s, it hit a wall erected by a slowing economy. As a percentage of total employment, temporary employment was basically constant during 1989-1991. The concept took hold when temporary employment jumped 12.5% in 1992 and another 16% in 1993. What's missed in the alarmism, though, is that temporary employment is highly sensitive to turns in the economy and always grows especially rapidly (34% in 1984, 25% in 1975) during the early period of recoveries. Contributing to the sharp speed-up in growth of temporary work over the last two years was the fact that, unlike previous postwar recessions, the recent downturn was structural rather than cyclical. This meant most layoffs were permanent; workers weren't going to be called back to their old job when things improved. Because of this, many sought temporary work to make ends meet while searching for another permanent job (Tempting Fate).
10. U.S. executives do make too much money because some of them take advantage of their jobs by doing nothing to put themselves into the company while other employees work to overcompensate for the slack. For example,
Due to the case of Banton, 61, who became a nationwide symbol for workers rights after battling construction giant James Hardie to win a $4 billion compensation package for workers who suffered asbestos-related diseases because the executives did not pay attention to working conditions. Companies must follow the occupational health and safety law, Team structures must be designed throughout the organization to encourage teamwork throughout the company. Engineers and marketing staff must be seen as partners, and positioning the organizational structure to encourage this is one of the first activities that needs to be carried out. The technical and business sides also need to work on collaboration in order to create better product. Communication among all levels of employees needs to be open and frequent, starting with the CEO. All employees should receive regular updates on the state of the business. Most CEO's do not a good team structure since they do not act a team member themselves, which indicates they are being paid too much for not being involved with the company.
A good CEO should be aware on how employees should be treated since he should be required to treat employees as a partner in his business. From there, there, he should use Emotional Intelligence, which is a theory that managers and CEO's understand their employees emotions. This helps them to communicate effectively and it makes the employees feel they are on the page. This approach generated loyalty and challenged the employees to make the business a success. Each employee should be offered stock options and given a portion of the profits as an incentive to keep working toward higher customer satisfaction. Motivation and communication are additional ways the CEO could create happy employees. Challenging employees allows him or her to be creative…