...Compensation Plan The goal of this compensation plan is to provide employees motivation on a day-to-day basis, but also to give them incentive to remain with the company; additionally, this compensation plan has been created with the goal of being as cost effective for the company as possible. Benefits play a crucial role in both attracting and retaining the best employees (Gillette, 2007, p29). Salaries Employees will continue to receive a base salary and receive commission for sales of products. Each employee will be given a sales goal based on their experience, past effectiveness, target customer base, etc. Recognizing that a new sales person is not going to sell as much or reach as high a level as a more experienced sales person is an important component. As a sales person develops their skills and builds their client base it is important to help them maintain their confidence and feel that they are achieving at a comparable rate. Therefore, employees will also receive a bonus for going past their quarterly goals. While this amount won’t be large, the goal with it is to provide encouragement and incentive for employees to continue to excel. By offering the employees quarterly incentives for exceeding their goals it will encourage all employees to strive to surpass their goals. This is also beneficial for all employees, regardless of their level of sales experience. Because sales goals may not be set as high for a new employee as for a more experienced one a new employee...
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...Employee Benefits Sheila Amparado July 29, 2012 HRM/240 Elizabeth Bossell To: Upper Management From: Sheila Amparado Date: July 29’ 2012 Subject: Employee Benefits for Registered Nurses Introduction Within our Healthcare Organization there a number of diverse employees it is extremely difficult to maintain appropriate benefits for each specific individual. Although it is difficult we need flexibility to put the correct benefits in place. As stated on July 1, 2012 healthcare cost are rising and there has been a large number of claims. We are suggesting new appropriate benefits for our Registered Nurses. Recently the Human Resources Department and Upper Management attended a meeting to discuss different employee benefit plans. It was determined that our organization needs to reduce our companies total cost for these benefits. As an organization we are determined to provide our employees with best possible benefits that our company can afford at the present time. Nonetheless, employees and their families need employee benefits. There are several reasons why employees need benefits: medical care, ensuring future finances, unexpected absences, and tragic events. Our organization needs to provide employee benefits in order to keep quality employees with positive attitudes. I have complied a brief summary of employee benefits that the organization would like to offer Registered Nurses in the year 2013. Health...
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...HRM 599 Course Project: Benefit Plan Design Analysis Purchase here http://devrycourse.com/hrm-599-course-project-benefit-plan-design-analysis Product Description Course Project: Benefit Plan Design Analysis Objective - The course project is designed to provide you with a real-life practical application of an organization’s Human Resource benefits program. You will create a written analysis of a real-world organization’s benefit plan design with suggested opportunities for improvement that use the concepts and knowledge introduced in this course. The below 8 parts need to be completed Part 1: Select and profile an organization for the benefit plan (40 Points) Part 2: Statement of the issue (40 Points) Part 3: Literature Review (40 Points) Part 4. Issue Analysis (40 Points) Part 5. Issue Solutions (40 Points) Part 6. Solution and its Implementation (40 Points) Part 7: Justification (40 Points) Part 8: Reflection (30 Points) HRM 599 Course Project: Benefit Plan Design Analysis Purchase here http://devrycourse.com/hrm-599-course-project-benefit-plan-design-analysis Product Description Course Project: Benefit Plan Design Analysis Objective - The course project is designed to provide you with a real-life practical application of an organization’s Human Resource benefits program. You will create a written analysis of a real-world organization’s benefit plan design with suggested opportunities for improvement that use the concepts and knowledge...
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...Compensation and Benefits Obstacles Every organization must have a compensation plan no matter how it is delivered, for example it can be written or unwritten, formal or informal. However, there are many different reasons that can present some challenges while devising a compensation plan. When considering what can help identify potential obstacles for a compensation plan, here are some questions to consider. What is the goal/target of an organization compensation system? Boeing feels that a high-performance culture is critical to its future. Boeing wants its employees to be actively engaged in seeking customer focused solutions to grow the business and boost economic profit. Boeing offers employee incentive programs that help boost employee morale. Another question would be will this benefit our employees at Boeing? How are we prepared to compensate them further if they do not agree with the proposed plan? What are the standards for communication policies? This refers to how the compensation plan will be delivered to the employees. Compensation should be based on performance that support’s the organization global growth. Another obstacle to be considered when establishing compensation and benefits would be the effect the economy has on most professions. Economic downturn may require employee to pay more for their benefits in order to offset the health care industry cost. Proactive positioning from HR will help prevent many of these obstacles from happening. ...
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...DeVry University HRM-430 Week 3 Assignment Compensation embodies both the intrinsic and extrinsic rewards employees obtain for accomplishing their jobs. Collectively, both intrinsic and extrinsic compensation refer to a company’s total compensation system. Innate compensation replicates employees’ psychological mind-sets that stem from accomplishing their duties. Extrinsic compensation consists of both financial and nonfinancial benefits. Organizational development professionals promote intrinsic compensation through effective job design. (Martocchio 4) Compensation is based on the following: • market study regarding the value of comparable jobs in the marketplace, • employee contributions and achievements, • the accessibility of employees using comparable skills in the marketplace, • the need of the employer to appeal and retain a certain employee for the value they are recognized to add to the employment relationship, and • the profitability of the company or the funds available in a non-profit or public sector setting, and thus, the ability of an employer to pay market-rate compensation. “Compensation moreover comprises payments such as bonuses, profit sharing, overtime pay, recognition rewards and checks, and sales commission. Compensation can also consist of non-monetary perks such as a company-paid car, stock options in certain instances, company-paid housing, and other non-monetary, but taxable, income items.” (Heathfield) Overview of Compensation Philosophy ...
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...HRM531 HRM/531 Compensation and Benefits Strategies Recommendations Week 3 Download 100% accurate A++ and most economical answer from here http://www.homeworkmarket.com/content/hrm531-hrm531-compensation-and-benefits-strategies-recommendations-week-3-1 Complete the Compensation and Benefits Strategies Recommendations task as described in the Email from Traci on the Atwood and Allen Consulting Page. Hello, For this task, I need you to work with a team. You will only be able to work with one client, though, so everyone in your team must agree on which client to work with. I need you to develop some compensation and benefit recommendations for the client. Don't forget to check the Client Communications link to see a copy of my communications with the client regarding this issue. In your recommendation, make sure you do the following: Conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective. Recommend a compensation structure. Recommend the position in the market. Create a total compensation and benefits strategy. Consider the use of performance incentives and merit pay to recognize and engage employees. Identify laws related to the benefits and pay program. Your recommendation should be no more than 1,750 words. Please have this to me by the end of the week. Download 100% accurate A++ and most economical answer from here http://www.homeworkmarket...
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...review the effect human resource management has on planning within a company through hiring, planning, and recruitment through the use of compensation and other benefits that are important to employee satisfaction. Discussions within our classroom environment included EEO and affirmative action, human resource development, safety and health, and employee and labor relations. While these are not the only components of human resource management, these are the items we addressed in class. Within my own company, our human resource department is divided among the divisions, with the main corporate office housing the human resource group for the entire company, and a small human resources group in the St. Louis office for the division I currently work for. For purposes of this paper, I will use the St. Louis information, as it is the group I am most familiar with. Additionally, I will address the corporate policies for the United States groups, as those apply to our division. The company I work for was acquired by an international corporation almost 4 years ago. Changes to our HR policies were frozen until this year, per the purchase agreement. The one policy that could not change until this year was our benefits package – one of the influences of employee satisfaction. Our human resources group utilizes the benefits packages as a recruiting tool for...
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...MANAGEMENT AND EFFECTS IN HRM Cynthia Williams-Whitehurst BUS303 – Human Resource Management (BFM1547A)) Instructor: Farrell Martin December 21, 2015 Human Resource Management strategically aligns the recruiting, developing and placement of employees to sustaining the organizations objective for its constituents. The priority of HRM is to effectively and efficiently motivate every employee to fulfill the goals of its company to be nationally and globally competitive in a desired industry. By designing work goals that are attainable and challenging employers reassure their competitive edge in an industrial environment (CHAPTER 9: PERFORMANCE MANAGEMENT AND APPRAISAL, n.d.). Humans Resource Management, manages the people who manage the organizations capitals’. Regulatory and Labor laws mandate and dictate Human Resource Management (HRM) to select, train and promote candidates through Equal Employment Opportunities and or Affirmative Action. Human Resource Management teams use multiple methods to derive and administer compensation, safety and health benefits to its employees all in an effort to attract and retain the most talented individuals. In today’s economy employees in the United States are protected by Federal Legislation under Equal Employment Opportunity (EEO) and Affirmative Action (AA). Recruitment discrimination is protected by the Civil Rights Act of 1964. Title VII of the Civil Rights Act administers the standards upheld by the equal employment opportunity...
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...there were 8,786 job-related fatal injuries (5,900 not counting the fatalities caused by the terrorist attacks of September 11), or about 3.7 fatal injuries per 100,000 workers. Workers made 2.1 million trips to the emergency room for injuries sustained from accidents at work (Centers for Disease Control and Prevention 2004). Workers’ compensation insurance, which covers all medical expenses and part of lost wages associated with injuries, cost employers $63.9 billion in 2001 (Williams, Reno, and Burton 2003). The indirect costs of accidents—lost wages, damage to equipment, and training and rehabilitation expenses—were several times this amount. Human resource management (HRM) is usually viewed as an auxiliary function in a firm, contributing nothing to that firm’s output—a cost tolerated because payroll, benefits, and certain types of human resource activity must be organized before the real job of...
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...DEVELOPMENT. The second major HRM function, human resource development, refers to performance appraisal and training activities. The basic goal of appraisal is to provide feedback to employees concerning their performance. This feedback allows them to evaluate the appropriateness of their behavior in the eyes of their coworkers and managers, correct weaknesses, and improve their contribution. HRM professionals must devise uniform appraisal standards, develop review techniques, train managers to administer the appraisals, and then evaluate and follow up on the effectiveness of performance reviews. They must also tie the appraisal process into compensation and incentive strategies, and work to ensure that federal regulations are observed. Training and development activities include the determination, design, execution, and analysis of educational programs. Orientation programs, for example, are usually necessary to acclimate new hires to the company. The HRM training and education role may encompass a wide variety of tasks, depending on the type and extent of different programs. In any case, the HRM professional ideally is aware of the fundamentals of learning and motivation, and must carefully design effective training and development programs that benefit the overall organization as well as the individual. Training initiatives may include apprenticeship, internship, job rotation, mentoring, and new skills programs. Human resource management (HRM), or human resource development...
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...AND PSYCHOLOGICAL CONTRACTS A Thesis presented to The Faculty of the Graduate School At the University of Missouri-Columbia In Partial Fulfillment of the Requirements for the Degree Master of Science by PRIYANKO GUCHAIT Dr. Seonghee Cho, Thesis Advisor AUGUST 2007 The undersigned, appointed by the dean of the Graduate School, have examined the thesis entitled HUMAN RESOURCE MANAGEMENT PRACTICES, ORGANIZATIONAL COMMITMENT AND INTENTION TO LEAVE: THE MEDIATING ROLE OF PERCEIVED ORGANIZATIONAL SUPPORT AND PSYCHOLOGICAL CONTRACTS presented by Priyanko Guchait a candidate for the degree of master of science, and hereby certify that, in their opinion, it is worthy of acceptance. Dr. Seonghee Cho, Food Science (HRM) Dr. Dae-Young Kim, Food Science (HRM) Dr. Robert Torres, Agricultural Education ACKNOWLEDGEMENTS The thesis could not have been completed without the support of many people who are gratefully acknowledged herein. First of all, I would like to express my sincere gratitude and appreciation to my Committee Chair and Advisor, Dr. Seonghee Cho, for her guidance and support throughout the completion of this thesis and my study at University of MissouriColumbia. Without her mentorship I would not have been able to undertake this thesis and my education at University of Missouri-Columbia. I would also like to thank Dr. Robert Torres who served as my committee member, and without whom I would not have been able to do statistical analysis on my own. I would...
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...turn contributes to organizational effectiveness. Human Resource Management (HRM) is the process of hiring and developing employees so that they become more valuable to the company. HRM has always played a part in contributing to the success of the company either directly or indirectly. It is important for companies to be more strategic in the way it operates in order to meet the business needs of the company. At the same time, it cannot lose sight of the critical value and importance of people in the process. Like other areas of management, HRM is involved in setting policies, formulating plans and trying to make decisions for the benefit of both the company and the employees. Above all this, the driving force that drives the success of the company is its people. They provide the company with the competitive edge and are the most valuable asset to the company. It is therefore important for HRM to assist the company to effectively and efficiently manage its human resources and having activities that would complement and promote business growth. HR practices such as skill enhancement, job design, selection measures, compensation-linked appraisals, merit promotions, and training have all been found to enhance firm performance. According to Fortune, Wegmans Food Market, Inc. is number five on the top 100 Best Companies to Work For. Every Wegmans has one HR in every store throughout the country. Wegmans HRM practices such as skill enhancement, job design, selection measures, compensation-linked...
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...strategic, operational and financial objectives. The crux of the matter lies in the excessive focus on financial due diligence, risk assessments. Quite often, the people factor, i.e. issues that relate directly to people as workforce management and cultural integration, are left out of the due diligence process creating major challenges later during integration. In the past, HRM was expected to provide support in postintegration efforts, as well as increased business focus and knowledge to ensure that the full value of M&A deals is realized. For organizations, it important to believe in the fact that People are its key assets. However, today we realize that, mastering the softer issues is the hardest part of integration and has the strongest influence on an M&A’s long-term success. HRM professionals are expected to be ready to manage the people, opportunities and the risks associated in these transactions. Managing organizational change and business / culture integration requires more attention by Leadership and HRM to M&A deals. ______________________________________________________________________________ HRM in M&A By Ajit Kumar on May 18, 2013 2 Background Mergers and Acquisitions (M&A) is an aspect of corporate strategy and management dealing with the buying, selling, and combining of different companies and...
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...right people for the job, orienting and training, managing wages and salaries, providing benefits and incentives, evaluating performance, resolving disputes, and communicating with all employees at all levels.” It is a function within a business that manages the human capital element and all that it encompasses. It functions as a business unit that deals with all the aspects of employees. The Role of a HRM in a Company The role of Human Resource Manager, HRM, within a company can vary depending on the needs and the size of the business. In a general capacity, a HRM oversees day-to-day operations of all Human Resource functions. These functions include such things as: compensation, staffing, planning, developing, training, and associate relations. The HRM helps to create and instill a corporate culture as designed by the company’s mission or vision. The HRM is responsible for hiring employees. By hiring select talent with certain skills, the HRM will be able to train and develop the employees to carry out the company’s mission. Developing and training associates, in accordance within the company’s expectations, a business can truly benefit greatly. It can help to increase profit and morale. The HRM is also responsible for handling employee compensation. A HRM should fully understand the compensation plan and benefits so that they can explain it to potential employees. Compensation and benefits can help attract and retain talent associates....
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...right people for the job, orienting and training, managing wages and salaries, providing benefits and incentives, evaluating performance, resolving disputes, and communicating with all employees at all levels.” It is a function within a business that manages the human capital element and all that it encompasses. It functions as a business unit that deals with all the aspects of employees. The Role of a HRM in a Company The role of Human Resource Manager, HRM, within a company can vary depending on the needs and the size of the business. In a general capacity, a HRM oversees day-to-day operations of all Human Resource functions. These functions include such things as: compensation, staffing, planning, developing, training, and associate relations. The HRM helps to create and instill a corporate culture as designed by the company’s mission or vision. The HRM is responsible for hiring employees. By hiring select talent with certain skills, the HRM will be able to train and develop the employees to carry out the company’s mission. Developing and training associates, in accordance within the company’s expectations, a business can truly benefit greatly. It can help to increase profit and morale. The HRM is also responsible for handling employee compensation. A HRM should fully understand the compensation plan and benefits so that they can explain it to potential employees. Compensation and benefits can...
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