...- Assignment 5 – E-COMPENSATION Craig Doss December 21, 2012 Human Resource Information Systems (HRIS) - HRM 520 Dr. Zelphia A. Brown, SPHR, Instructor Assess the advantages and disadvantages of using a Web-based compensation tool versus a client-server based or stand-alone PC-based system and then give your opinion on which system would provide the most value to an organization’s stakeholders. Include three (3) facts to support your opinion. Compensation is an essential part of HR which must done in a timely manner and without error. As the sector of HR continues to evolve in the way that it conducts business so does the tools and technology that helps organizations with the compensation portion of HR. There has been an advance in HR technology, organizations no longer have to use spreadsheets full of human errors to record and track compensation. A new advance in technology such as web-based compensation tools has changed the way organizations handle their compensation processes. Web-based compensation tools offer organizations an array of advantages compared to stand-alone PC-based systems. Web-based compensation tools offer organizations the following advantages: the ability to create reports, allows end users to share critical information, and improves the effectiveness of the compensation process. Client-server based and stand –alone PC-based systems limits an organization’s ability to advance in the compensation portion of the HR process. These types of systems...
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...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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...Compensation Management in corporates & components of compensation | By Regu Krishnan Dy. Manager Ford India | Introduction:- The increasing competitiveness of the labour market and turnover of employees had resulted in nightmare in compensation planning. Apart from this, the growing demands of the employees and competitive salaries offered by multinational companies had almost resulted in a compensation war in certain industries. Therefore, the human resources managers and tax experts have to evolve proper compensation planning for High end and qualified employees. The components of compensation have to be devised in such a way that, it focuses on the growing demands of employees while retaining the competitiveness and profitability of the company. Industry driven factors:- There are also certain driven factors that are influencing the compensation planning. The compensation Packages of knowledge workers are different from that of manufacturing sector. The employees working in call centers are compensated differently (vs) employees of technology driven companies.Some notable examples are., a) Compensation paid in IT/ITES, b) Investment banking/Equity research, c) Software companies, d) High-end industries having high technology content like Bio/Nano technology. e) Private research and related fields.Compensation Oval: | Components of compensation:- Basic wages/Salaries:- These refers to the cash component of the wage structure...
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...However, there are additional features of hedge fund managers’ compensation that are purported to mitigate the degree of inherent asymmetry inherent in their pay structures. For instance, performance fees in many hedge funds are subjected to a hurdle i.e. the manager would receive no incentive fee if rates fall below a specifi ed level. Th e reason for this is that a manager should never be compensated for performing below what an investor would receive if his or her funds were in cash (or some other appropriate passive benchmark). A number of hedge funds are also subject to co-investments and ‘high water marks’, which also have the aim of curtailing excess risk-taking. A high water mark is applied to a performance fee calculation and means that a fund manager would only earn an incentive fee after past losses are made up and profi ts net of the loss are positive. High watermarks are intended to link the managers’ interests more closely to that of investors and to reduce the incentive for managers to seek volatile trades. A comprehensive list of the Principles and Standards (9 in total) can be found in the FSB’s 2011 Th ematic Review on Compensation, Peer Review Report (FSB, 2011). Below are listed some of the key measures: • Reforms to pay structures. Th e international compensation standards agreed by the G20 in Pittsburgh in 2009 were aimed at addressing the asymmetries inherent in existing pay structures in the fi nance sector. Th ey called for, fi rst, banning multi-year...
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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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...COMPENSATION AND OTHER EMPLOYEE RETENTION STATEGIES Abstract There are three human elements that are important to any organizations success - good leadership at the top, effective management at all levels, and personnel who possess the knowledge and skills to get the job done. Retaining effective employees is a challenge, and replacing employees who leave an organization is extremely expensive. Roger E. Herman’s book Keeping Good People – Strategies for Solving the Dilemma of the Decade discusses five strategies that an organization can implement, and which will aid in retaining top talent. This paper discusses those five strategies. Compensation strategies are those which ensure top talent can be recruited, and retained due to competitive compensation from an organization. Environmental strategies involve efforts that address 1) ethics and values, 2) organizational policies that interpret values and translate them into action, and 3) the physical environment that a company’s employees occupy. Relationship strategies are the actions of how an organization treats its people, as well as how they treat each other. Support strategies are those that equip employees with the resources that they require to complete the job. People growing strategies are actions that organizations can practice that contribute to the professional and personal development of their employees. For most organizations to be successful there are three human elements which are crucial...
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...Introduces and analyzes the basic concepts of compensation administration in organizations. Provides an intensive study of the wage system, methods of job evaluation, wage and salary structures, and the legal constraints on compensation programs. INSTRUCTIONAL MATERIALS Required Resources Martocchio, J. J. (2013). Strategic compensation: A human resource management approach (7th ed.). Upper Saddle River, NJ: Prentice Hall / Pearson. Supplemental Resources Andersen, S. (2012). The keys to effective strategic account planning. Velocity, 14(1), 23-26. Burkhauser, R. V., Schmeiser, M. D., & Weathers II, R. R. (2012). The importance of anti-discrimination and workers’ compensation laws on the provision of workplace accommodations following the onset of a disability. Industrial & Labor Relations Review, 65(1), 161-180. Employee compensation: 12 trends for 2012. (2012). HR Specialist, 10(2), 1-2. Survey of the Month: Companies Focus On Updating Compensation in 2012. (2011). Report on Salary Surveys, 18(12), 1-5. The Society of Human Resources Management (2012). General format. Retrieved from http://www.shrm.org WorldatWork. (n.d.). General format. Retrieved from http://www.worldatwork.org COURSE LEARNING OUTCOMES 1. Analyze how compensation practice can be applied to positively impact an organization and its stakeholders. 2. Examine the ways in which laws, labor unions, and market factors impact companies’ compensation practices. 3. Evaluate the effectiveness...
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...HRM 598 Week 8 Final Exam Devry (TCO A) You are the compensation director for the New York Fruit Pies Company, which has 100 employees and is located in a small city of 50,000 in a rural agricultural part of New York State. You have just joined the company and have identified the need to create a revised compensation system. You are familiar with the four strategic pay policies that are typically found in pay models. Discuss each of the strategic policies as they would apply to your company. Are there any goals that your compensation system should incorporate? (Points : 30) 1. (TCO B) As the new lead for the compensation services team, you have been given the responsibility for developing a job-based point evaluation plan for the Satellite-to-Home video company. The bulk of the employees are in-home service technicians with technical skills and customer-service expertise. You meet with the compensation services team to discuss the assignment. What are the four compensable factors that you want to include in the plan? What are weights that you would assign to each factor? What is the definition for each of the factors? What is your justification of why you have selected each factor? Explain why you weighted it the way that you did. Briefly describe a job-based point evaluation plan. Discuss four compensable factors you would include in the job-based point evaluation plan. Be sure to define each factor, justify why you selected it, and provide the weights or...
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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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... ISSN 2152-1034 Gender Compensation Discrimination: An Exploration of Gender Compensation Gap and the Higher Education Connection Judith E. Grey-Bowen, Miami-Dade County Public Schools Donovan A. McFarlane, The Donovan Society LLC and Frederick Taylor University Abstract The purpose of this paper is to examine the gender gap and the potential factors that contribute to income inequality. Since the passing of the equal pay act, the median weekly earnings of women is still just seventy eight cents on each dollar that men earn (Center for American Progress, 2010). To put this in context, the pay gap in 1970 was sixty two cents and in 1992 it was seventy five cents (Institute for Women’s Research, 1993). Undervaluation of women’s work, occupational gender segregation, and discriminatory treatment in the workplace continue to hamper efforts to reduce the gender pay gap. A pay check is women’s and men’s most important source of income. Therefore, it is surprising, discriminatory and unfair to know that after both genders have worked satisfactorily on the same job; they do not receive the same pay. The gender pay gap is the best way to measure pay inequality between men and women. The authors discuss Gender Compensation Discrimination and examine the historical trends in pay difference, the various causes and the methods and paths considered for closing the Gender Compensation Gap. Key words: Gender Compensation Discrimination, Gender Compensation Gap, Equality, Rights and Privileges...
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...Assignment 4: Recognizing Employee Contributions Evelyn E. Joseph HRM 500 – Human Resources Management Foundations Dr. Alberta Thrash, Instructor Strayer University December 14, 2014 Two methods an HR professional could use to determine incentive pay. Specify the principal manner in which the proposed methods take into consideration individual, group, and company performance. As an HR manager of a new retail company that is growing in revenue and profitability it is important to enhance the base compensation and benefits package offered to employee. Many companies are using employee incentive and reward schemes to help them motivate workers, increase productivity and recruit and retain valuable staff. Incentive schemes work by encouraging employees to associate excellence with reward. This is achieved when employees consistently see their colleagues being rewarded for delivering excellence in their field. Over time, it can lead to the development of a more positive workplace ideology which in turn can help to keep individual employees and teams of workers motivated (www.ovationincentives.com). Incentive pay is the forms of pay linked to any employee’s performance as an individual, group member or organization member (Noe, Hollenbeck, Gerhart, and Wright (2014) p. 371). The two methods often used to determine incentive pay are merit pay and profit sharing. Merit pay is system of linking pay increases to ratings on performance appraisals (Noe, Hollenbeck, Gerhart...
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...PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES Final Report TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FEBRUARY 2010 CONTENTS Chapter 1 Introduction Uses of Annual Reports Scope Presentation Glossary of Defined Terms Principles for Periodic Disclosure by Listed Entities A. Periodic reports should contain relevant information B. For those periodic reports in which financial statements are included, and should state that the financial information provided in the report is fairly presented. C. The issuer’s internal control over financial reporting should be assessed or reviewed. D. Information should be available to the public on a timely basis E. Periodic reports should be filed with the relevant regulator. F. The information should be stored to facilitate public access to the information. G. Disclosure criteria. H. Equal access to disclosure. I. Equivalence of disclosure. Page 3 4 5 5 6 7 7 20 2 3 21 22 23 24 25 26 27 Appendix 1 – Feedback Statement on the Public Comments on the 28 Consultation Report – Principles for Periodic Disclosure by Listed Entities Appendix 2 – Comment Letters on Consultation Report – Principles 36 for Periodic Disclosure by Listed Entities. 2 Chapter 1. Introduction In the increasingly globalized securities markets, widely accepted international disclosure standards play an important role in facilitating cross-border capital raising. International agreement on disclosure standards...
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