...HRM 324 Final Exam Guide To Buy This material Click below link http://www.uoptutors.com/HRM-324/HRM-324-Final-Exam-Guide Base pay defined is? Pay by the drink Hourly or annual salary Service fees A fee that is paid per project How is base pay adjusted over time? Cost of living adjustments Seniority pay, merit pay Incentive pay, person focused pay All of the above Extrinsic compensation includes? Base salaries and bonuses Jobs that provide autonomy Both monetary and nonmonetary rewards Traditional pay 4) Competency based can be defined as? Two basic types of focused pay programs, pay for knowledge and skill base pay Compensation for longevity Phased wage approach Retirement compensation 5) Pay for knowledge can be defined as? a) Rewards for managerial, service, or professional workers for successfully learning specific curricula b) Consultant fees c) Measures labor productivity 6) Skill-based pay defined is? a) Employees who work on computers b) A term used mostly for employees who do physical work c) Trade that deals mainly with the restaurants industry d) Skills considered supervisory 7) Incentive pay defined is? Augments employees base pay Appears as a one-time payment Employees usually receive a combination of recurring base pay and incentive pay All of the above 8) Incentive pay plans can be broadly classified into what 3 categories. a) Store sales, profit levels, customer quality b) Cost savings, reduction, services c) Individual incentive...
Words: 451 - Pages: 2
...Salary structure in management in Germany, Poland and the UK – a comparative study Table of Contents 1 Table of Contents 1TABLE OF CONTENTS..........................................................................................................................3 2INTRODUCTION.....................................................................................................................................4 3DEFINITION OF SALARY......................................................................................................................4 4GENERALY TRENDS IN MANAGEMENT SALARY IN UNITED KINGDOM, GERMANY AND POLAND....................................................................................................................................................6 5SALARY IN UNITED KINGDOM............................................................................................................6 6SALARY IN GERMANY..........................................................................................................................8 7SALARY IN POLAND.............................................................................................................................8 8CONCLUSION.........................................................................................................................................8 BIBLIOGRAPHY.......................................................................................................................................
Words: 1293 - Pages: 6
...financial officers, chief executive officer, upper level managers and the company president. Executive compensation mostly consists of base salary, bonuses, long-term incentives benefits, and prerequisites whose main purpose is to motivate the executives to steer the company to profitability and make decisions with the best interest of the organization. Executive compensation has been on an upward rise especially within the last few decades reaching to unprecedented levels. Worse still, executive employees’ salaries and benefits have increased at a significantly higher rate as compared to other employee’s compensation consequently raising controversy not only of the ethical issues but on issues of equity and efficacy of the high compensation in motivating the executive’s performance. The paper thus posits that the increased executive salaries are not only unethical but are not a reflection of executive performance nor are they correlated to executives performance and as such other options of motivating executive employees should be explored. Other employee motivations such as through psychological contract, organization motivation and employee development should be sought especially with the increased use of teams in management in volatile environment. Types of executive compensation Executive compensation consists of the base salary, bonuses, and long-term-incentives such as...
Words: 1620 - Pages: 7
...higher wages than those that save our lives and teach us such as medical doctors and teachers. Professional athletes do not offer society an essential function that improves or enhances our world in comparison to other professionals. It is my claim that professional baseball players are paid more than they are worth. Economics is the key to understanding why these athletes earn such tremendous salaries; still, it fails to explain why they actually do deserve it. Giving athlete’s high wages doesn’t only distort them, but also bring downfall to clubs and the country’s economy. The growth and the development of a sport may be reflected from the wages of the athletes and that is all it does. In conclusion, Team owners pay more to keep athletes on the team to be on a winning streak, but whether the drive to win is justifiable remains in doubt. The economic system involving sports, corporate America, and the media is an interdependent one. Athletes make huge sums of money paid to them by owners who make even larger sums of money. Agents, free agency, and other phenomena keep athlete salaries rising. So, too, does increased ticket sales to games, increased TV viewership, enormous media contracts, TV advertising, and corporate sponsorship and endorsement deals. The economic rewards in the sports industry are so enormous that corporate America, the media, and sports franchises are driven to earn a larger slice of the profit pie. Mergers and acquisitions, alliances, cross-promotion, enormous...
Words: 436 - Pages: 2
...Total Rewards System Proposal Lakeya Lyle HRM 533 Dr. Lorna Thomas August 9, 2015 Create a brief overview of the company requirements for a total rewards system. The Allstate Corporation is the largest publicly held personal lines property and casualty insurer in America. Allstate was founded in 1931 and became a publicly traded company in 1993. They are listed on the New York Stock Exchange under the trading symbol ALL. Allstate is widely known through the "You're In Good Hands With Allstate" slogan. As of year-end 2014, Allstate had $108.5 billion in total assets. In 2014, Allstate was number 92 on the Fortune 500 list of largest companies in America. The Allstate Corporation encompasses more than 75,000 professionals made up of employees, agency owners and staff. Among Allstate's employees, 56 percent are women, and 33 percent are minorities. More than 42 percent of officers and managers are women and 22 percent are minorities. As a company with a diverse population of employees, agents and customers, Allstate embraces diversity in everything they do, not only the customers they serve and the communities in which they invest, but also the people they hire and the businesses they use as suppliers. It's a testament to the company's corporate citizenship and a sound business strategy. Allstate is reinventing protection and retirement to help approximately 16 million households insure what they have today and better prepare for tomorrow. There high performance work environment...
Words: 2474 - Pages: 10
...Support the induction of staff Submission details Candidate’s name | | Phone no. | | Assessor’s name | | Phone no. | | Assessment site | | Assessment date/s | | Time/s | | The Assessment Task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Performance objective You will demonstrate skills and knowledge required to advise applicants of interview outcomes and induct a successful applicant. Assessment description Across three assessment tasks you will support the recruitment, selection and induction of staff. In this Assessment task, you will notify applicants and write an induction plan. Assessment Task 2 Assessment Task 1 Assessment Task 3 Plan for recruitment and selection Notify applicants and develop an induction plan Check referees and complete a selection report Group work Group work Participate in interview and selection process Consult with selection panel to prepare for interviews Assessment Task 2 Assessment Task 1 Assessment Task 3 Plan for recruitment and selection Notify applicants and develop an induction plan Check referees and complete a selection report Group work Group work Participate in interview and selection process Consult with selection panel to prepare for interviews For this assessment task you are required to: * develop a letter of offer and an employment contract...
Words: 1399 - Pages: 6
...compensation strategies, which you will read below, that have helped us develop a compensation system that will motivate, encourage, retain and reward employees. There is no perfect system. Not all systems fit all businesses. The idea that pay policies have strategic impact has become a major theme within the compensation literature since the mid-1980’s…analysis reveals that inferior organizational performance is associated with the lack of fit between pay policy and business strategy.” (Montemayor, 1996, p889). But through careful investigation we have found two systems we believe will work well in our company. Through our research, three compensation systems really stood out. We will discuss Merit Based Pay, Salary Plus Commission and end with Salary Plus Bonus. This report outlines our research findings as well as an analysis of the findings. We have discussed the advantages and disadvantages of each system. Then, you will read our recommendations on implementing our choices. In our recommendation section will provide 3, 6 and 9 month goals leading up to full implementation of our new compensation system. Introduction We are an organization that employs 120...
Words: 3254 - Pages: 14
...review the policies and track the perf goals of all non sales n non executive employees in the entire company. - PMS had to hold employees accountable for their actions n incentive strong employee performance by offering thoughtfully designed compensation packages, including salaries, bonuses n equity opportunities in the form of options. - The PMET studied evaluation n rewards system. Employed internal n external bench-marking, focus groups n employee interviews. PROBLEMS that PMET discovered: - There was problems for 2500 professional staff approx. Which consisted of mostly scientists n engineers in R&D labs. - 113 different rating levels (from A to E including pluses and minuses) - Managers were worried about offending employees so they gave almost everyone a C or a B, provided few D or A ratings n rarely gave Es/ this resulted in homogeneous ratings and failed to distinguish performers from non performers. (exhibit 2 shows it) - Employees felt undervalued financially. - This happened because of the point system that they used to calculate salary n pefr based raises. This was derived from the point factor job evaluation methods such as Hay Guide chart profile. - Pay policy line = base salary +(job evaluation points * Increase per...
Words: 397 - Pages: 2
...Business Research Report Compensation Strategies Assessment Code: RWT1 Table of Contents Executive Summary 3 Introduction 4 Research Findings 4 Finding Number 1 4 Finding Number 2 5 Finding Number 3 5 Recommendations 5 Conclusion 6 References 7 Executive Summary The XYZ Manufacturing Company harnesses employee happiness to produce high quality goods. Happy employees equates to loyalty and long term employee – employer relationships. To continue this formula, there are 3 strategies that will assist: 1) Group Performance Compensation, 2) Hourly Job Compensation, and 3) Contingent Employee Compensation. Group Performance strategy will foster teamwork, collaboration and higher production outputs. The diverse skill set of the group will allow them to work independently with minimally supervision. Bonuses for meeting and exceed manufacturing goals will be offered. The Hourly Job strategy will compensate all employees for their actual time spent working. Employees that are paid hourly have been found to be happier and more loyal to their employer. Profit sharing bonuses will be offered to keep the employees vested in the company thus keeping overtime to e minimum. Contingent employees will allow the company to meet the demand of peak production without the costly investment of higher regular employees. These contingent employees will be skilled temporary / seasonal workers and independent contractors. They will be hired to meet the just in time production...
Words: 2168 - Pages: 9
...Executive Officer, Raymond James, in regards to possible overcompensation with respect to the company, PDQ’s, current standings. The Senior Vice President of Human Resources, Mark Headlee put together a business document to outline the salary of the CEO, and also included recommendations for a solution to the issue he presented. In the business document the issue is prescriptive as it describes what it wrong with the company while offering ways in which it can be fixed (Browne & Keeley, 2007, p.17). While PDQ has plateaued and even decreased in earnings the CEO’s salary has consistently increased. This is an issue for the company because they are paying their CEO an enormous amount annually while failing to grow as a whole. In the business document the conclusion is simple to find as it is the last heading in the document titled “IV. Conclusion and Recommendation”. Under this section that author clearly states that the salary for the CEO is exceptionally high for the company’s earnings. The solution not only fixes the problem but guides the company down a more efficient and cost effective path. The author suggests that PDQ begin a search for a new chief executive offer to replace the current one. It simply cannot support a CEO under the current salary and run resourcefully. The conclusion section does contain other factors such as national averages, estimates, and added evidence but Browne and Keeley (2007) have explained that the conclusion does not include these aspects (p.21)...
Words: 1192 - Pages: 5
...Milkovich−Newman: Compensation, Eighth Edition Front Matter 1. The Pay Model © The McGraw−Hill Companies, 2004 Chapter One The Pay Model Chapter Outline Compensation: Definition, Please? Society Stockholders Managers Employees Global Views—Vive la différence Forms of Pay Cash Compensation: Base Cash Compensation: Merit Pay/ Cost-of-Living Adjustments Cash Compensation: Incentives Long-Term Incentives Benefits: Income Protection Benefits: Work/Life Focus Benefits: Allowances Total Earnings Opportunities: Present Value of a Stream of Earnings Relational Returns from Work The Employment Relationship Combines Transactional and Relational Returns Variations in Transactional and Relational Expectations A Pay Model Compensation Objectives Four Policies Pay Techniques Book Plan Caveat Emptor—Be an Informed Consumer 1. Does the Research Measure Anything Useful? 2. Does the Study Separate Correlation from Causation? 3. Are There Alternative Explanations? Your Turn: Glamorous Internships? or House Elves? A friend of ours writes that she is in one of the touring companies of the musical Cats. In the company are two performers called “swings” who sit backstage during each performance. Each swing must learn five different lead roles in the show. During the performance, the swing sits next to a rack with five different costumes and makeup for each of the five roles. Our friend, who has a lead in the show, once hurt her shoulder during a dance number. She signaled to someone...
Words: 12471 - Pages: 50
...Compensation and Benefits Strategies Recommendations Dave Tauala, David Cosme, Luana Pa'ahana, Rolly Alvarado, Sharon Losalio HRM/531 May 28, 2014 Arlis Liu Compensation and Benefits Strategies Recommendations A competitive and affordable total rewards system will not be effective if potential employees do not know what benefits are available. Communication of the package is just as important as the package itself. Employees tend to perceive the value of competitive benefits as excessive costs versus value (Cascio, 2013). The intent in the design of compensation programs is to incorporate salary and benefits into a package that will achieve Landslide Limousines' organizational goals. The team from Atwood and Allen Consulting put together recommendations for a total rewards package for 25 employees with projected revenue of $50,000 for the first year and a 5% revenue growth over the next two years. Limousine Market Landslide Limousines is a new business entering the marketplace. According to Austin Ground Transportation (n.d.), there are more than 70 limousine services. Landslide Limousines will need to market their service comparable to other limousine businesses. Austin is a tourist destination known for its diverse shops, bars, and restaurants. With today's unpredictable economy, limousine services are feeling the pinch as shuttle buses are gaining more business (Breslow, 2014). Entering the market as a new company, the ability to pay employees will be constrained...
Words: 1135 - Pages: 5
...for at the same time. Not all employees want the same thing. Some employees want the steady 40 hour 5-day a week salary job, while others may want 4-day weeks and more paid time off. By providing a proper balance of all items such as compensation, benefit programs, and salary, the administration of the company can keep their excelling employees and may not have to worry about a huge turnover ratio. Compensation Methods “Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.” (HR Guide to the Internet) In this type of economy, many businesses will start to freeze wages and stop giving their employees any type of compensation. However, this may hurt the employee morale. By giving out a reward for an excellent job performance at times, a company could see a bigger profit in this rough economy. There are a few different types of compensation methods. These methods include but are not limited to the following: • Commission • Overtime • Bonus • Expense Allowances Commission can be given to employees if they sell a certain number of items or a certain amount of profit that an employee brings in. Overtime is different at all companies and can be a very big benefit to those who are not on salary pay. Bonuses can be awarded if a certain goal has been met by a particular employee. Finally, expense allowances...
Words: 1149 - Pages: 5
...HRM313e Total Reward Design and Management Group-based Assignment (July 2015 Presentation) HRM313e Group-based Assignment GROUP-BASED ASSIGNMENT This group-based assignment is worth 30% of the final mark for HRM313e Total Reward Design and Management. The cut-off date for this assignment is 30 August 2015 (Sunday), 2359hrs. This is a group assignment. You should form a group of maximum 4 members from your seminar group. Each group is required to upload a single report through Turnitin via MyUniSIM. Each group should nominate one leader, who will submit the assignment on behalf of the group. Please inform the various group members after the case study has been submitted. The group leader is advised to keep the acknowledgement receipt of submission as evidence that the assignment has been submitted. In this group-based assignment, you will be assessed on your knowledge of seminars one to six. There are three questions. All questions must be answered. Link each answer to the facts given in the above notes, situation, excerpts. Please note that as undergraduates you must prove that you are able to apply the appropriate theories to the facts that you are given and answer the questions accordingly. This means that you must refer to the appropriate theories in the body of your answers. Therefore you must also include an in-text reference (Author, Date, and Page) to acknowledge each outside source used and to provide a complete citation in your Reference...
Words: 2971 - Pages: 12
... Methodology:…………………………………..………….……………………….………………7 3. Description and Explanation of Contract Clauses:……………………..………………………..……………………..…..11 Definations:………………………………………………………....…………………………………………………………………......11 Section1: Superintendent, CEO and Secretary for the Board:…………………….……............................12 Section2: Term of Employment..………………………………………………….….............................................12 Section3: General terms and Conditions of Employment…..…………...……..………….……………….……..12 Section4:PowerandDuties(Responsibilities)…………………..…………………………..…...….………………...……13 Section5:Evaluation……………………………………………………………………..…..............................................18 Section6:Salary…..…………………………………………………………………….…………………………………………...…...19 Section7: Expenses/Allowances 21 Section8: Professional Schedule 23 Section9: Other Benefits 23 Section10: Professional Organizations/Activities...……………………………………………………………………….27 Section11: Waiver of Credential Status………………………………………………………………..……………………….27 Section12: Medical Examination 28 Section13: Option to Terminate 28 Section14: Arbitration 30 Section15: Savings Clause 32 Section16: Complete Agreement 32 4. Application of all the Legal Principals 33 Section One:Legal System / Common Law 33 Section Two: The Charter of Freedom of Rights 34 Section Three: Contract 35 Section...
Words: 11921 - Pages: 48
