Organizations can also effectively develop when strategic and tactical compensation issues are adequately addressed by the management. An organization's management has to recognize and integrate long-term strategic objectives with short-term tactical requirements (Henderson, 2006). Organizations should develop and operate compensation system that promotes fair treatment by relating job worth to differences in job requirements, recognize the worth and value of employee knowledge and skills.
Some of the principal activities that are required in the development of an organization are establishing a philosophy, identifying the mission, developing a policy, formulating organizational strategy, determining objectives and sub-objectives or goals, defining work unit activities, and grouping tasks into jobs (Henderson, 2006).
Organizations do have written philosophy statements. However, what leaders say and actions they engage in speak volumes about the philosophy of an organization. Members of organizations take what there leaders express in written or verbal forms as the philosophy of…… [Read More]
Different people gain different levels of satisfaction from their jobs. However, it is very difficult to measure with precision the degree of satisfaction people get from any work related activity they engage in. In order to motivate employees who work exceptionally well, employers may device some forms of monetary rewards that are given in appreciation of their hard work (Gomez-Mejia & Balken, 1992). These monetary may be paid directly to these employees or indirectly. The rewards may be given in short or long-term. The rewards systems are used to attract and retain those who have desired skills and knowledge and those who are willing to put forth the effort needed to link their knowledge and skills to accomplish goals and objectives of an organization (Gomez-Mejia & Balken, 1992). ewards system that an organization settles on has to focus on worker attention on specific behaviors that particular organization considers…… [Read More]
It suggests that individuals in similar jobs should have similar levels of pay; otherwise illegal discrimination may be an issue at the workplace. Internal equity demands that the jobs being compared have similar levels of skill (such as two engineers, versus an engineer and a clerical worker), skill sets (a registered dietician vs. A registered nurse would not be 'equal,' because of the greater level of education and knowledge of the D, for example), effort and time devoted to the job (part-time vs. full-time workers are not equitable), responsibility (workers being compared should have similar leadership positions and number of duties), and working conditions (workers on the graveyard shift are not comparable to day workers in most instances). (Internal equity, 2010, U.S. Legal Definitions)
Q6. Define a compensable factor and give a few examples.
A compensable factor is a common element, such as hours per day or number of units…… [Read More]
Compensation Management; Paid Job and Organizational Satisfaction
The relationship between pay satisfaction, job satisfaction and organizational satisfaction are interconnected. In human resource management (HM) literature, there is a great deal of attention paid to job satisfaction. Employees that are satisfied are likely to demonstrate a number of positive behavioral characteristics, compared to employees with a lower level of satisfaction, including a high level of productivity and great commitment to their employer. There are many influences on job satisfaction, and models such as Maslow's hierarchy of needs and Hetzberg's hygiene factors, indicate that pay satisfaction is a key component, and while money alone may not always be a motivator, it has the potential to undermine the employment relationship if an employee does not see the amount they are paid as being fair (Buchanan and Huczynski, 2010). Where employees feel they are being paid fairly, other factors may be used to motivate…… [Read More]
Therefore, companies must develop and implement human resources strategies that focus on improving the job analysis process. This is because job analysis has a significant impact on numerous human resources activities. The recruitment and selection process relies on the information provided by job analysis. In addition to this, the motivational strategy of the company is also influenced by such information, because it allows the appropriate evaluation of salary packages. The job analysis process influences the efficiency and productivity of the company.
1. Bhushan, A. (2011). Uses of the Job Description and Job Analysis. etrieved May 9, 2011 from http://performance-appraisals.org/experts/jobdesc.htm.
2. Adler, L. (2009). Multi-Stakeholder Job Analysis. The Adler Group. etrieved May 10, 2011 from http://www.adlerconcepts.com/resources/column/newsletter/multistakeholder_job_analysis.php.
3. Landy, F. & Conte, J. (2010). Work in the 21st Century. McGraw-Hill. etrieved May 10, 2011 from http://books.google.ro/books?id=1K1rnp9uAscC&pg=PA203&dq=job+analysis+approach&hl=ro#v=onepage&q=job%20analysis%20approach&f=false.
4. Job Analysis (2011). Encyclopedia of Business. etrieved May 10, 2011 from http://www.referenceforbusiness.com/management/Int-Loc/Job-Analysis.html.
5.…… [Read More]
At Hallen Corporation the employees will be required to pay the insurance premiums of the healthcare policy they take with them (Caruth & Handlogten, 2001; White & Druker, 2000). The Americans with Disabilities Act prevents Hallen Corporation for discriminating against employees of the basis of their disability. An employer must make reasonable accommodation for an employee to work if they have a disability (Whit & Druker, 2000). A rewards based incentive program or the "employee of the month" program at Hallen is one that all employees area eligible for according to the law (White & Druker, 2000).
On implementation, to deal with traditional bases for pay the company will grandfather in old employees so they may still enjoy the compensation benefits of the company previous to the inception of the new strategy. Implementation would provide incentive pay to employees that fill high-need and high-skill positions in the way of a…… [Read More]
" (2002) p.7
The methodology proposed in this study is one of a qualitative nature and is to be conducted through an extensive review of literature in this area of study combined with a survey of employees in a yet unchosen organization which will quiz the employees concerning the factors of primary importance in retention and satisfaction of employees by the organization.
Population and Sample
The population and sample in this study is as of yet, undetermined and will be decided at a later date.
The research design in this study is as stated previously of a qualitative nature and of the nature that will ensue with an extensive review of the literature in this area of knowledge in order to ascertain the primary findings in previous research in this area of study. Secondly, the research proposed in this study is for a survey of employees of…… [Read More]
Second of all, the Army needs to have the ability to rapidly and efficiently alter payment policies to reply to altering market conditions and goal requirements.
Third, payment policies need to be straightened with bigger human capital approaches to produce the greatest worth and lessen expenses. Lastly, policy must support a hierarchy of strategic goals and results for efficiently contending for skill, motivating and fulfilling efficiency, and acknowledging unique contributions to objective.
For the Army and various other U.S. Armed force teams, compensation can be broken into 3 significant parts -- non-cash, cash and deferred (eview of Military Compensation, 2008). Money consists of standard pay (60% of compensation plan), real estate allowance (tax exempt protection for non-government real estate), subsistence allowance (regular monthly stipend to balance out the expense of meals), Unique & eward pays (difficulty and changeable pay), tax benefits (previously mentioned cash rewards are all tax exempt), and…… [Read More]
Compensation Components Offered at a Foreign Work Site
The compensation components offered to an employee of a U.S. company with the opportunity to take a job at a foreign work site availed through some form of an insurance plan. An important set of components is always non-insurance based and provides income to the employees at a foreign work site. These benefits can be classified into three major segments:
Loss of job income continuation
Disability income continuation
Accident and health protection
Liability and property protection
A special set of services and benefits known as prerequisites (Henderson, 2006).
All the categories contain various compensation components with various features given to an employee of a U.S. company with the opportunity of working at a foreign work site.
Disability income continuation
Disability can be categorized as temporary, singular, partial, or total. When the employee is unable to work because of some health related problem…… [Read More]
Q12. Describe the impact of legislation on the field of compensation management.
Minimum wage and overtime laws restrict the minimum amount employers can offer to workers; anti-discrimination legislation mandates that employees are compensated without regards to their racial, ethnic, gender, or disabled status.
Q13. Identify the impact of incentives such as bonuses to a compensation program.
For some professions, such as sales and investment banking, bonuses derive the bulk of the individual's expected salary. Bonuses can also be a means of distinguishing social status between employees. Bonuses can also simply be used to encourage higher levels of performance, based upon short-term outcomes.
Q14. Explain how the global market affects U.S.-based companies' compensation.
In a global marketplace, high-quality employees are more 'portable,' but because of the ability to outsource labor, employees may also find their salaries kept artificially low through the availability of lower-cost foreign workers.
Q15. Describe salary/market surveys.
Salary…… [Read More]
compensation packages and benefit plans which Adobe Systems Inc. offers to its employees against their employment services, good performance at the workplace, and as motivational techniques for their retention and encouragement. The paper also explains the advantages and disadvantages of the key components of these compensations and benefit plans and recommends strategies on how they can be improved for more effective outcomes.
Adobe Systems Inc.
Adobe Systems Incorporated is an American multinational corporation engaged in manufacturing computer software and providing digital marketing and digital media solutions to the individual and corporate clients around the Globe. Adobe Systems Inc. was founded by Charles Geschke and John Warnock in 1983. Its major software development operations are spread in the United States, Germany, Canada, India, China, Switzerland, and omania. The main products of the company include Desktop software (e.g. Adobe Acrobat eader, Adobe Flash, Adobe Photoshop, Fireworks, Adobe Premier, and Adobe Shockwave Player);…… [Read More]
compensation strategies companies. For company selected, discuss a 350-word synopsis: • Evaluate compensation strategies executives company. • Evaluate compensation strategies sales forces contingent workers company.ID
Compensation strategies for two companies
Whole Foods, the organic grocery retailer, is one of the few companies that has actually reported garnering positive press as a result of its executive compensation policy. Whole Foods ' "caps the chief executive's salary and bonus at 14 times the average worker's pay" (Clark 2006). This is intended to reinforce the team-based leadership and performance reviews that structure the company's leadership within its stores throughout the nation. However, it has been noted that Whole Foods is not quite as democratic in reality as its written policy might suggest. CEO John Mackey made $1.8 million exercising his stock options, far more than his official salary of $436,000 (Clark 2006). However, his overall compensation is still relatively low, compared…… [Read More]
The document states the plan of an organization in different phases. For each phase there will be a different management strategy. The document has described the management strategy and the effects that they will have on the performance of the business and why that particular management strategy has been chosen.
Management structure needs to be examined carefully when a new business venture is setup. In order to develop and build on the business plan a compact management structure is necessary. The managers are the people who are responsible for steering an organization towards achieving the business objectives. In the second phase the business plan will be implemented on the basis of geographical region and the management structure will be based accordingly.
The four key functions of management are planning, organizing, leading and controlling the business. The type of managers which are selected for the business venture must be…… [Read More]
When all the needs or expectations of the stakeholders are met, the business will continue to thrive.
Core Human esource Functions
Involuntary turnover is rampant among employees of high talent. These employees form then crucial asset that determine the overall success of the organization. Involuntary turnover occurs due to issues such as frequent absences, premature termination of contracts, sexual harassment or by the mere fact that an employee becomes overqualified for a particular job. Supposing I were a top H manager in my firm I would hire people who are qualified to fill any vacant positions taking keen attention to exclude overqualified persons so as top avoid the occurrence of involuntary turnover in the future (Taylor, 2005).
Additionally, I would introduce strategies that seek to retain employees in the organization. One of the strategies would be to introduce teambuilding activities such as retreats and workshops. I would also ensure that…… [Read More]
Historical records show that people always organized themselves in order to work together towards a common objective and they coordinated their efforts to achieve this objective (Accel-Team 2004). It was not until the latter part of the 19th century that the concept of scientific management entered history during the Industrial evolution, but management skills existed long before the 19th century. Ancient Egyptians built the pyramids, ancient Chinese erected the Great Wall of China, the Mesopotamians irrigated their lands and walled their cities and the omans of old put up their roads, aqueducts and notably Hadrian's Wall not without established and superb management standards of their leaders (Accel-Team) and massive obedience and coordination among the followers. The pyramids of Egypt, wonders of the world, each measure 75,600 square feet at the base, 480 feet high and consists of more than two million blocks of stone, each weighing 2.5 tons.…… [Read More]
Managing ecruitment and Selection
Being able to successfully manage the recruitment and staffing of an entire Human esources (H) department is the foundation of a successful enterprise. For example, eese and French cite the work of Bratton and Gold in saying, "ecruitment is the process of generating a pool of capable people to apply for employment to an organisation. Selection is the process by which managers and others use specific instruments to choose from a pool of applicants a person or persons more likely to succeed in the job(s), given management goals and legal requirements" (2010). This quote aptly highlights the extreme importance of being able to successfully woo and establish a team of competent people who are equally invested in doing an exemplary job with a given company. Thus, the H department needs to understand the nuances and strategies that go into the process of successfully winning over the…… [Read More]
The World ank model centers on a five-person team called the Performance Advisory Service or PAS (Yandrick 1995). PAS trains supervisors to analyze work performance and personality problems. The supervisor first determines if a skill deficiency is involved or there are personal and environmental factors. He does this by reviewing the employee's records in search of troubled behavioral patterns; consulting with work team leaders, colleagues and support staff in investigating possible problems within the organization; and/or directly exploring the employee's work performance and conduct.
In the last option, the supervisor may ask or remind the employee about the consequence of poor performance; if he or she is being rewarded for poor or nonperformance; if performance matters to him or her; if there are health or stress factors conducing to his or her poor or low-level performance; or if there are external stimuli behind it. Armed now with the different angles…… [Read More]
Managing Across Cultures
Internationalization of the economy has influenced companies to operate their business globally. The global operation has impact managers with several challenges. Market, product, and production plans must be coordinated on a worldwide basis. The global operation necessitates organization structure to balance centralized home-office control with adequate local autonomy. As companies have started their business operation on the international front, the number of their employees has increased. Increase in the employee's abroad management is faced with new global challenges. The three broad international business management challenges were identified by the management gurus as follows (obert, Kossek & Ozeki, 1998):
a) Deployment: To get the right skills where it is required in an organization regardless of the geographical location.
b) Knowledge and creativity distribution: Spreading the knowledge and practices throughout the organization regardless of where they have actually originated.
c) Talent identification and development on global basis: To identify…… [Read More]
This means, assessing where the company is currently sitting, examining the various obstacles that are standing the way of achieving the objective and what possible solutions can used to overcome these obstacles. Once this has been identified, you want to begin taking the different solutions and implementing them. This requires that all managers, work together in making an effort to change the work environment for the better. Where, they will embrace of all the different opportunities as a way to increase productivity within an organization. (Gerhart, 1995) Once, there is agreement on how to move forward, managers must begin communicating what is taking place with employees by addressing those issues that are most important. In the case of communication and employee needs, managers would need to conduct regular meetings with employees, discussing a whole host of issues that could be affecting performance. This means that managers must be proactive, where…… [Read More]
Managing Professionals in Virtual Environment
As technology has evolved, the reality of virtual organizations has begun to take hold in a variety of industries. It is now commonplace for employees to work, at least in part, from offsite. Telecommuting is a reality that has allowed companies to reduce costs, become more competitive, and facilitate happier more productive employees. Virtual employees, or "telework is one of the most radical departures from standard working conditions in the suite of flexible work practices now gaining widespread acceptance." (Daniels, Lamond, & Standen, 2001)
Managing Professionals in Virtual Environment
As technology has evolved, the reality of virtual organizations has begun to take hold in a variety of industries. It is now commonplace for employees to work, at least in part, from offsite. Telecommuting is a reality that has allowed companies to reduce costs, become more competitive, and facilitate happier more productive employees. Virtual employees, or…… [Read More]
Management and Leadership
Impact of management and leadership
The aspect of management and leadership are very crucial in the success of any organization as long as they are practiced in the right manner and leadership as well as management tenets are put into proper use. These two principles cannot do without each other and they have a kind of symbiotic relationship where one cannot efficiently operate without the presence or influence of the other.
A leader is noted to be that person who has the ability to influence others in order to achieve a common goal that has been agreed upon. A true leader for that matter is one who does not have selfish interests but the interests of those whom he or she relates with and leads in the process of achieving a required goal (Woodroffe Noel, 2012).
The issue of leadership has for long been the subject of…… [Read More]
Brief Overview of Costco's Compensation System
Costco has a unique compensation system within its industry. The company competes as a cost leader, where it features low prices as a means of winning business. Cost leaders typically try to have rock bottom costs throughout their operations, from the supply chain to labor and everywhere in between. These competitors will use their bargaining power to get the cheapest labor possible, bargaining down wages, benefits and other perks. This often results in a poor quality labor pool with high levels of turnover, but these companies accept that as part of having a low cost labor pool and account for that is the design of the low cost business model (Lutz, 2013).
The approach that the company has to compensation is therefore counterintuitive to the way that most of its competitors run their human resources, but there is internal logic to Costco's…… [Read More]
Compensation Plan Outline
Ford Motor Company is the largest manufacturer of heavy commercial vehicles and second largest producer of automobiles in the world. Their range of vehicles comprises 70 different types that include Jaguar, Lincoln, Volvo, Mercury, Aston Martin, and Ford with presence in over 30 countries worldwide. Ford employs over 300,000 employees across the globe. In the United States itself, Ford has an employee strength nearing 100,000 employees and sales exceeding three million units (Joesph, 2003).
Compensation Plan of Ford Motor Company
Association with Ford Motor Company is a fulfilling experience for the workforce. The company offers motivation for exemplary work ethics, opportunities for individual and collective growth that translates into challenges to be met and overcome. The vast range of vehicles produced in the company provides the stimulus for development of the personnel at all levels, as does the cultural and regional diversity of the workforce itself. Ford…… [Read More]
Managing Organisational Change
Kotter's 8-Step model is one of the most commonly used models in change management. The model provides eight useful guidelines which can be applied to change management within the context of human resource management (HM). This paper explores the applicability of the model to a change initiative aimed at shifting from job-based compensation to knowledge-based compensation at Dataversity. Dataversity provides digital educational and publishing services to business and information technology (IT) professionals concerned with data utilisation and management. The paper specifically demonstrates how each step of Kotter's model can be applied to the identified change situation.
The first step in the model is to create a sense of urgency (Kotter & Schlesinger, 2008). This essentially entails demonstrating to members of the organisation why the change is important as well as what could happen if the change is not implemented. The management and employees of Dataversity must understand…… [Read More]
Compensation and Performance management: Two Sides of the Same H Coin
While it is unquestionably part of a human resources manager or director's job to ensure that the company achieves some level of cost savings -- and definitely cost benefit -- in its human resources expenditures, this does not mean that keeping compensation packages at the minimum possible level is the ideal target to shoot for. The well-being and satisfaction of employees is important not only to ensure ongoing loyalty and productivity, but also for intrinsic and ethical reasons. When making cost-saving decisions in regards to human resources compensation, then, certain steps and measures must be taken.
First, effective appraisals must be conducted to determine where cost savings is appropriate, and where it is unwarranted. This process must begin with a purposeful appraisal design that is in keeping both with legal and ethical requirements and that is explicitly geared towards…… [Read More]
Review relevant background information.
During this step you are collecting information about what types of special skills may be required. For example, does the job have you obtaining some kind of license or permit? At the same time you would look at the financials of the business and industries they are in.
Select representative positions.
This is when you are sampling the different job openings in the field and are studying what the majority of employers are looking for.
Analyze the job
During this step you are conducting your initial canalization to: determine the abilities and skill sets for the position. This is based on looking at news of the company and trying to gain insights as to what the work environment is like.
Verify the analysis
During this step you are determining if the analysis that was conducted was correct. This will help to ensure that any kind conclusions…… [Read More]
Compensation in Wachovia Bank's Base Employee Tier
Bank Teller Pay
Compensation in Wachovia Bank's Base Employee Tier
Banking Industry Practices
etention ates for Tellers
Opportunity Cost for Promotion
Consideration of Drawbacks
Compensation of tellers at Wachovia Bank is closely tied to turnover rates. Employee turnover is costly because resources must be expended to replace employees who leave. ecruitment and training can be expected to be approximately one-third of an employee's salary. In the banking industry, the turnover rate for tellers also impacts the bank's ability to efficaciously cross-sell investment products. High turnover rates of promotable employees contribute to increased expenditures by the human resources department since searches must be orchestrated with outside executive search consultants. The banking industry is in survival mode. In order for Wachovia Bank to survive in this industry, we must take care of our frontline. The frontline of Wachovia Bank is our tellers. A…… [Read More]
I believe that Keith was entirely justified in insisting that the job, not the person, be evaluated. If a company has established protocol, then that protocol should be followed. The receptionist in question has a boss who is in charge of evaluating her performance on a regular basis; the committee would likely be overstepping its boundaries if they had decided to evaluate a single person, rather than the position they were intended to evaluate. Keith would likely be justified in reminding the other committee members of their responsibilities and duties regarding the committee's purpose.
Initially, Keith was bothered by the possibility of a confrontation at the meeting with certain committee members. It would therefore behoove Keith to approach the situation with care and consideration, while maintaining a sense of balance and humbleness. One thing that Keith does not want to do is approach the other members of the committee…… [Read More]
At this stage of the interview, we asked Mr. Feldman about the specifics of the evaluation system. We found out that the scope of the appraisal system was that of evaluating the job through three different lenses -- the rights and responsibilities of the position; the means in which the employee is able to comply with his tasks and responsibilities and the appropriateness and drive of the individual employee occupying the respective position. In terms of job rights and responsibilities, these are established internally and specifically for each position. They take a technical side and are assessed twice every year with the aid of charts and measurable data. This process is also used to identify the means in which the employee performs his tasks. egarding the appropriateness of the individual in the position, this is assessed in a more qualitative manner through discussions with the employee, his colleagues, or his…… [Read More]
Evaluate whether or not the compensation system at Collegiate Promotions is effective.
If a company wants to introduce a new product to market in a quick way, but has rigid funds they have the option of utilizing an independent sales representative model. This allows a company to use representatives in their business to cut expenses and increase sales over the phone or enter into new markets or territories. Companies use representatives as direct sellers in order to show and eventually sell products in high amounts. Not only is direct selling an economical way to market and spread a good, but it can also help in the recruiting endeavor as well (How to Work With Independent Sales eps, 2011).
The compensation system at Collegiate Promotions is effective for them since it keeps their cost low and yet allows for them to sell a lot of their products. They don't…… [Read More]
To the employer, this insight could indicate the need to avoid routine and maybe to enrich the tasks of customer service agents (Smith and Salvendy, 2007).
3. Additional information needs and usefulness
The job analysis process is highly complex and it cannot be simply based on the day diary of one customer service agent. The job analysis is expected to identify the main features of the job to be performed, of the tasks, as well as the skills required from the occupant of the respective position. In this order of ideas, additional information is required in the completion of a job analysis. The lines below reveal some of the more relevant data that would be required:
The day diaries of more customer service agents in order to collect insights from several employees and as such reduce the risks of subjectivity
The identification of the previous educational attainment levels of the…… [Read More]
The current plan is a defined contribution plan, but the employees are not using it effectively. Many are heavily weighted in money market, and over 70% of employees are not even making contributions. Both of these problems need to be addressed.
The first question that should be raised with senior management is whether to offer a defined benefit plan, rather than a defined contribution plan. Part of the reason that many employees do not use the plan is that they probably do not truly understand the plan. A defined benefit plan is much easier to understand for employees because it gives them a set benefit (DOL, 2012). The risk in a defined benefit plan, however, is on the company, whereas with a defined contribution plan the risk falls to the employees. So from the company's point-of-view it is probably better to have the current plan, and maybe we just…… [Read More]
Management Style of Brian Driscoll
The blame for the demise of Hostess has been squarely put at the union's feet and their contracts. After conducting a close examination on the company, I have realized that free labor would have led to the death of Hostess; the striking employees only enhanced the inevitable. In this situation, people on the right track have pointed fingers at greedy unions. However, we must acknowledge that the two sides must reach a realistic agreement in a collective bargaining setting. Unions reflect the demands and wishes of employees and are natural to engage in negotiations in order for their demands to be fulfilled. Companies must communicate accurate company data with the union and companies should provide clear answers when they cannot meet the demands of employees. A positive relationship with workforce cannot be built by asking employees to give significant amounts of benefits back and pay…… [Read More]
Part 6.1. I would seek to change the cognitions of the employee in order to change the affects and the behaviors. The cognitions underlie the other two traits, so any change must start with the underlying values and beliefs. It is important for managers to have an understanding of organizational behavior because managers are responsible for guiding that behavior in directions that support the organization's objectives. Knowledge of OB is more important at lower levels because those are the managers that must deal directly with the organization's rank and file. Higher level managers dedicate more time to strategy formulation and environmental analysis, which involves setting directions for the organization, but the lower level managers are the ones that must implement the strategies and that means dealing with the human elements of the organization.
2. Of the four components of emotional intelligence, the one that I feel is most important for…… [Read More]
The statement regulating accounting for stock-based compensations defines a fair value-based method of accounting for an employee stock option or similar equity instrument and encourages all entities to adopt that method of accounting for all of their employee stock compensation plans. However, it also allows an entity to continue to measure compensation cost for those plans using the intrinsic value-based method of accounting prescribed by APB Opinion No. 25, Accounting for Stock Issued to Employees. The fair value-based method is preferable to the Opinion 25 method for purposes of justifying a change in accounting principle under APB Opinion No. 20, Accounting Changes. Entities electing to remain with the accounting in Opinion 25 must make pro forma disclosures of net income and, if presented, earnings per share, as if the fair value-based method of accounting defined in this statement had been applied.
Stock options are the most frequently used method in…… [Read More]
The IRS may also impose a 10% excise tax or a maximum of $10,000 on an officer who knowingly entered into a transaction (Samuels and Shoretz).
When this happens, the official endeavors to enter a rebuttable presumption that the compensation and benefits are reasonable (Samuels and Shoretz 2002). The board of directors or trustees must approve the three criteria for the rebuttal. In the first, the board must be composed entirely of members unrelated to and not beholden to the officer in question. In the second, the board must possess reliable data, comparing its compensation level with those of other organizations in similar situations. This is intended to lead the board to make sure the officer's compensation has comparable fair-market value with others in the geographical area. The data may be secured form reputable and independent surveys and the third requires the adequate documentation of the fixed compensation as its…… [Read More]
Given the long hours and the large quantity of information the employees at the Fit Stop will have to acquire, it is only natural for the management to offer the a wide series of incentives aimed to increase their performances and ensure the complete satisfaction of customers' needs, all to the overall benefit of the organization. Founder Susan Superfit could offer a fixed payment plan, plus sales commissions, plus other financial and non-financial incentives. She should also constantly analyze the markets as to identify new trends in rewarding the staff but also to identify the strategies implemented by the competition.
Wyatt, W., Compensation Trends in Canada, Watson Wyatt Data Services Canada, http://watsonwyatt.com/lastaccessed on April 19, 2008
Compensation: Outline and Definitions, H Guide to the Internet, 1998, 1999, 2000, last accessed on April 19, 2008
Pay Systems, ACAS, etrieved from www.acas.org.uk/media/pdf/p/0/B02_1.pdfonApril 19, 2008
The Fit Stop, Strategic Compensation in Canada,…… [Read More]
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 H department and develop an employee compensation and benefits package for this position. This package will be utilized for the position of secretary for the H department once a suitable candidate is hired. Generally, pharmaceutical companies hire educated and highly talented individuals because of the nature of their operations, which requires high academic qualifications. In essence, the need for high academic qualifications for this industry is fueled by the fact that these professionals deal with patients whose needs are constantly evolving. The development of a suitable compensation and benefits package for a H secretary in this pharmaceutical company requires examining compensation and benefits packages in the…… [Read More]
Fool-proofing a service operation.
In the banking industry, a significant service industry in any country, optimized operations are essential to ensure that the public has maximum confidence in the operators of this industry. ank of America and its operations have been selected for discussion in this study. The bank has grown tremendously in the past few years. CEO, Ken Lewis realized that the bank could gain a wider market share and customer base if it was able to streamline its operations and the level of service. Incorporating concepts of process management was considered essential to the improvement process. (Cox and ossert, 2005) Some of the tools such as six-sigma were used to ensure that a high level of quality was maintained in the service that the provided to the customer.
ank of America recognized that customer satisfaction was paramount in ensuring that the customer was loyal and would…… [Read More]
(Krukowski, 2001) Civil religion and workplace mysticism each change the institutional locus of religious expression from the church, synagogue, or mosque to another public organization- the state or the company. The existence of these different organizations hoists the main question of individuality and perhaps challenging faithfulness.
Both civil religion and workplace theology do not show the likely clashes and problems often met by employees who are also religious practitioners. Jews, Christians, or Muslims who are workforce of a company may well have grounds to question the customs of their company on religio-moral basis. Workplace theology in a funded organization does not distinguish these possible clashes. Institutionally conveying workplace theology is obviously not identical with permitting individual employees to convey their beliefs and customs at work. This grave outlook of workplace theology should not be realized, as a censure of persons who want to live out their definite religious or spiritual…… [Read More]
Management and Leadership
Tuckman Stages of Team Development
The Tuckman stages of team development are an important concept for a health care leader. The five stages are the means by which a team can come together in pursuit of a common mission, and the means by which the team will retain its cohesiveness over time. The five stages in the Tuckman model for team development are forming, storming, norming, performing and adjourning. These stages take the team from its inception to the point at which the team in wound down..
The forming stage is usually a stage when "most team members are positive and polite." There is some anxiety about the project, uncertainty about both roles and the team's social structure, and many team members are quite excited about the project (MindTools.com, 2015). For the manager, the forming stage is important to set the mission for the team, outline the…… [Read More]
Soliciting more suggestions about how to improve the company from employees will make workers feel as if the company has a personal investment in their output, and that they can make a valuable commitment to the overall mission of the company. Having a clear sense of corporate identity can make workers feel as if they are motivated to improve the company as a unit instead of merely seeing the company as a vehicle of self-advancement. Many of the dissatisfactions articulated by the company relate to understandable individual concerns, such as the lack of personal time, overwork, promotions, and equitable pay. These all suggest that the company comes up lacking because it does not invest in workers, thus workers do not invest themselves in it.
"Herzberg, Mausner, and Snyderman (1959) identified factors such as achievement, recognition, responsibility, advancement, and personal growth which, when provided as an intrinsic component of a job,…… [Read More]
To do this, her duties could be diversified, and her position modified in order to give her a greater sense of responsibility. One way to do this could be to appoint assistants whom Sue could train to handle her more elementary duties. She could then learn to assist some of the higher-level positions within the company and work her way towards a leadership position.
In today's democratic and equal society, the law protects workers in diverse workplaces. Indeed, democracy and equality in the workplace and society are two of the most important paradigms in the United States today. As a company that reflects the society it serves, it is the aim of WWW.toprovide its workers with optimal satisfaction and opportunities to realize their work related dreams. In order to do this, it is the manager's job to become familiar with all the legislation relating to workers, their protection and their…… [Read More]
Management and Organizational Development
CHAPTE V - SUMMAY ESULTS
Fresno County Department of Children and Family Services emancipates twenty and thirty eighteen-year-old foster children each month. These children face many challenges as they work through a transition into the adult, working world. Children in a foster care setting have not had the stability needed for them to develop the life skills necessary to adjust to life on their own. Many of the emancipated youth have either not graduated from high school, nor hold a G.E.D. certificate. In addition, they do not have adequate basic living skills.. The youths typically do not have employment, nor have they built a history during their teen years of successful part time entry level jobs.
The housing experiences of these children, as they have moves from home to home, have not taught them the basic skills needed to keep a home, or apartment. These young…… [Read More]
The current compensation philosophy of Lockheed Martin is based on a pay for performance ideal (Hartung, 2010). However, there is more to the issue than just paying for a person's performance. That performance (and pay) is based on the market, and how well the individual's performance contributed to the overall objectives of the company. Its goals are generally very clear, and those employees who work hard enough to help the company showcase and reach those goals are the ones who are going to be compensated at the highest level (Hartung, 2010). While a lower level of performance may not be enough to have an employee fired or laid off, it can be enough to ensure that the person does not receive as much compensation as other employees who work at higher levels on a consistent basis. Despite the high quality of the compensation plan, there is one flaw…… [Read More]
Comparison pricing is the first place to start when setting your price: evaluating the competitive market price for the service. Such information can be gained by surveys, calling other institutions, or simple networking.
Alternately, pricing can be calculated by calculating demonstrative or overhead costs that gives you the cost per child per year added to which are taxes, benefits and salaries for each of the teachers, the total divided by the number of children in that age group at the center.
A third method of calculating follows the "full cost of quality care" where quality and target goal are taken into account and parents are charged a premium.
Chapter 3: Staffing: A guide to recruitment and retention
Staff compensation is essential to providing a positive atmosphere. Determine your needed quantity of staff and work out wages as per competitive pricing (by surveying similar companies, community database, or the U.S. Department's…… [Read More]
Tickets and merchandise were being sold out of the same small building that player negotiation and trades took place. This placed pressures on the teams' front office having to deal with customers on a daily basis. Also fans were open to agree or disagree with the plays of the team, quality of the team and even the costs of tickets. The only way Fletcher found to deal with these issues was to make himself available to customers and take in their suggestions. Customer service soon became a high priority to the team.
Among other issues Fletcher had was in his staff and partners. efore the opening of his team, his partners withdrew from the deal. This caused Fletcher to have no choice but to assign his first manager Paul Deese to double as a partial owner. Deese made the call as to baseball decisions and Fletcher made the business decisions…… [Read More]
Compensation strategy is a useful tool that many, if not all, human resources managers can and should use in order to maximize their efficiency and effectiveness within the scope of a larger institution. Compensation strategy allows for the principles and character of the organization to show and demonstrates ability to negotiate the challenging aspects of maintaining a competitive advantage within a given industry.
The purpose of this essay is to explain and highlight the importance of strategic compensation as a component of a the larger corporate strategy within an organization. This essay will examine how pay and different forms of pay can be instrumental in finding new ways to motivate, sustain and increase participatory levels within company organizations and provide a footwork for future successes. This essay will also discuss some of the approaches that may be deemed useful by human resources managers in creating and designing a…… [Read More]
Frank and Taylor (2004) warn that motivating employees is highly dependent on their specific wants and needs. An accounting firm that mostly hires conservative, serious-minded employees who value efficiency above all else are not likely to be motivated by the offer of a life coach or a concierge. They would probably be much more motivated by a good 401k plan. However, that does not mean that all types of organizations cannot get creative with their benefits.
The key is to creating an effective and creative employee benefit strategy is talk to the employees and find out what they really want. According to Gajewski (2005) it is critically important to modify "the corporate culture to balance employee needs and desires with organizational objectives" (p. 4). Therefore, if companies can change the corporate culture in such as way that satisfies both management and employees, then they would be remiss not to do…… [Read More]
International Human esource management Articles
In this paper, we will critically evaluate two separate journal articles related to international human resource management (IHM) and draw out their contribution to IHM in an integrated literature review. The topics of these two articles are Development and Globalization. First, we will overview both of the articles separately in this introductory phase and then in the literature review we will support our outline of concepts and ideas in the two articles. A critical analysis will then be done relevant to the articles which will examine the strengths and weaknesses of the articles. After the critical analysis we will advise how both of the subject matter discussed can be applied to multinational companies either large or small.
Finally, we will give a conclusion and recommendation in which the former will include summary of what we have found looking back at the overall paper and the…… [Read More]
Performance and Compensation Management
According to Sachdeva, Mittal and Solanki (2009), technological solutions are vitally important for aggregating and using relevant human resource management information for performance and compensation decisions. These authors note that, "Human resource information systems are extremely important for acquiring, maintaining, utilizing and deriving human resources pertinent information. They are essential to make speedy and useful employee related decisions" (Sachdeva et al., 2009, p. 43). The specific attributes and techniques that are typically used by human resource practitioners for these purposes are discussed further below.
Performance Management Systems
Performance management systems represent powerful tools for H managers by providing:
1. Better insight into individual performance for informed decisions;
2. Improved ability to manage goals and change direction; and,
3. Ability to tighten the reins so everyone remains on track (Managing employee performance, 2009, p. 6).
The studies to date have confirmed that organizations that employ performance management…… [Read More]
UltiPro is an industry leader in HCM, delivering more out-of-the-box functionality than any other provider. UltiPro's continuous H and talent management functionality includes recruitment, onboarding, payroll, worker and manager self-service, benefits administration, compensation management, performance management and reviews, succession management, talent retention tools, time and attendance, workforce scheduling, rich reporting and analytical decision-making tools, and more. UltiPro's Web portal can serve as a company's communications center and the fundamental gateway for business activities because it conveys functionality for everyone in the company, from H and financial departments as well as executives, staff managers, and individual staff. With the UltiPro portal, H/payroll staff, managers, and administrators can complete daily worker administration tasks, administer benefits, manage staff, and access reporting in real-time, all from one central location. Managers and executives can access frequently requested reports and analyze workforce statistics and trends on-demand. Employees can access pay and benefits information, get questions answered,…… [Read More]
Performance Management Process and the CEO
Critique and evaluate considerations that are traditionally used to determine CEO compensation
Many reward compensations adopted by the CEOs of this era contain five primary components: limited stock grants, limited option grants, payouts for incentive plans, annual bonuses, and salary. While the amounts of bonuses, compensation and perquisites found in not-for-profit sectors may pale in comparison to those in the for-profit world, they generate combined reactions. Their existence can ignite debate, especially in periods of shrinking budgets and increasing costs. However, the ability to hire, maintain, and compensate CEOs is essential in all sectors, and is mostly achieved using a variety of executive compensation plans. The issues around the design of these systems in both the business and not-for-profit areas are similar (Bhattacharyya, 2011).
The last two decades have witnessed a drastic transformation of the executive compensation in many organizations. Compensation of top executives…… [Read More]
Another valuable lesson is pegged to the necessity to select and hire the most suitable staff members. Then, the equal employment rights stimulate the researcher to adopt a more open view of cultural diversity in the workplace. Additionally, as a future application, it would even be important to remember that people of different backgrounds have different skills and abilities. Instead of striving to standardize them, the players in the workplace community should try to capitalize more on the points of difference offered by culturally diverse staff members, such as their increased ability to communicate with culturally diverse customers.
5. Impact of the Study on Career and Personal Life
It is yet uncertain as to how the personal career of the researcher would be impacted by the findings of the study. What is however known with certainty is that the baggage of HM knowledge of the researcher has significantly increased. Within…… [Read More]
CEO's salary, bonus, and long-term compensation with respect to various organizational, financial and CEO factors such as corporate reputation, growth in employees, company size, and return on equity, CEO tenure and CEO stock ownership. In relation to the general performance of the organization
This paper utilizes the various measurement of chief executive compensation as exploited by the various detailed pieces of literature and employed as the dependent variable in a model based on multiple regression theory. It explores the extent to which the CEO's compensation package affects the overall performance of the whole firm or corporation for which he or she works for.
The purpose of this research is to determine the extent to which the CEO's remuneration a large corporation such as Coca Cola has on the general performance of the organization.
The CEO's compensation has for a long time been source of attention from various groups in…… [Read More]
Pharmaceutical industries have to operate in an environment that is highly competitive and subject to a wide variety of internal and external constraints. In recent times, there has been an increasing trend to reduce the cost of operation while competing with other companies that manufacture products that treat similar afflictions and ailments. The complexities in drug research and development and regulations have created an industry that is subject to intense pressure to perform. The amount of capital investment investments required to get a drug from conception, through clinical trials and into the market is enormous. The already high-strung pharmaceutical industry is increasingly investing greater amounts of resources in search of the next "blockbuster" drug that can help them gain market position and profits. Laws, regulations and patents are important to the industry while spending billions of dollars in ensuring the copyright of their products.
It is the intention of this…… [Read More]
Nike Inc. is an America multinational company with engagements in development, manufacturing, design, and global marketing of equipment, apparel, footwear, services, and accessories. The firm has its headquarters in Beaverton in Portland metropolitan region. The company remains part of the largest apparel and athletic shoes supplier in the world. The company is a notable manufacturer of different sports equipment reaching a revenue mark of U.S.$23.1 billion in 2012. The year 2012 was illustrated by the employment of close to 44,000 individuals across the world. Further, the brand was estimated to be at the value of $19 billion that made it a valuable brand within other sports businesses. Nike was developed in 1964 under the name Blue ibbon Sports (Farrell, 2009).
The founders were Phil Knight and Bill Bowerman who later adopted the name Nike, Inc. In 1971. The firm took the name against the Greek meaning of 'goddess of victory'.…… [Read More]
Managing Diversity Matters
A Study on QANTAS
Women Representation at QANTAS
QANTAS' Focus on Diverse Needs of Customers
QANTAS Ideology Regarding Recruitment of Youth
Challenges Faced y QANTAS
In today's challenging global scenario where competition is rising every day, it is necessary for Multinational organizations to address the basic need of today's business world: diversity. Customers, employees, strategic alliances, competitors, industry norms etc.; they are all subject to changes every day. This is the reason why organizations must need to show adaptability to the change and address the diverse needs of all these stakeholders. Furthermore, while discussing MNCs, it is noticeable that one of the industries (with highest degree of diversity in its operations) is the aviation industry. Australia is one of the most culturally diverse in the world, according to a 2009 study by L. Leveson in the International Journal of Manpower. The study explored current attitudes to diversity…… [Read More]
Previously the element of interest and personal motivation were found missing, the technical capabilities of the employees have never been a matter of debate, however the personal and mental capacities and limitations are either ignored or not respected which resulted in the poor performance of the organization. Apparently, the rise in the demands pertaining to the particpation of the employees and the industrial democracy has also distorted the professional environment. Such all complains were lately resolved and answered through the unique approach of the organization, the organization has understood the significance of the employees, and had realized that their performance is not based upon their professional capabilities, but rather it is the function of the mental capability of the employee related to the friendly and conducive environment offered to the employees occasionally. The need of the employees that focus upon peaceful, conducive and liberal environment has been ensured, which required…… [Read More]
At this point we can conclusively deduce that the workforce at Telstra lacks intrinsic rewards as well as extrinsic rewards. The link between reward and performance is not clearly defined. However a certain amount of literature has indicated that a certain level of motivation is necessary in order to achieve certain desired results from the workforce.
Link between organizational strategy and the management of reward & performance
The Telstra management is strongly motivated towards the attainment of the various levels of superb performance by their employees towards their customers. There are however certain areas that are not consistent with the norm at the company. The organization strategy at Telstra is geared towards the attainment of unparalleled customer satisfaction .The reality on the ground however is that this is achieved via a series of moves such as the implementation of the Performance Improvement and Conduct Management (PICM), a system that has…… [Read More]