...Retirement Plan Communication Total Compensation HRM/324 Types of Available Retirement Plans As a Human Resources manager of a newly formed organization, I would first consider the two types of retirement plans, which I could make available to the employees; as well as how each plan works. The first plan to consider is the Defined benefit plan, where the amount of benefits to be paid at the time of the retirement are calculated using the formulas. It is usually paid each month. The second plan is the defined contribution plan, where the amount of future benefits available to the employee are based upon the amounts contributed to the plan by the employee and the employer. It is also based on the interest that is earned over time. The “Defined Contribution plans” include the plans like the “Profit Sharing,” “Employee Stock Ownership plans(ESOPs),” “Savings Incentive Match plans for the Employees(SIMPLE),” “Simplified Employee Pension plans (SEPs),” and the series “401(k)s, 403(b)s and 457s.” Communication Methods and Frequency In order to ensure that the plan is successful, employee participation is very important, and clear communication is crucial. A qualified consultant or broker, should be hired to design the plan, and then explain the benefits of the plan to the employees in groups. The employee’s need to be educated and informed regarding the nature and the benefits of the plan, and this should be on a continual basis. Updates to the plan need to be made available...
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...FEDERAL CONTRACTOR COMPENSATION PLAN LAWS PERTAINING TO COMPENSATION PLAN UNIVERSITY OF PHOENIX Biotech is a federal contractor that employs 200 employees and serves as the government leader in bioresearch. Creating a compensation plan Biotech must ensure that all laws and regulations pertain to them are being followed, since Biotech works for the government there are many laws that they must abide by such as; Title VII of the Civil Rights Act of 1964, American with Disabilities Act (ADA), Age Discrimination in Employment Act (ADEA), Fair Labor Standards Act (FLSA), Family and Medical Leave Act (FMLA) as well as Executive Order 11246. Amongst the following law that has a direct impact with the compensation plan of Biotech, Executive Order 11246, covers a broad array of regulation that is covered by OFCCP (Office of Federal Contract Compliance Programs). Under the Executive Order 11246, federal contractors such as Biotech, must subject to a compliance review to which an examiner to reviews their affirmative action program. The compliance review is an investigation that evaluates possible discrimination within Biotech if one exists. Biotech’s compensation plan must be outlined to the regulation of Executive Order 11246, by ensuring that all employees are free from discrimination. If a compensation plan is to be establish it should be aligned with Biotech’s affirmative action plan. The affirmative action plan of Biotech’s must have all the efforts to prevent the possibility...
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...Organizational Objectives and Total Compensation in Different markets Sergio Herrera HRM/324 July 3, 2013 Dr. Donald Duvall Organizational Objectives and Total Compensation in Different markets In an attempt to attract and retain good employees, companies may offer the benefit of retirement savings options. Employers have the option of sponsoring benefit and contribution plans to eligible employees. It will also discuss how beneficial the plans may be for participants. Some Federal and State laws are valid and do have an impact on compensation inside an establishment and taxes that are applicable on income. The method which an organization uses to fix the salaries and benefit plan of employees depends on the outline that is provided by some federal and state laws. The Equal Pay Act of 1963 is directly linked with The Fair Labor Standards Act and it forbids dissimilarity between salaries of male and female employees employed at an identical position (U.S. Equal Employment). Employee Retirement Income Security Act of 1974 is another law which controls issues like pension benefits, retirement plans, disability, and health insurance schemes (U.S. Department of Labor). Defined benefit plans is a fixed amount set up for eligible employees for retirement. This plan consists of employer contributions either quarterly or annually. With these plans the employer decides to pay a secure quantity to the worker's pension account every year “When markets rise, the employer will reap...
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...HRM 324 Final Exam Guide To Buy This material Click below link http://www.uoptutors.com/HRM-324/HRM-324-Final-Exam-Guide Base pay defined is? Pay by the drink Hourly or annual salary Service fees A fee that is paid per project How is base pay adjusted over time? Cost of living adjustments Seniority pay, merit pay Incentive pay, person focused pay All of the above Extrinsic compensation includes? Base salaries and bonuses Jobs that provide autonomy Both monetary and nonmonetary rewards Traditional pay 4) Competency based can be defined as? Two basic types of focused pay programs, pay for knowledge and skill base pay Compensation for longevity Phased wage approach Retirement compensation 5) Pay for knowledge can be defined as? a) Rewards for managerial, service, or professional workers for successfully learning specific curricula b) Consultant fees c) Measures labor productivity 6) Skill-based pay defined is? a) Employees who work on computers b) A term used mostly for employees who do physical work c) Trade that deals mainly with the restaurants industry d) Skills considered supervisory 7) Incentive pay defined is? Augments employees base pay Appears as a one-time payment Employees usually receive a combination of recurring base pay and incentive pay All of the above 8) Incentive pay plans can be broadly classified into what 3 categories. a) Store sales, profit levels, customer quality b) Cost savings, reduction, services c) Individual incentive...
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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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...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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...Lawson.com | Industries of 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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...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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...(Byars & rue 2006). According to Stone (2005) HRM is important to determine the effective and efficient use of people in achieving the organization’s strategic, business objectives and the satisfaction of individual employee needs. In order to have a successful HRM it is important to have a strategic HRM, strategic HRM is the process of interconnecting the HR purpose with the strategic objectives of the organization in order to increase performance (Bratton 2013). There is several importance of strategic HRM which is to focus on performance and consistency of its business, bridge between business strategies and human resources practices, identifying and analyzing the external opportunities and threats may impact to the organization, and help companies work harder to meet the needs of their employees (Mathanas 2011). SWOT analysis is part of strategic HRM due to SWOT can determine the future of an organization that are referred to strategic factors. SWOT analysis in HRM is defined as a tool that helps organization assist issues within external which includes assessment of strength, weaknesses, external opportunities and threats, and provides an outline for strategic decision making in HRM (Colbert 2013). According to Chen & Brunenski (2013, p.3-4) SWOT has a several advantages which is simplicity means SWOT analysis requires neither technical skills not training and it can be performed by anyone with knowledge about HRM, another advantages is low cost due to organization...
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...February 04, 2015 IUBAT–International University of Business Agriculture and Technology Spring Semester January 05-April 08, 2015 Day Section Class Schedule 8:30-9:30 CSC 103 (Sec-A) SM #402 CSC 103 (Sec-B) MSS #407 CSC 103 (Sec-C) KD #408 CSC 103 (Sec-D) GM #421 CSC 103 (Sec-E) DAS #501 CSC 103 (Sec-F) PB #502 CSC 103 (Sec-G) DMAH #503 09:3510:35am CSC 103 (Sec-B) MSS #407 CSC 103 (Sec-C) KD #408 CSC 103 (Sec-D) GM #421 CSC 103 (Sec-E) DAS #501 CSC 103 (Sec-F) PB #502 CSC 103 (Sec-G) DMAH #503 CSC 103 (Sec-H) HR #606 ENG 101 (Sec-A) SR #607 ENG 101 (Sec-I) NZM #504 ENG 101 (Sec-J) ENG 101 (Sec-I) NZM #504 ENG 101 (Sec-J) ART 102 (Sec-N) KK #506 ART 102 (Sec-S) MAH #507 ART 102 (Sec-O) SAC #508 ART 102 (Sec-U) NKD #402 CSC 103 (Sec-H) HR #606 ENG 101 (Sec-B) SR #607 ENG 101 (Sec-D) ATMSA #405 ENG 101 (Sec-H) NF #603 ENG 101 (Sec-G) SR #607 ENG 101 (Sec-C) LAM#604 ENG 101 (Sec-D) ENG 101 (Sec-F) JU 10:40-1 ll:45l:40am 12:45pm CSC 103 CSC 103 (Sec-A) SM (Sec-I) #323 MSS#402 CSC 103 (Sec-J) MMR #520 CSC 103 (Sec-K) PB #521 CSC 103 (Sec-U) PPP #601 CSC 103 (Sec-T) DAS #602 2:00-3: 00pm CSC 103 (Sec-I) MSS #402 CSC 103 (Sec-J) MMR #520 CSC 103 (Sec-K) PB #521 CSC 103 (Sec-U) PPP #601 CSC 103 (Sec-T) DAS #602 ART 102 (Sec-H) MMI #403 ENG 101 (Sec-H) NF #603 ENG 101 (Sec-C) LAM #604 3:05-4: 05 pm ART 102 (Sec-A) NKD #403 ART 102 (Sec-B) KK #401 ART 102 (Sec-C) MMI #507 ART 102 (Sec-T) SAC #508 ENG 101 (Sec-N) SI #621 4:105:10pm CSC 103 (Sec-L) MAH #502 CSC 103 (Sec-M) MAB#503 CSC 103...
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...Tokyo Preface XXII Acknowledgments xxv Strategic Human Resource Management: An Overview 3 Chapter Objectives 2 HRM in Action: Not HR Branding, Employer Branding 3 Human Resource Management 4 Human Resource Management Functions 5 Staffing 5 • Trends if Innovations: Measuring Quality of Hire in Today's Environment 6 Human Resource Development 6 Compensation 7 / Safety and Health 7 Employee and Labor Relations 7 Human Resource Research 8 Interrelationships of HRM Functions 8 Dynamic Human Resource Management Environment 8 Legal Considerations 8 Labor Market 9 Society 9 Unions 10 Shareholders 10 Competition 10 Customers 10 Technology 10 Economy 11 Unanticipated Events 11 How Human Resource Management Is Practiced in the Real World 11 HR's Changing Strategic Role: Who Performs the Human Resource Management Tasks? 11 Human Resource Manager 12 HR Outsourcing 12 HR Shared Service Centers 13 Professional Employer Organizations (Employee Leasing) 13 Line Managers 14 HR as a Strategic Partner 14 A Strategic HR Example 16 A Strategic HR Audit 16 Human Capital Metrics 17 Human Resource Designations 18 Evolution of Human Resource Management: Moving into Strategic HR 18 Evolving HR Organizations 19 Scope of This Book 20 • A Global Perspective: Cultural Differences in Global HR 22 SUMMARY 23 KEY TERMS 24 QUESTIONS FOR REVIEW 24 HRM INCIDENT 1: HR AFTER A DISASTER 24 HRM INCIDENT 2: DOWNSIZING 25 NOTES 25 PART TWO: ETHICAL, SOCIAL, AND LEGAL CONSIDERATIONS 28 Business Ethics and Corporate...
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...Growth 3 Introduction 4 What Responsibilities and Roles Do HR Departments Perform? 5 Strategic Role of the HRM Function 7 Demonstrating the Strategic Value of HR: HR Analytics and Evidence-Based HR 10 The HRM Profession: Positions, Education, and Competencies 11 Competitive Challenges Influencing Human Resource Management 14 Key Terms 61 Discussion Questions 61 Self-Assessment Exercise 62 Exercising Strategy 62 Managing People Skill Shortages Make It Difficult to Fill Positions and Customer Orders 63 Twitter Focus 64 Notes 64 Parti The Human Resource Environment 69 2 Strategic Human Resource Management 70 The Sustainability Challenge 14 Enter the World of Business: HP's New Strategy 71 Evidence-Based HR 24 Introduction 72 Competing through Sustainability Volunteerism and Going Green Are Reaping Dividends for Employees, Communities, and the Environment 30 What Is a Business Model? 72 GM's Attempt to Survive 73 What Is Strategic Management? 74 Components of the Strategic Management Process 75 Linkage between HRM and the Strategic Management Process 75 The Global Challenge 44 Competing through Globalization Apple Polishes Its Image through Auditing Overseas Suppliers 47 The Technology Challenge 48 Competing through Technology Connectiveness Enhances HR Practices 51 Meeting Competitive Challenges through HRM Practices 56 Organization of This Book 59 A Look Back 60 Summary 60...
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...Organizational objective and total compensation in different markets Yolanda Merritt HRM 324 Organizational objective and total compensation in different markets While compensation laws are characterized in order to create non-discrimination in the compensation provided to employees in the organizations. However, depending on the industry that the company is working in the way employees are compensated may be different. Nevertheless, compensation laws and regulations are just about the same regardless to the industry However, if employees are working the area of biotechnology the employer would be required take special care concerning the compensation plan. It is believed that employees that work in the biotechnology industry are exposed regularly to health and security hazards. The biotechnology industry is also believed to involve in world shattering implications that may consist of moral and ethical issues. I have listed some of the laws relating to the compensation plan in the Biotechnology Industry that will assist with the identifying the different The following are some of the laws relating to compensation plan in the industry that helps in identifying the different aspects of pay; For example the Fair Labor Standards Act (FLSA) consist of five major compensation laws that regulates minimum wage, overtime pay, equal pay, recordkeeping requirement, and child labor. For the most part the FLSA regulations impact non-exempt employees. There’s...
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