Verified Document

Hr Managers And Compensation Essay

Human Resources Impact that Technological Advancements have on Compensation and Benefits Processing

Advancement in technology has been of significant benefit for compensation and benefits processing. In particular, benefits administration has been drastically transformed, owing to the internet. More so, the kinds of benefits desired have also gone through some changes in recent years. In the present, administration of benefits is now more of a self-service undertaking on the organization's website or Intranet. In turn, personnel are now able to go online and finish their contact information, chosen desired options and make changes as required. The technology has considerable consequences for freeing up HR employees, and to a lesser magnitude, the organization's managers for more important activities. Technology makes it possible to have greater flexibility in the compensation and benefits plans and places more of the responsibility of selection in the hands of employees. In addition, technology has provided employees more access to pertinent information regarding compensation and benefits. For instance, with respect to process, they can look up websites such as Salary.com to assess their organization in relation to others (Ensher et al., 2003).

Components of Employee Compensation and Benefits

Employee benefits are optional, non-wage compensation provided to employees in addition to their normal wages or salaries. The components of employee benefits may include group insurance, which encompasses health, dental and vision...

An example of compensation is annual wage and also health care coverage. Government mandated benefit include Medicare. A retirement benefit example is employee pension. A non-retirement benefit example is and discretionary benefits for employees include vacations and sick leave.
Impact of 2 major Federal Employment Legislation and Regulations on Human Resource Compensation and Benefits Package

One key Federal employment legislation and regulation includes the Federal Employees' Compensation Act (FECA). The impact of this regulation on compensation is that an organization is mandated to compensate for the disability or death of federal employees, emanating from personal injury sustained during work. Another regulation is the Fair Labor Standards Act (FLSA). Its impact on compensation and benefits is that employers are necessitated to pay covered employees who are not otherwise exempt from the federal minimum wage and overtime pay (U.S. Department of Labor, n.d).

Compare and Contrast Commercial Insurance (Fee-For-Service) and Self-Funded Insurance

Employers that have self-insured personnel health programs pay for medical claims and fees from the current revenue, basically acing as their own insurers. On the other hand, commercial insurance is also referred to as a fully insured plan and this takes into account employers paying a fixed premium to…

Sources used in this document:
References

Ensher, E. A., Nielson, T. R., & Grant-Vallone, E. (2003). Tales from the hiring line: effects of the internet and technology on HR processes. Organizational dynamics, 31(3), 224-244.

HR Council. (2017). Compensation and Benefits. Retrieved from: http://hrcouncil.ca/hr-toolkit/compensation-overview.cfm

HR Magazine. (2009). Self-Insured vs. Fully Insured. Society for Human Resource Management. Retrieved from: https://www.shrm.org/hr-today/news/hr-magazine/pages/0909wellsc.aspx

Paychex. (2014). Employee Benefits: What Basic Benefits Must a Company provide Employees? Retrieved from: https://www.paychex.com/articles/employee-benefits/employee-benefits-a-company-must-provide
TriNet. (2016). 5 ways to Manage the Rising Costs of Benefits. Retrieved from: http://www.trinet.com/hr-insights/white-papers/5-ways-to-manage-the-rising-cost-of-benefits
U.S Department of Labor. (n.d). Summary of the Major Laws of the Department of Labor. Retrieved from: https://www.dol.gov/general/aboutdol/majorlaws#workerscomp
Cite this Document:
Copy Bibliography Citation

Related Documents

HR Compensation It Is Well Established That
Words: 663 Length: 2 Document Type: Essay

HR Compensation It is well established that human resources personnel have a direct and forceful impact on the strategic success of any business or economic organization. Ulrich (1997) suggests that "the relationship between HR practices and business results is built on a rather simple premise: better deployment and use of HR practices should correlate with higher business results "(p.303). One tool HR managers have at their disposal is the use of

HR Devolution an Analysis on How Devolution
Words: 1699 Length: 6 Document Type: Essay

HR Devolution An Analysis on how Devolution can Drive Evolution of the Industry In the last few decades the globalization trend has worked to foster extensive changes how organizations operate. The rapid pace of the business world has created a scenario in which organizations are constantly evolving and organizational change is nearly a perpetual process. The role of technology has also been a contributing factor that has also had profound implications on

Compensation Practice and Plan
Words: 2228 Length: 7 Document Type: Term Paper

Compensation Practice Ford Motor Company Henry Ford established the Ford Motor company in the year 1903. This was done with the help of eleven other business associates at a time when there were eighty seven other motor companies in the U.S. Before Henry Ford got into the motor business, cars were very expensive and were considered as luxury possessions and that only the wealthy minority could afford them. What set Ford apart

HR International Corporate HR Function
Words: 1724 Length: 6 Document Type: Term Paper

There are many "cross-cultural issues" associated with doing business with and managing expatriates (Brewster, Sparrow & Harris, p. 951). Companies have to consider the way expatriates would be managed if managed by the home or central company and if managed by the international company that governs the territory in which expatriates work (Brewster, Mayrhofer & Morley, 2004). Working internationally can be the source of much conflict and confusion if not

Compensation and Benefits Policy
Words: 1187 Length: 4 Document Type: Essay

Compensation and Benefits Package for a Secretary A pharmaceutical company has recently hired a new director for its human resource department as part of its initiatives to enhance productivity and organizational success. The company is also seeking to hire a new secretary for the HR department and develop an employee compensation and benefits package for this position. This package will be utilized for the position of secretary for the HR department

Compensation Management the Minimum Wage
Words: 7301 Length: 22 Document Type: Research Paper

By bringing more locals into the overseas operation, the use of expats can be reduced. In addition, the cost of expats should be factored into the decision to enter a market. Major markets will still be profitable even with the presence of expats, but there are many marginal markets that may not be viable once expat costs are included (for example, where Malaysia may be profitable, adjacent Brunei may

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now