...Business Research Report Compensation Strategy Presented to: 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 6 Conclusion 7 References 8 Executive Summary This report provides an analysis and evaluation of three different compensation strategies for potential implementation into our firm. Performance based, skill based, and piece rate pay plans are defined and analyzed. The focus of the topics included in the analysis includes employee retention, recruitment, morale, and productivity The performance based compensation considered is individual and team based bonus programs. This seems to be the most common form of incentive based compensation and has shown to be effective in many cases. This is also a relatively easy strategy to implement. Skill based pay is a strategy that puts emphasis on developing employees into skilled workers, as well as recruiting skilled workers. Employees are paid based on their skills rather than on the job that they fill. Its goal is to garner a quality producing team. This strategy is a bit more difficult to enact as the technical skills required in our industry are ever changing. Piece rate pay is a pay structure that offers a set amount of compensation per item produced. It has been shown to dramatically increase production while simultaneously...
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...safety improvements needs in our facilities. The survey was conducted over a two week period and was completed by all 240 of our current employees. This brief conceptual plan works to address specific changes that are needed to our systems, processes, policies, and activities. Although there has not been sufficient time to assemble accurate costs for the listed recommendations presented, each identified deficiency listed below has been presented with its recommendations in order of increasing estimated cost formulated by the Office of Fiscal Services. We have also worked to categorize each of the recommendations as a change to our company’s systems, processes, policies, or activities. Following receipt, review, and acknowledgment of this report, a meeting will be scheduled to discuss a specific course of action with listed priorities of improvement. Identified Deficiency #1: * 78% of all current employees have identified themselves as being satisfied due to low levels of managerial oversight. Although this metric was a level of satisfactions it is concerning as it hints to a deficiency in our current oversight protocol. This compounded with only 30% of employees presenting issues with the quantity of work they are assigned. | CATEGORY OF RECOMMENDED CHANGE: Company Systems and Policies Recommendations | ESTIMATED COST:...
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...stress and dullness. Retention starts with hiring the right person for the job. Human resource recruiters should look for applicants with these characteristics: self motivated, high tolerance for stress, positive attitude, good listening skills, good communication skills, ability to work as an individual and in a group, good problem solving skills, and enjoy helping customers. A good way to test out the applicants is to pre-screen telephone interviews to test out their phone skills. One of the most useful techniques that call centers use is the employee referral program. This program allows employees to recommend a friend, relative, or family member to the job and receive a cash prize if they pass the probation period. This technique tends to provide the new recruit with more realistic expectations and can provide a better cultural fit. Training and orientation is also important in human resource management in a call center. Training should include lots of role-play so employees can get comfortable talking to customers over the phone, learn to turn negative thoughts into positive ones, and understand the company’s goals, mission, and corporate culture. Another interesting technique used by companies such as Bodog.com, is having all new employees in the organization take part of the training and orientation of the call center to learn about the company and make them realize that the call center plays a big role in having a successful organization. Lastly, retention reduces...
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...Pay for Performance: It’s Effect on Employee Motivation Name Course Title Professor’s Name Date Pay for Performance: The Effect on Employee Motivation Managers are continuously looking for ways to motivate their employees. Many methods have been tried and many methods have failed. Consequentially, human resource professionals and managers continue to work to develop effective performance management systems which serve to motivate employees, with an end result of improved morale and increased productivity. Designing an effective performance management program, combined with the appropriate compensation methods, can serve as tools to inspire and motivate employees to improve and/or maintain the highest levels of performance. Compensation administrators are encouraging the use of pay-for-performance plans to meet this goal. Pay-for-performance plans motivate employees to be productive and perform at higher levels by linking their pay directly to their pay. The idea behind pay-for-performance plans is that money serves to motivate employees to perform. Maslow’s theory of motivation “suggests that employee needs are arranged in priority order such that lower-order needs must be satisfied before higher-order needs become motivating” (Leonard, 2010, p. 121) with the lowest level of needs being basic biological needs and the highest level being self-fulfillment. When an individual is on the lower levels of the spectrum and trying to fulfill his/her basic...
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...Measuring Quality of Hire – The Ultimate Recruiting Metric By Dr. John Sullivan & Master Burnett © 2007, Dr. John Sullivan. Table of Contents Table of Contents....................................................................................................... 2 Abstract...................................................................................................................... 4 Why You Should Read This ................................................................................... 4 About the Authors ...................................................................................................... 5 Dr. John Sullivan .................................................................................................... 5 Master Burnett........................................................................................................ 5 Common Misconceptions About Quality of Hire (QoH) .............................................. 6 The Perspective Dilemma ...................................................................................... 6 One Way Is Better Than the Next........................................................................... 7 Measuring the Quality of Your Applicants Before You Hire Them .......................... 7 Avoiding Overkill ................................................................................................. 9 Don’t Be Fooled On Applicant Quality .............................................
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...Chartered Institute of Personnel and Development Human capital reporting An internal perspective a guide 1 – a CIPD guide for personnel professionals to help them identify, collate, analyse and communicate data on human capital Written by Jim Matthewman and Floriane Matignon of Mercer Human Resource Consulting Acknowledgements The document draws on the perspectives, experience and measurement methods set out in the recent book by Haig R. Nalbantian, Richard A. Guzzo, Dave Kieffer and Jay Doherty, Play to Your Strengths: Managing your internal labour markets for lasting competitive advantage (New York: McGraw Hill, 2004). We are grateful to members of the CIPD Human Capital Working Party who provided input and advice: Greg Aitken, Head of Employee Research and Measurement, Royal Bank of Scotland Group Ron Collard, Partner, PricewaterhouseCoopers Andrew Mayo, Director, Mayo Learning International Tim Miller, Group Head of Human Resources, Standard Chartered Bank Tony Palmer, Head of the Marple Partnership Vicky Wright, Partner, Human Capital, Ernst & Young Human capital reporting Human capital reporting: an internal perspective 3 Human capital reprting Contents Preface 4 Introduction 6 Step 1 – Setting human capital management in context 10 Step 2 – Getting started: gathering and collating the data 21 Step 3 – Measuring human capital: tools and methodologies 27 Step 4 – Reporting the data:...
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...MARARA JEAN KIBBLE AIU PERSONNEL & ORGANIZATIONAL POLICY WEEK #5 NOVEMBER 05, 2015. ABSTRACT This report will cover compensation systems, some advantages and disadvantages of compensation benefits, comparable worth, and some polices. The information will be used to further understand all topics discussed and addressed for management's purpose. KEYWORDS: Compensation systems, advantages and disadvantages of compensation systems, benefits, comparable worth, compensation policies INTRODUCTION This report is to review Compensation and all related information to better understand the advantages and disadvantages of different compensation systems. Compensation and or the benefits worker's get are a reflection of the organization's value of the worker’s worth, and to the position or the duties required to accomplish the job duties. Compensation could and should provide motivation for the worker or applicant to perform to the best of their abilities, not simply clock in and clock out. WHAT IS COMPENSATION The meaning of compensation is as followed, a fundamental component of employment and a critical issue for management and policies set in place. It traditionally refers to wages of employment, to include base pay or salary, bonus or incentives, benefits, and non-cash compensations. Organizations need to set and communicate clear principles by which workers are paid. In the least, they should ensure compensation policies adheres to employment standards and...
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...Table of Contents 1 COMPANY PROFILE 2 2 HR HEAD PROFILE 2 3 HR Organizational Structure 2 4 HR Strategy 3 5 ANALYSIS OF THE HRM SYSTEM 5 5.1 Analysis and Job Design 6 5.2 HR Planning 6 5.3 Recruitment and Selection 6 5.4 Training and Development 7 5.5 Performance Management 8 5.6 Reward Management/Compensation 9 5.7 Employee Relations 9 6 CONCLUSION 10 7 REFERENCES 11 8 APPENDIX 1 – TRANSCRIPT OF INTERVIEW 11 COMPANY PROFILE Rede Eléctrica Nacional (REN) is a Portuguese energy company which operates in two major businesses and is the current concession holder for: * The transmission in very high voltage electricity and overall technical management of the National Electricity System; * The transport of high-pressure natural gas and overall technical management of the National Natural Gas System, guaranteeing the reception, storage and regasification of LNG and underground storage of natural gas. REN also operates in the telecommunications business via RENTELECOM, which includes a range of services, such as infrastructure, managed services and consultancy. The internationalization of REN's operations is a business that is taking its first steps, and received a new impulse with the entry of strategic international partners (State Grid and Oman Oil) into the company capital. REN seeks to be one of the most efficient European energy transmission system operators, while creating value for its shareholders within a framework...
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...SHRM Foundation’S EFFEctivE PRacticE GuidElinES SERiES Retaining A Guide to AnAlyzinG And MAnAGinG eMployee turnover Talent SHRM Foundation’S EFFEctivE PRacticE GuidElinES SERiES REtaininG talent A GuiDe to AnAlyzinG AnD MAnAGinG eMPloyee tuRnoveR by David G. Allen, Ph.D., SPHR i REtaininG talent This publication is designed to provide accurate and authoritative information regarding the subject matter covered. Neither the publisher nor the author is engaged in rendering legal or other professional service. If legal advice or other expert assistance is required, the services of a competent, licensed professional should be sought. Any federal and state laws discussed in this book are subject to frequent revision and interpretation by amendments or judicial revisions that may significantly affect employer or employee rights and obligations. Readers are encouraged to seek legal counsel regarding specific policies and practices in their organizations. This book is published by the SHRM Foundation, an affiliate of the Society for Human Resource Management (SHRM©). The interpretations, conclusions and recommendations in this book are those of the author and do not necessarily represent those of the SHRM Foundation. ©2008 SHRM Foundation. All rights reserved. Printed in the United States of America. This publication may not be reproduced, stored in a retrieval system or transmitted in whole or in part, in any form or by any means, electronic, mechanical...
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...performance within an organization. In relation to the rapidly growing global business environment, marketers have been widely witnessed to implement a number of strategic measures in order to keep the workforce more optimistic with regard to their specific roles and responsibilities within the organization. In this regard, Organizational Behavior (OB) has long been observed to play an essential role for the entrepreneurs to develop strong workforce in accordance with the vision and postulated business goals (Tishman et al., 2012). Emphasising the notion of OB to play as an essential role in employee motivation, the primary objective of this report is to critically analyse the practice of OB by United Healthcare (UHC) while empowering performance and long-term relationship of the employees within the organization. In this regard, the report intends to critically assess the key principles and practices of OB that are highly practiced by UHC to keep the employees satisfied within their respective job roles. In order to critically identify the importance of OB in employee motivation, the...
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...Table of Contents Introduction----------------------------------------------------------------------------------------------------3 Summary of the interview---------------------------------------------------------------------------------4-6 About the interviewee----------------------------------------------------------------------------------------6 About Apollo Information Services----------------------------------------------------------------------6-7 Inside Apollo------------------------------------------------------------------------------------------------8-9 The need for change---------------------------------------------------------------------------------------9-10 Talent management practice Findings----------------------------------------------------------------10-11 Apollo’s Induction program----------------------------------------------------------------------------11-14 Suggestions--------------------------------------------------------------------------------------------------14 Conclusion------------------------------------------------------------------------------------------------14-16 Appendix------------------------------------------------------------------------------------------------------17 References----------------------------------------------------------------------------------------------------18 Introduction Going forward, companies are faced with an array of challenges. They have to focus on costs cutting, evaluating and...
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...Introduction This report will explain and support the retention of HR function within the Lloyds Banking Group (LBG) organisation. The HR function is a fundamental element to any organisation and as a HR professional it is vital to discuss the benefits of keeping it within the group. This report will explain in detail how the HR function supports the LBG strategy and how the HR professionals support line managers and their staff. The report will include a PESTLE and SWOT analysis showing the internal and external factors affecting LBG group and how the HR function supports against these factors. In order to analyse this efficiently the report will first outline the general principles of HR and also the best practices performed by HR personnel. Investigations, findings and analysis This section gives an overview of the internal and external factors affecting the Lloyds Banking Group organisation and its strategy showing the support the HR gives to combat these factors. In order to cover this, it is important to highlight LBG’s Mission Statement: ‘to become the UK’s most recommended bank’. There are many factors that can have an impact on these both in a positive and negative way. These factors can be both internal and external. Many of these spirals from the alignment of the Banks following the acquisition of HBOS by Lloyds in 2008, 5 years on this has still having an impact. Internal Factors: Following the on-going restructure to align the...
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...The encouragement of workers to consider management. as "priers" rather than as opponents --'us and us', rather than 'us and them'. Why is HRM Increasingly Important? Form a Business Process Parspentive Caker and Bititci(2001) state that: "One many summarize that the 80's were all about automation .The 90's have been about people, this is evident in the development of Tom concepts throughout the 90's focusing on delegation, involvement ownership cross functional teamwork, self managed works teams and so on"' Therefore, HRM (People Management) is a critical nigh advancing the business results. 'This report Primarily focus on Human Resource Management. It shows us what the usage of human resource management and how does it work in the company. Now we know the importance of HRM. According to the teacher's requirements and after a careful research., we just take McDonald's for example to write a report about HRM...
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...PART 1: Worth 40% (each of the 5 areas is worth 8 marks) NAME: Jenna Gibb HR ISSUE|IDENTIFY THE SPECIFIC DETAILS IN THE CASE WHICH ARE PERTINENT TO EACH HR AREA(expand the chart to accommodate your information)| RECRUITMENT AND SELECTION (need 6 valid issues)|· There is no recruitment process in place· An organizational chart does not exist· There are no job descriptions or job specifications· Nepotism in the company – a large amount of employees are related to each other· There is no HR planning happening in the company as the HR advisor is on maternity leave and is not expected back to work.· No applicant tracking system in place as only word of mouth is used to fill positions· There is a high turnover of drivers, and the company seems to have problems with recruiting and retaining drivers – possibly due to low wages and safety issues with the trucks· Packagers – 3 vacancies need to be filled – one of the first priorities for recruitment as many employees are working overtime and may suffer from burnout· Drivers – 3 vacancies need to be filled· General Manager vacancy needs to be filled· Office Manager vacancy needs to be filled – temporary Office Manager appointed does not want to stay in the role· Part-Time Bookkeeper vacancy needs to be filled· Some employees are starting to look for work at other companies| COMPENSATION AND BENEFITS (need 6 valid issues)|· Annual increases are not being given to everyone – but only to those who ask for it· Compensation for packagers...
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...Table of Content 1.0 INTRODUCTION 2 2.0 LITERATURE REVIEW 2.1 Advantages will benefit the company when the retention rate of the company is high 4 2.2 The activities that the company provides to their employees --------------5 2.3 The problems or barriers that company faced to ensure the higher retention rate---------------------------------------------------------------------------------------------8 2.4 The factors that will affect employees to retain--------------------------------9 2.5Relationships between retention rate and performance of the company-10 3.0 OBJECTIVE OF THE STUDY 13 4.0 METHODOLOGY 15 5.0 FINDINGS 17 6.0 DISCUSSION 28 7.0 LIMITATION 33 8.0 RECOMMENDATION 35 9.0 CONCLUSION 37 10.0 REFERENCES 38 11.0 APPENDIX 39 1. INTRODUCTION Human resources are comprised of individuals in the workforce of an organization. In the article by Rishma Vedd, and Reza Kouhy. (2001), Management Accounting & Strategic Human Resource Management, Wright & McMahan (1992) had defined human resources as the pool of employees under the firm’s control in a direct employment relationship. In a more simple word, human resources also known as labors, which is one of the four factors of production. An organization’s human resources should be managed to maximize return on investment in the organization’s human capital and minimize financial risk by aligning skilled and qualified individuals to the organization’s ongoing and future business plans. ...
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