...E-compensation Dr. Dana Richmond HRM 520 March 6, 2013 Strayer University 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? A few advantages of using the web compensation tool are, first web compensation tools can increase access to critical compensation information without the need for sophisticated or dedicated IT staffs and sophisticated technology infrastructures. Information can be accessed electronically or on an as needed basis. The second advantage is that e-compensation tools enable round the clock availability of meaningful compensation information to senior managers, Human Resources (HR) managers and employees, Whereas with a client based server applications are installed on a user's computer or workstation, and interact with data and programs on a server and this information is not readily available round the clock. The third e-compensation tools can streamline cumbersome tasks through the introduction of workflow functionality and real-time information processing, (Gueutel, 2005, p. 167). A disadvantage to the web-based compensation tool in comparison to a client based server is you have to constantly deal with security issues which include breach of information. The system that would essentially...
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...CHAPTER 1 REVIEW MONEY, BANKING AND FINANCIAL MARKETS STEPHEN CECHETTI The Six Parts of a Financial System 1. Money Money is the start of the financial system and the means for making purchases. Accumulating money is a determining factor in defining wealth. Those who store more money are wealthier than those who do not. The consistency of money has a tendency to morph based on changes in the financial system and technology. 2. Financial Instruments Financial instruments are also known as securities, though the layman's terms are stocks, bonds, mortgages and insurance. At one time, the dealing and trading of stocks was typically limited to wealthy individuals who could afford to pay the costly fees charged by stockbrokers. In recent years, this practice has become more affordable with the introduction of mutual funds. Mutual funds pool the savings of a broad number of investors. By leveraging a high volume of buyers, more investors can purchase, trade and accumulate portfolios. 3. Financial Markets Financial markets are trading houses that are dedicated to the purchase and sale of stocks and bonds, such as the New York Stock Exchange or the NASDAQ. Buyers and sellers gather at the market to determine buying and selling prices for securities, typically with assistance from a stockbroker. Markets continually fluctuate, resulting in inherent risks in the process. 4. Financial Institutions The common term for financial institutions is banks. Though once a brick and mortar...
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...After accessing the advantages and disadvantages of using a Web-based compensation tool versus a client-server in my opinion I think the client –server is beneficial. “Thin-client technology was designed to make the Information Technology administrator’s job easier. With the arrival of thin clients, administrators no longer had to install a product update or a service release on a client desktop; they could use think technology to connect to a remote server and run all applications from a single point. But for a while, the technology had one major flaw: It required the installation of a software product on the desktop. Thin-client technology lets companies serve applications to graphical terminals in a manner similar to that used with legacy mainframe technology. Thin clients resemble today’s client/server systems but actually function as time-sharing clients on which applications are remotely displayed (Seltzer A. Mark, 2001). A client-server is beneficial because it can be controlled locally versus a web-based server has to be controlled through a provider. Web-based servers can only be accessed through internet based but a client-based server can be accessed by any local network. A client-based server is in full control whereas a web-based server is not in control of the software on hand. “Job evaluation creates an internal hierarchy of value. In the most common form of job evaluation, a set of factors is developed that reflects characteristics that add value to work in...
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...school, or what most schools call the core curriculum. In this program, you would take courses like accounting, communications, economics, HR, marketing, and technology. You'll also likely work independently and in groups, pouring over case studies and giving presentations to your peers. Potential career paths: Mastering business administration can help you develop a broad-based background that could help prepare you to move into any number of avenues in today's multi-faceted business world. An administrative services manager, as one example, has an average income of $81,530, according to the U.S. Department of Labor. Another position that many MBA students hope to rise into eventually is general manager, a position with an average yearly compensation of $110,550.* Learn About MBA...
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...Case Study: Getting and Using Compensation Information “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. Compensation is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according to the business needs, goals, and available resources.” The three careers I chose for this case study are Public Relations Specialist, High School Teacher, and Project Coordinator. The reason for me choosing these specific careers was that I’ve held each one at some point in time. In this case study we will examine why each job has different salary ranges and why. Question #1 Doing this research I’ve come to find that out of the three jobs that I selected, a project coordinator is paid the most on average. The project coordinator is paid $89,509 a year on average. I was shocked to find out that out of the three careers chosen, that a public relations specialist is paid the least of all three. The public relations specialist on average is paid $45,931 a year. I expected that the project coordinator position would be the highest paid out of the three, however I did not expect for the teacher to be paid more ($53,447 a year on average) than the public relations specialist. I expected the teacher to be paid the least of all three. Usually teachers are thought...
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...Internal and External Equity Comparison HRM 324 April 28, 2014 Internal and External Equity Comparison` When reviewing a successful companies' portfolio to determine what makes them more successful from the next, you will find the company will have a strong compensation plan. A Compensation Plan is one of the more important aspects in the organizational environment. Before formulating the compensation plan based on internal and external equity, it is important to first understand what internal and external equity refers to. External equity is said to be prevailing in the organization when the employees are rewarded with fair compensation to those who perform similar jobs in other organizations. External equity persists when an organization's pay rates are equal to the rates prevailing in the organization's market. (Lederer & Weinberg, 1995) Internal equity is present when the employees are being provided with fair wages relative to the value of their jobs within the organization. Responsibility, rewards and compensation provided to an employee should be in equity with the other person working at similar position within the organization. When formulating an effective compensation plan that is based on the internal equity, it is important to first consider the basic factors. The first step is to understand the types and varieties of jobs being performed by various employees within the organization and also the required level of skills, education...
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...Management HRM/531 October 28, 2012 Analyzing a Job assignment Telemarketing advertising technique is known in every household across America ("Tips," n.d., para. 1). This is because although not always appreciated, telemarketers are effective at getting product names and information to the customer. The owner of a small business may gain several benefits by enlisting the talents of a reputable telemarketing agency to provide service for incoming and outgoing calls ("Tips," n.d., para. 1). Two kinds of services comprise telemarketing, inbound, and outbound. They have many differences, but achieve the same goal: to garner sales and provide service to customers. Telemarketing is the fastest growing industry today and companies are using this in an effort to effect sales. Inbound telemarketing refers to the manner in which a company accepts calls from consumers. These calls are answered with the customer sales order, or any other information, saved. Telemarketers find inbound telemarketing is simpler to do than outbound telemarketing because they already know the questions they will be asked about the products they are selling ("Telemarketing," n.d., p. 1). Telemarketers are responsible for prospecting using automated phone dialer and uncovering sales leads for clients, placing outbound calls to businesses, evaluating, and understanding the prospect's needs, and fulfilling clients orders for sales leads. ("Telemarketing," n.d., p. 2) Telemarketing organizations...
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...deliver CPO to the refineries on time. Just-in-time operate under the concept of receiving raw materials, products and parts as they are needed, rather than days or even weeks before. This allows businesses to significantly cut inventory costs by having fewer unnecessary supplies on hand and far less material to store. As effective as just-in-time delivery is, it can be difficult to coordinate large amounts of shipments efficiently, especially when dealing with shipments that vary in size and destination. In using just-in-time delivery, the fact that most companies require drivers to be on the road for days at a time. And of course they will be tired after their stint. The irregular routes and the days away from home are difficult for many drivers. This leads to the high abseenteism and driver shortage because they need to be ready at all time regardless what they are doing. Other than that, the problem is the matter of remuneration package that these drivers are getting from PHSB. Since PHSB was a small family-owned company, it was unable to provide an attractive remuneration package to the drivers. The hardwork of PHSB’s drivers were not paid accordingly. The way they work, all the hours they spend on the road not matched the remuneration package of PHSB. In addition, many big players in the market were able to draw drivers into their employ with benefits and bonuses, which smaller companies like PHSB unable to match. Solutions PHSB urgently need to settle this issues...
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...HRM In today's business environment it is getting harder and harder to get the talent you need to survive. Organisations compete with each other over the talent they need. Big salaries, all kinds of compensation; they reach far back in their pockets to pay what is 'necessary'. While this is going on, another important development is taking place. Getting the talent you need, is one thing; keeping the talent you have and making sure that the talent becomes more than just that, is something else, for example Philips, in the line of their employability program no loner offered employees a steady job. Instead they offered a contract which included that both parties agree that they will work on a career path for the employee. Different kinds of reward systems include: Specific Specific Focuses on the desired behaviours and provides the performer with clear 'line of sight' between action and the (business)result. Personalized Meaningful The value of the reward is 'worth the effort' to both performer and organization Immediate Timely The rewards are provided 'as timely as necessary to reinforce the desired behaviours that achieve desired results. Contingent Achievable The results are viewed as achievable, though not easy. Sincere Reliable The rewards are provided 'contingent' on taking an action or achieving a result. From a performance management point of view, the ultimate objective is to create a workplace environment that is filled with both natural...
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...Foundations of Information Technology Management Dr. Mina Richards January 21, 2014 Introduction A socio-technical paradigm combines the social and technical paradigms, and could be described as the study of the relationships between the social and technical parts of any system (Coakes, 2002). Researchers and some managers have acknowledged that technical and social factors interact to influence organizational outcomes. Significant changes in the workplace are the result of new and advanced technology. According to F. Land, there are two sometimes conflicting set of values that underlie socio-technical thinking (Land, 2000). The first is a belief in the importance of humanistic principles. The main task of the designer is to enhance the quality of working life and the job satisfaction of the employee. In turn the achievement of these objectives will enhance productivity and yield added value to the organization. The second set reflects managerial values. Socio-technical principles are merely instruments for achieving primarily economic objectives. Humanistic objectives have no value in themselves but if their achievement produces a better performance from employees leading to the fulfillment of the economic objectives well and good. This paper will illustrate how the first principle proves to shaping the final outcome in Painter’s Case Study. The critical elements to drive the decision of the Worker’s Compensation Board were their...
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...functions that you will have as a manager. (People Skills, 2006) Simply stated getting employees to do the things they were hired to do is probably the biggest challenge a manager will face. You will always have individuals who will work their hardest for the rewards the company provides them. On the other end there are some employees that you can never keep happy not matter what rewards you give them. In this paper, I will discuss the concept of total rewards using the five elements total reward system. I will also discuss the impact of rewards systems on the organizational performance of companies in the Information Technology (IT) industry. Then I will look at the importance of direct financial rewards in comparison to other elements of the total rewards system for the IT industry. Lastly, I will look at the compensation and motivation practices, which are of particular importance in the IT industry. Total Rewards Concept The total rewards system concept is simply about the financial and non-financial benefits given to employees in trade for their services to the company. The employees will give the company their time, their abilities and efforts to support the company in return for the benefits the company provides. Total rewards involve the combination of five essential elements needed to motivate, attract and retain employees needed to accomplish the organizations goals. They are: • Employee Compensation • Employee Benefits • Employee Work-life Balance • Employee Performance...
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...framework based on expectancy theory examined the relationship between satisfaction with compensation and work motivation. The dimensions i.e. fixed pay, flexible pay, and benefits were examined with regard to satisfaction with compensation. The work motivation on the other hand was studied using the effort and performance dimensions. Literature research as well as practical survey consisting of self-administered questionnaire was used to study the population in question, which were managerial cadre employees of the sales departments of the cellular service providers in Lahore. The relationships between satisfaction with compensation and work motivation were analyzed by using Chi Square and correlations. The main findings of the study were: 1) satisfaction with compensation can be factor of work motivation. 2) flexible pay is not a motivating factor in the jobs which the employees were holding. 3) benefits do not have a significant impact on work motivation. Key words: Compensation, Satisfaction, work motivation, expectancy theory 1. Introduction In the 21st century organizations, by and large, people pay much more attention to their life style and the money they earn from the work than their predecessors. However, it still remains unclear whether many of them would continue working if it were not for the money they earn. Employee expectations of a compensation plan are that it is fair and equitable, that it provides them with tangible rewards commensurate...
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...TARGET COSTING FOR SUPPLY CHAIN MANAGEMENT Target Costing is a process to make sure that a product launched with particular functions, quality and price can be made at a cost that would generate a reasonable amount of profit. It is different from the other costing approaches as it is a part of the company’s product development and introduction process. Therefore target costing requires all the information regarding the company’s competitive, product and supply chain strategies. After getting this information, as the company shifts from product strategy phase and introduction process through product concept, all the target costing activities are performed. During the early stages of target costing, the company through the market research statistics, anticipates the price that the consumers are going to pay for their product, by taking its various functions, quality and the substitutes offered by the remaining firms. Depending on this price, the company deducts the profit margin in order to meet the demands of the stakeholders and also to invest for the research and development of new products. The target cost is the maximum allowable cost that the company should incur manufacturing, distributing, servicing and disposing the product. Target costing enables the company to put efforts in order to reach the requirements of the customers. It enables to meet or even to exceed the quality and functionality so that product competitiveness can be attained. Target costing cannot be used...
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...Analysis of JetBlue Airways JetBlue Airways is a young airline that is very successful and is also growing rapidly. In this analysis, the human resource strategies, policies, and practices will be reviewed and analyzed with suggestions as to how human resources practices and equal opportunity employment law relates to JetBlue and how these practices and laws can be beneficial to all of the organization's human resources areas but also how they can be beneficial to JetBlue as an organization with a bright future. Hiring Practices JetBlue already has impressive hiring practices because they focus on finding the right people with great attitudes. However, there are three national equal employment laws that have been identified that will impact JetBlue's hiring practices. The first law identified is the Age Discrimination Act of 1967 which prohibits "employers from discriminating against individuals who were 40 to 65 years old" (Mondy, 2012). In making sure not to discount hiring people over the age of 40 whether they have previous airline experience or not can benefit JetBlue as an organization because many workers that are over the age of 40 have a great work ethic along with great customer service skills as noted by CVS executive, Stephen Wing (Mondy, 2012). This also creates diversity in the workplace which only enhances the organization. The second law identified is Title VII of the Civil Rights Act of 1964 that was amended in 1972. Title VII prohibits an employer...
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...everyday functions than just what is required of them by their employer. There are several steps to implementing a successful incentive compensation program. The six steps mentioned here that are worth exploring further to make sure the process goes accordingly to help the organization to reach their goal of more revenue, increased patient satisfaction and increased motivation from employees. The process was written by D. Kevin Berchelmann of Triangle Performance LLC. 1. Determine what the plan intends to accomplish-Identify in detail what the desired conditions should be and the reasonable behaviors necessary to achieve them. It’s important to make sure that the organization analyzes the appropriateness for the environment for which the plan will be implemented and to make sure that the plan clearly states what it is that the organization wants, be specific as possible. 2. Determine Participants- Every employee is key component to making the plan a success. Making sure that no employee is excluded is important to the plan being implemented properly. Having an employee not present, meaning they are not interested in being part of the process can mean there could be a potential struggle in making sure the plan works. 3. Develop clear performance goals- These should be clearly measurable, supported by valid information as well as...
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