...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 A...
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...all types and sizes, with a particular emphasis on the healthcare and US public sectors | UltiPro HR | UltiPro Workforce Portal, eEmployee Self-Service, eManager Self-Service, eAdministration, eHuman Resources, ePayroll Processing, eRecruitment, eBenefits Enrollment, eReporting and UltiPro Business Intelligence, Position Management | SAAS, cloud | Customer videos, whitepapers, video casts, company documents, podcasts. | Ultimate has a comprehensive and well structure website. It is very informative with all kinds of introductive videos and descriptions. Attractive website. | Ultimatesoftware.com | Industries of all types and sizes (ranging from 200 – 1000+ employees) | Oracle | Human Resources, HCM Warehouse, HRMS Portal Pack, Employee Benefits and Compensation Modules, Recruiting Modules, Payroll Modules, eDevelopment, Learning Management, ePerformance, Workforce Planning, Absence Management, Directory Interface, eProfile, Time and Labor. | SAAS | Oracle Premier Support, Oracle Advanced Customer Support Services, My Oracle Support, Training. | The website is well categorized, and the interface is very fancy. It is informative as well, and it will attract many potential...
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...Systems Consideration in HRIS In today’s knowledge economy, organizational success depends almost disproportionally on the performance of Human Resources (HR). To increase the effectiveness of Human Resource Management (HRM) organizations are becoming more dependent on human Resource Information Systems (HRIS). A HRIS organizes employee applicant and qualifications, organizational demographics, recruiting, professional development, performance appraisals, payroll, retention, and attrition. Organizations that implement HRIS’s improve the organizations administrative efficiency with faster information processing, improved employee communications, greater information accuracy, lover costs and overall HR productivity improvements (Beadles, 2005). When selecting a HRIS, Human Resources (HR) should consider the efficiencies of using software as a service, the inefficiencies of various Microsoft Access based database software, the risks involved with integrating and combining multiple products into one system, and the consequences of improper database maintenance. In analyzing HRIS’s that would be beneficial in my current organization I chose to focus on HRIS Pro by Micro Systems, and MyHRIS by Nuview Systems. Commercial Database Systems HRIS-Pro information management software allows organizations greater effectiveness in managing HR functions and responsibilities. The advantages of HRIS-Pro are the information systems cost, modular flexibility, expansion capabilities,...
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...Human resource (HR) database systems are in vast abundance throughout the business world today. HR database systems help HR professionals manage and carry out basic functions needed to achieve organizational goals and objectives. Column Case Management HR and HR Quick are two commercial HR database systems. Column Case HR is an easy to implement, web-based HR Services delivery solution addressing collaboration, content management, workflow automation, and integration features to improve organizational performance. Column Case HR advantages include multi-language support, 24-hour access, security features, it capitalizes on HR talent productivity and organizational performance, computerizes and regulates organizational practices and communication, and improves information distribution with extremely versatile, case-specific workspaces. Column Case HR only disadvantage would be its price; smaller businesses might not have the resources to afford its services. HR Quik is a Human Resource Management System that simplifies the processes and procedures of tracking employee information and generating forms that are critical to the employment process. HR Quik advantages include affordability, user-friendly; can easily track history of job, salary, and manager changes, track benefits plans by employee, employment forms are easily generated and ready to print, and running reports are hassle free. HR Quick also doesn’t have any management features that would allow the company to manage...
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...Running head: ADP Functionalities ADP Functionality Kenya Clark DeVry University Introduction My introduction needs no introduction because ADP Vantage Human Capital Management (HCM) does it all. In detail, this software does everything but the employee’s work duties. Its functionality software extends beyond a basic logging system and equips businesses with the tools to improve the company-employee relationship on multiple fronts. A valuable HCM solution may also assist with increasing employee satisfaction and motivation, as well as automate many of the tedious administrative tasks involved in managing human capital. When reviewing software options, it’s important to look for a solution that is customizable to address your company’s specific business needs, easily integrates with your existing payroll and HR software and collects data to produce valuable insights into retention patterns and workforce strengths and weaknesses. ADP Functionality ADP vantage HCM, is one of the most widely used software for HRIS (Human Resource Information Systems) in the United States. With the right training from management, employees would remain motivated and begin to enjoy the company while increasing their absenteeism, and their respect for their company while making the employee’s feel like they are a part of a family outside of home. The employees would start feeling a sense of appreciation. A happy employee causes a happier work environment. Business Assessment The ADP Vantage...
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...Yvette 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...
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...Running head: Human Resource System Executive Summary In 1992, Riordan Manufacturing Inc., implemented and established human resource information system (HRIS), which was included as part of a financial package. The HRIS package included functions such as maintaining personnel information, pay rate and tax information, hire and seniority dates, vacation leave for non-exempt employees, and organizational information. However, certain areas of the HRIS could be improved upon and developed. One area that needs improvement is the network communications between headquarters and all the Riordan plants. Improvements are also needed in central repository, resume storage, maintaining training and knowledge skills information, online employee user interface, and a central location for updating and maintaining employee personal and professional information. Improving the current HRIS activities would be advantageous to Riordan leadership and their employees. Hugh McMCauley, the COO for Riordan Manufacturing requested that the human resources (HR) system be analyzed to integrate the existing variety of tools in use in the present day to a single integrated application. The request will take advantage of a more sophisticated look for information systems technology in the HR department at Riordan Manufacturing. After the project is to be completed, Riordan Manufacturing will then be left with a detailed project plan that will provide a list of tasks, resources, schedule and budget required...
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...Executive Summary Castle’s Family Restaurant has been a highly successful restaurant operating in the northern California area for the last thirteen (13) years. As a family-owned chain, the restaurant as proven success by operating eight (8) restaurants under the family name. In an effort to continue achieving the high levels of success that it has experienced over the years and possibly expand further, certain aspects of the operation of the company will have to be controlled by technology. One such area is the HR process that has become a manual, time consuming, daunting process. Castle’s can improve their HR operations and support their growing company overall, by implementing a web-based HRIS. After much research and evaluating the needs of the organization my recommendation to help with automating the HR process would be Asentis. This web-based software would be an asset to the restaurant chain. It would assist the operations manager, Jay Morgan is carrying out his duties in a more time effective manner rather than driving from store to store to deal with HR issues. Asentis is secure, comprehensive, caters to the needs of a growing business and is very easy to use. Asentis will assist with the payroll process and other aspects of the business including scheduling, benefits management etc. Additionally, with a staff of 340 plus, having this system will allow for better scheduling which can also be tied into the payroll system once implemented that way. The software...
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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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...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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...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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...Since compensation and benefits are vital part of HRM in most of the organizations, education of compensation and benefits reflect many practices and concepts pertaining to HRM. Human Resources practices do not operate in parts. They need to be strategic, logical and planned in the situation of the bigger organization, of which they are a part. Anyone in HRM is first a business partner of the organization and then an HR professional in their individual disciplines such as compensation and benefits. A business partner is the one who is loyal to the company passionate about the business first and then to his or her respective discipline or area of work. This reflective research paper will also identify the major elements of compensation and benefits in addition to teaching strategies of these functions. It is important to implement compensation and benefits in a mutually beneficial way, for the individual and the organization. Prior to any discussion about compensation and benefits, it is important to understand the distinction between direct and indirect compensation. Direct compensation refers to any reward, usually in cash and stock, given in direct proportion to performance. Indirect compensation is not related to performance and is given in the form of various benefits. Compensation and benefits strategy must cascade from the organizational mission and the HR strategy. This is true of all the HR functions. However, it is particularly critical in compensation and benefits...
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...Organizational Objectives and Total Compensation in Different Markets NAME September 8, 2014 HRM 324 INSTRUCTOR Organizational Objectives and Total Compensation in Different Markets Total compensation is an important piece of the human resource puzzle. It is the thread that can tie valuable employees to the company and its overall success. The laws and regulations are significant in knowing and understanding in an attempt to apply that knowledge to the overall design of the total compensation package a company offers. Working as a federally contracted employer for more than 200 employees, certain laws and regulations will affect the total compensation package within the organization. One in particular is the Affordable Healthcare Act. Two biotech organizations and their total compensation package will be discussed. The Affordable Health Care Act The Affordable Health Care Act was designed to help all people obtain and maintain their healthcare coverage even in the event of loss of employment. The creation of the Afforadble Health Care Act allows insurance companies “from discriminating against anyone with a pre-existing condition, dropping your coverage if you get sick, billing you into bankruptcy because of an illness or injury, and limiting your annual or lifetime benefits” (www.whitehouse.gov, 2013). The Affordable Health Care Act was not received well from some of the population. It seemed to be not quite so affordable...
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