...employees, you have been asked to evaluate different compensation strategies that are available for adoption within your organization. Compare and contrast at least three compensation strategies and determine recommendations for how they may be implemented within your organization. Name: Henry Rivera I.D. #: 000318961 Reference Title Finding #1 Godfrey, W. (2013, January). Compensation Strategy for Success. Prezi. Retrieved from http://prezi.com/j9k9_m_2qiwn/compensation-strategies-for-success/ Sager, Suzanne. (2011, September). Merit Pay Most Often Used in Compensation in Public and Academic Librarians. Library Worklife. Retrieved from http://ala-apa.org/newsletter/2011/09/01/merit-pay-most-often-used-in-compensation-for-public-and-academic-librarians/ Ojimba, E. (2004, November 15). Salary Basics – Developing a Strong Compensation Strategy. Salary.com for Business. Retrieved from http://www.salary.com/Small-Business-Advice/advice.asp?part=par410 Finding #2 McGladrey. (2011). Lessons from Recession Increasing Focus on Incentive Compensation Programs. Retrieved from http://mcgladrey.com/Perspective/Lessons-from-recession-increasing-focus-on-incentive-compensation-programs University of Wisconsin – Green Bay. (2013, April 9). Compensation Philosophy. Retrieved from http://www.uwgb.edu/hr/documents/CompPhilosophy0401.pdf Finding #3 Gerhart, B., Milkovich, G.T., & Newman, J.M. (n.d.). Compensation Strategy. Answer, McGraw Hill. Retrieved from http://mhanswers-auth...
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...CPDC The CPDC (Cost per Double Click) designates the amount paid to the affiliate for a click on a link or on an advertiser's graphic element, followed by another click on the advertiser's site. CPM CPM stands for cost per thousand impressions (M is the Roman numeral for a thousand). This means the advertiser pays for every thousand times the advert loads on the publisher’s page. This is how a campaign is normally priced when brand awareness or exposure is the primary goal. The advertiser and the publisher negotiate a fixed amount that the advertiser will pay for every 1,000 times an ad is shown. CPM is a very simple payment scheme, assuming the two parties can agree on a method for counting impressions. There are often stipulations in the agreement, such that the ad can only be shown on certain pages of the publisher’s site, or can only be shown on pages with a limited number of other ads. In a CPM relationship, the publisher is primarily concerned with maintaining a high-quality audience that has well defined interests or characteristics. The advertiser is primarily concerned with creating a message that will be noticed by their target audience, because they pay for the impression whether or not the user actually sees the ad. In general, the more knowledge a publisher has about a particular audience, the higher the CPM that can be charged, because the advertiser is able to more clearly know who their message is being delivered to. One prominent...
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...Total Compensation Methods Paper Total Compensation Methods Paper In all businesses, a company needs to make sure that their turnover ratio is maintained while, at the same time, keep their best employees. Compensation and benefits are just two ways that a company can do such things. The company must know what each individual is looking 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 ...
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...Bailey DeVry University Professor: Patricia Meunier-Muenks HRM-430-67386 Compensation & Benefits Compensation Challenges for Wisconsin Electric April 16, 2016 Executive Summary The point of this paper is to look at the compensation challenges inside of Wisconsin Electric (WE Energies) and make a pay methodology that will benefit the organization, as well as the representative. With the steady change in today's business world, to have an upper hand makes it troublesome for managers to pull in and hold the most skilled representatives. Recognizing the organization's compensation procedure guarantees the organization offers the right pay and pay increases in compensation to keep top employees. When we hear the word compensation we consider paying a worker for their work performed, however, there is substantially more to compensation. Compensation and benefits, "incorporates not just compensation, but also the direct and indirect rewards and advantages the representative is furnished with consequently for their commitment to the organization. To decide compensation, companies should build up a pay and compensation program that diagrams a fair process for repaying workers" ("Compensation and Benefits," n.d.). This approach is a critical piece in helping HR to deal with staying aggressive and successful in the worldwide business sector. All through this paper we will talk about the compensation and benefits methodology of WE Energies and recommendations on the most proficient...
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...The Impact of Compensation Practices February 20, 2011 “The ultimate goal of a pay system is to align the goals and interests of employees with the goals and interests of the organization” – Robert L. Heneman The Impact of Compensation Practices The business arena is ever changing. Where people work, how they work, the relationships in the workplace and compensation for their work continues to change. Hence, “It will be the challenge of compensation professionals to devise ways to reward and motivate employees who work under increasingly flexible arrangements” (Bennett, 1995). Most people interchange and have the perspective that pay and compensation are the same when in reality, compensation is more than just monetary rewards. Compensation is often misunderstood, and can also be misapplied. More often than not, it is out of synch with the values and processes of an organization. This is because despite continued organizational changes, the actual strategies for administering and implementing compensation is misaligned with the rapid changes in the company. “Pay can no longer be seen as a mere expense and cost of doing business, but instead must be viewed as an investment that is closely linked to the long-term success of the organization” (Flannery, et. al., 1996). As Cable and Judge (1994) note, “compensation systems are capable of attracting (or repelling) the right kinds of people because they communicate so much about an organization’s philosophy,...
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...1. Abstract This study looks at differences in male and female wages using data from Statistics Canada’s annual Survey of Consumer Finance (SCF) and Survey of Labour Income Dynamics (SLID). In addition to information on annual income, this study also looks at hourly wage data, which is a more precise measure as the earnings data series takes into account the price of labour as well as quantity (i.e. individuals’ work/leisure preferences). This study looks at the variables of race, highest achieved level of education as well as age to examine the existence of a wage gap. Like other studies, we have found that males have a higher wage in each of these areas, with females earning an average of 80 – 87% of the males’ average. Furthermore, we have examined the existence and size of a wage gap in three industries; law, nursing and the education industry. Finally, we looked at the Canadian gender-based wage gap statistics compared to International gender-based wage gap statistics. We deduced that there is, indeed, a wage gap in each of the mentioned industries, and can be partially attributed to human capital theory and occupational segmentation theory, however, a substantial portion of the gap remains unexplained. 2. General Existence of Gender-Based Wage Differentials in Canada The existence of gender based wage differentials in North America have been well documented for decades. Although female-male wage ratios have closed significantly since the mid 1980s, progress in wage...
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...EXECUTIVE SUMMERY This report provides an overview of different types of work-life balance initiatives that have been developed by in the financial institutions of Bangladesh. Governments are increasingly committed to reducing the social, health and business costs of work-life conflict. Several countries have adopted individual pieces of legislation or policies that address some aspect of work-life balance. These initiatives are not necessarily part of a comprehensive program or policy approach to achieve work-life balance, but these measures could be seen as one way to improve an employee's balance between work and other responsibilities. This report shows that there is not likely to be any "one size fits all" answer to work-life balance issues. A variety of approaches are available to support work-life balance, ranging from promotional programs that emphasize the importance of balance and provide support to employers to reduce the business costs associated with work-life conflict, to legislation that supports parents with care giving responsibilities. It is clear that improving work-life balance is an important component of the policy agenda for many industrial countries, and the issue is likely to become even more important in the future. BACKGROUND The first Work-Life Balance Survey (WLB1) was conducted by the Department for Education and Employment in 2000 to assess the extent to which employers operated work life balance practices; to see whether employees felt...
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...hold CEOs and management responsible for all fraudulent acts committed by an organization. The ethical spotlight has now turned to CEO compensation due to the recent decline in the economy. The focus point of those public discussions has been to try and get a better position to influence CEO compensation packages. Determining a CEO compensation package and commitment that does not place undue pressure on the CEO to taint financial statements, provide excessive perks, approve stock option scandals to occur, and let outrageous severance packages could be a giant step in the right direction toward an ethical foundation in the business community. Perhaps CEO compensation packages are not the cause of corporate scandals, but sometimes they do push CEOs into making improper and unethical decisions. The relationship between CEO compensation is parallel to being an ethical company, and having long term success Executive compensation has risen significantly in past ten years. These increases are difficult to comprehend considering profits and stock prices of the only increased by 11% and 23% respectively as of 2008. Although the increase in market value created an environment for increasing compensation without much criticism from outsiders, are these levels ethical? The economic principle of supply and demand offers an explanation of the compensation market equilibrium. A job has economic value to the employer that created the position. The price to fill the position is determined by...
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...Compensation – The sum total of all forms of payments or rewards provided to employees for performing tasks to achieve organizational objectives Rs Compensation- Nature and scope • The complex process includes decisions regarding variable pay and benefits • It suggests an exchange relationship between the employee and the organization • It involves design, development, implementation, communication and the evaluation of reward strategy and process of the organization Compensation Objectives 1. 2. 3. 4. To reward employees’ past performance fairly, in line with efforts, skills and competencies To attract and retain competitive high performing employees To motivate the high performing employees and reinforce desirable employee behaviour To remain competitive in the labor market 5. 6. 7. To align employees’ future performance with organizational goals To communicate the employees their worth to the organization To provide employee social status • Strategic compensation – Using the compensation plan to support the company’s strategic aims. – Focuses employees’ attention on the values of winning, execution, and speed, and on being better, faster, and more competitive.. • IBM Strategic Compensation Planning • Strategic Compensation Planning – Links the compensation of employees to the mission, objectives, philosophies, and culture of the organization. – Serves to identify the net monetary payments made to employees with specific functions of...
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...Plastec Company: A Strategic Compensation Plan Webster University Plastec Company has not had a good compensation plan, and as a result, they have had tremendous turnovers in the company. In an effort to make the compensation plan more effective and competitive, Plastec needs to compare their wage including variable pay and benefits with other employers. Recruiting and retaining machine operators has been a recurring problem for Plastec, and this is a result of lack of professional development in addition to the unattractive compensation plan. The company needs to provide appropriate benefits that cover the middle aged with a mix of employees who are single and others who have families. Paul, the HR manager from Plastec Company has seen employees from the organization express that pay and benefits for employees are not as good as competitors such as Acme’s through several exit interviews. John, one of the managers at Plastec has also heard employees expressing this as well. Paul can identify using some simple methods which can compare Plastec Company pay and benefits with their competitors. Paul will need to determine if the organization will pay for labor below market, at market or above market. With the issue at Plastec Company, one can assume that the organization is paying below market. Benefits such as holiday and vacation with Acme have been perceived better in their organization. Paul can use numerous recourses to determine comparable...
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...Name: Nicoleta Lupu ID: 3140928 Assignment # 1 Memorandum Burnco Mfg. Inc Date: October 8th, 2012 To: Jeff Martin Controller Cc: J.P. Marker CM1 Marker From: Nicoleta Lupu Payroll Administrator Subject: Termination of employment checklist Following our conversation from last week, I noticed that all employees who has been terminated have no termination of employment record. In this memo I am proposing a reorganization of all employee’s files by adding more information regarding their leave. The company has 128 employees and also have personnel form placement agencies. When I need to find details about employment/unemployment, i should be able to retrieve it with no delay and no time consuming. From my yesterday experience, we had to lay off two employees from the production department. I was unable to submit a brief report about the termination. They left the company without signing out and without giving back the tools that belongs to the company. My plan is to use a spreadsheet which can be used when employees are being fired, lay off, quit, parental leave, sick leave, etc. The following items should be checked off prior to an employee leave. Not all items will apply to all employees or all circumstances. Once the form is completed, it will be placed in the employees personal file and kept for two years: - Meet with the employee in a private, neutral location such as conference room or closed office to inform about...
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...1 ( 1.1) internal and external factors which impact on the employment relationship Unions try to obtain a higher wage for their members than would be offered in the absence of the union which results in workers taking a greater share of profits at the expense of the firm. This monopoly of unions might lead to deteriorating employee relations where it leads to management adopting anti-union strategies, intensifying conflict, while the union mobilization needed for the union to have monopoly power may lead to anti-management views on the part of the workforce. Pay bargaining may have similar effects in the public sector where wage demands must be satisfied, along with competing claims for resources, from fixed budgets set by officials. On the other hand, unions can lead to improved employment relations through effective communication between management and employees and the resolution of employee grievances. Quits are lower where unions are present and where unions are stronger supporting the idea that effective union voice reduces employee exits and therefore contributes to stability in employment relationships. Diversity in the workforce is normally regarded as a positive for companies that manage it effectively as enhances customer relations, creativity, flexibility and innovation and development, however if not well managed, significant differences in ethnicity, race, religion, gender and other individual traits can produce negative effects. If you have...
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...Total Compensation and Benefits Package of UCBL Salary Structure Refer to the Salary & Remuneration Package Structure for Supervisors and Executive Staff of UCBL for details regarding the structure of salary and allowances for different units under UCBL Revision of Pay Elements The compensation structure may be revised, if necessary, with the approval of the Director, Admin/HR, and Head of the Dept., Finance and the Chief Executive. Employee Compensation Records Employee Pay Records are maintained by the Personnel & Admin Department for Workers and Supervisors and by the Human Resource Department for the Executives. These departments maintain personal file of all employees where all records in regards to the employee are kept in addition to any soft copy (in computer database) maintained by the departments. These records are confidential and should not be accessible to any unauthorized persons (authorization defined by HR or Personnel &Admin dept. head). Basic Employee Benefits for Permanent Employees Provident Fund The Company's Provident Fund is a funded scheme. All confirmed and permanent employees are entitled to be members of the Provident Fund. The employee contribution, equal to 10% of the basic salary, is deducted each month through the payroll. The Company's Provident Fund is a funded scheme. All long-established and enduring employees are at liberty to be members of the Provident Fund. In the Provident Fund Ledger, both the employee's and...
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...CEO Compensation Thoughts on the current state of executive compensation practices in the US: Current state of Executive compensation within the US differs from different compensation practices within the forms it takes, laws and regulation it's subject to, its dramatic rise over the past 3 decades and wide go criticism leveled against it. Within the past 3 decades in America government compensation or pay has up dramatically on the far side what is often explained by changes in firm size, performance, and trade classification. It’s the very best within the world in each absolute term and relative to median earnings within the America. It has been criticized not solely as excessive, however conjointly for "rewarding failure" as well as large drops available value. Observers dissent on what proportion of the increase in and nature of this compensation may be a natural result of competition for scarce business talent benefiting investor price, and the way abundant is that the work of manipulation and self-dealing by management unrelated to produce, demand, or reward for performance. While our government compensation attorneys perceive the elaborate, technical aspects of government compensation legal problems and governing laws, they tend to conjointly perceive market practices and trends. They tend to facilitate our purchasers establish and perceive the key legal risks in a very industrial context so they will build familiar business selections. They tend to closely monitor key...
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...Organizational Objectives and Total Compensation in Different Markets Compensation laws are created to protect employees within an organization. Unsure of legal obligations in designing a total compensation plan, a client needs an explanation on how certain laws and regulations affect total compensation in their organization. The client’s organization employs 200 people, is a federal contractor, and operates in the biotech industry. Laws and Regulations The compensation laws and regulations are almost the same in all industries. In the case of a company that works in the biotech industry, special care concerning the compensation plan is required. This is because of the fact that this industry is believed to be involved in special hazards to health and security and is also inclusive of some revolutionary implications, moral, and ethical issues. The following are some of the laws relating to compensation plan in the industry that helps in identifying the different aspects of pay: A) The Fair Labor Standards Act (FLSA): It is one of the most important legislations concerning the total compensation plan for the small business owners and companies. It involves five major compensation laws that administer minimum wage, equal pay, overtime pay, child labor, and record keeping requirements (Martocchio, 2009). B) The Equal Pay Act (1963): This law is an amendment to the FLSA and restricts any kind of discrimination based on sex for men and women working at similar jobs and in...
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