...Compensation Plan for York Hospital Adrienne Cheatham HA225 Kaplan University A compensation plan is motivation for employees to fulfill a company’s goals and reflects its mission, vision and values. It not only needs to benefit the employee, it needs to benefit the employer, making it a win-win for both parties. Employees are looking to be employed by a company with many incentives like a company matched 401k and a tuition reimbursement plan. These types of incentives will help attract qualified employees and retain the current ones. The plan needs to be marketed to correlate with the type of employee you want in your facility. Salary is not always what attracts a quality employee. “Does the company seek short-term cash flow or long-term capital appreciation” (hr.com, n.d)? Long-term incentives create long-term employees but you also need to “keep in mind that having too many incentives diffuses their value” (Bouchard, 2012). The five key elements of designing a compensation plan include the different forms of compensation, workforce demographics, business cycle, compensation philosophy and legal and regulatory compliance according to the text. Two different types of compensation include direct compensation and indirect compensation. Direct Compensation “is all tangible rewards of the working relationship, that is, the sum of bas pay plus variable pay” (Hernandez, ). An example of direct compensation would be an annual increase in salary. Indirect...
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...Employee Benefits Offering benefits to an employee is always beneficial to both the organization and the employee. The benefits offered are essential to the livelihood of the employee in a way that they feel comfortable both at home with their families as well as at work. Therefore, benefits offered by an organization become a deciding factor in whether the employees are satisfied or whether they will stay in the organization. The law has clearly outlined some benefits that the employee must receive, and there are others that are at the discretion of the employer (Samuel Estreicher, 2010). Compensation of workers and their social security is a mandatory benefit whereas medical covers and retirement benefits are optional. It is worth noting that failure to adhere to those outlined by law has severe implications to the organization which can lead to heavy penalties. Below the paper has outlined several examples of benefits. Social Security Fund It is the obligation of every employer to register their employees under the social security fund. In this scheme, the employee is required to contribute money for their later benefits from the government. Subsequently, the employer is also required to pay a portion of the amount in form of taxes. The employee can later receive retirement benefits from this fund (Mamorsky, 2014). Compensation of workers Employers should comply with the employment and labor laws that guard the employees. These laws prevent the employees from discrimination...
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...FSR Search 2-8 Victoria Avenue London United Kingdom EC2M 4NS +44 20 3287 2640 John Douglass Male, Single, Bahrain Recruiter Notes John Douglas is a veteran expert in compensation areas. With proven track record and expertise in compensation related areas ? we are delighted to present his CV to Al Marai. Although his age might be a concern as per the Saudi laws but he is very optimistic and interested in working with Al Marai. Please note that John has been interviewed previously by Al Marai. CR Covering Note In July 2012 I finished up my assignment as Head/Compensation & Benefits with Tatweer Petroleum in Bahrain. The drive to nationalize coupled with increasing pressure from the company?s joint venture partners to improve financial performance have led to the departure of numerous highly compensated expats, including me. I am now back in the market looking at full-time employment and consulting opportunities, e.g. the following: ? Am open to senior non-management HR roles, with emphasis on compensation and performance management development, in the USA, the Middle East/GCC, and worldwide. ? Vice-President (VP)/Director of Human Resources for small to mid-sized organizations ? VP/Director/Manager of Compensation & Benefits/Performance & Rewards ? Human Resources consulting; available for projects on an independent ?associate? basis; join ?delivery? team of a blue chip global consulting firm; conduct training workshops related to special HR strengths. I have remained...
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...Trial Period in France The trial period allows the employer to evaluate the skills of the employee in his new position, notably regarding to his experience, the trial period has a double objective: For the employer: the supervisor carefully considers whether the employee is able to meet the standards and expectations of the job For the employee: Make sure that the job fit with his expectation and that it in his area of expertise. It’s therefore the first step of the contract of employment. Let’s now focus on the four elements of the trial period in France: 1. The trial period is not compulsory it’s just a possibility in favour of the 2 parties. 2. To be admit the trial period has to be written in the contract or letter of engagement 3. based on legal duration set by the Labour Code, collective agreements or employment contracts depending of the kind of contract and the position. A maximum duration of this period allows the employee to be protect against the possible abuse of power from employer: According to the article L1221-19 of the code of labour: For the permanent contract: 2 months for workers and employee, 3 months for the technicians and 4 months for the executives. For the temporary contract: there is no conventional disposition so it’s depends of the contract duration. Contract under 6 months: maximum of 2 weeks. Contract more that 6 months: maximum of 1 month For the temporary agency contract: the maximum duration is...
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...Camden a Market Leader John Smith Strayer University Compensation Management BUS 409 [ July 15, 2013 ] Professor Marilyn Fitzpatrick Camden a Market Leader Camden Property Trust has stayed competitive in the job market by having one of the best compensation packages in its field. Camden has been consistently ranked since 2006 in Fortune Magazine’s Top 100 companies to work for. In 2006 they were ranked at number 50 and slowly worked their way up to number 41 in 2009. Then in 2010 they jumped to number 10. Camden is one of the largest multifamily real estate investment trusts (REIT) and was hit during the recession, but was able to stay successful by investing in its employees. Camden was able to continue to offer a very completive compensation package to lure talent and help develop talent that they already had. To stay a step ahead of everyone else Camden not only needs to offer traditional benefits like medical, but expand on them and think outside the box. Employees spend a lot of time at work, more than they do with their own families, so by offering benefits that help the family out as well is one good way to attract and keep loyal employees. A company’s employees are their number one investment; they can make or break a business. Camden’s dedication to their employees has not only made them a great place to work but a successful business as well. How Camden Stands Above the Rest Although there are five companies listed under the category of construction/real...
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...Concept of Compensation The literal meaning of compensation is to counter-balance. In the case of human resource management, Compensation is referred to as money and other benefits received by an employee for providing services to his employer. Money and benefit received may be in different forms-base compensation in money form and various benefits, which may be associate with employee, service to the employer receive or benefits, he enjoy lieu of such payment. Cascio has defined compensation as follows: “Compensation includes direct cash payment, indirect payment in the form of employee benefits and incentives to motivate employee to strive higher level of productivity”. Based on above description of compensation, we may identify its various components as follows: 1. Wage and salary. 2. Incentives. 3. Fringe Benefits. 4. Perquisites. COMPENSATION MANAGEMENT: Compensation management, also known as wage and salary administration, remuneration management, or reward management, is concerned with designing and implementing total compensation package. The traditional concept of wage and salary administration emphasized on only determination of wage and salary administration structure in organizational settings. However, over the passage of time, many more forms of compensation, as discussed earlier, entered the business field which necessitate to take wage and salary administration in comprehensive way with suitable change in its nomenclature . Bench has defined...
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...In today’s economy, keeping the morale of the sales force in a high gear is vital if a company is to achieve profitability. One of the factors that boost the morale and productivity of the sales force is a reward program that recognizes and addresses their needs. It is in the company`s best interest to keep the sales force motivated for higher sales revenue and elevated levels of financial growth. To assist in understanding the impact and role played by reward programs, General Motor`s compensation plan will be used as a guide in creating an effective workforce compensation program (Hay Group., 2001). An effective compensation program needs to incorporate the aspect of fairness .This means recognizing each employee`s worth and value contribution to the ultimate success of the company. The reward program needs to be impartial to all employees involved so that it can gain unfailing support from every member of the sales team. An unfair program will create conflict and division amongst employees and cause resentment and discontent amongst those who feel sidelined by the program (Clow & Baack, 2012). It will hinder the smooth running of operations as employees get involved in a battle to counter each other’s efforts thus leading to reduced levels of productivity. The vision and mission of the company should also be considered when hatching a reward program. It is only by aligning it to the core values of the company that it will attain sustainability. The rewards program will be...
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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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...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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...make it universally accessible and useful (“Company”). Through innovation and creativity Google has continued its success. As Google continues to grow it tries to retain a small company feel and creative workspace, which helps the company continue to succeed. 2. Company Background and Stats: a. Major Products and Services: Google is one of the largest internet search engines which provides maps, images, news, shopping, social networking, translations, advertising space, and Droid products. b. Number of Employees: 32,467 (Total full time)(“Mergent”). c. Annual Revenue: 37,905,000,000 (“Mergent”) 3. Observable Components of Company Motivation Strategy: d. Component 1: Google’s Compensation Motivation. Google employees receive individually tailored compensation packages. With the custom pay packages, employees receive competitive salaries, and get to choose from a wide variety of benefits to create compensation packages that are tailored to each employee’s personal needs and wants (“Benefits”). This idea behind compensation is good motivation because it makes employees feel that their inputs are worth the outputs they receive. When equity exists, people are motivated to continue contributing their current levels of inputs to their organizations to receive the current level of outputs (Jones & George, 2011). e. Component 2: Founders’ Awards Google awards employees that work hard on outstanding projects that add enormous value...
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...(you may know it as apparel buyer). I have always love high end fashion. As a child I would go into my mom’s closet and dress myself with her jewelry, pumps and different high end clothes. My mother always had different designer closes and shoes. I do believe that is where I began to love fashion because she would always dress very stylish. I grew to love to dress other people and show them how to put stuff together. My sisters would come and ask me what looked good together and what did not. By the time that I was 18 I would have my family members asking me about fashion. Then before I knew it it was something that I was doing naturally. I have come to realize that most people have no idea as to what all is involved in fashion. People do not understand that fashion does not only include putting colors together. I have a cousin that is a fashion buyer with Neiman-Marcus. She has been working for them for about 10 years now. She went to the University of New York to earn her degree in Business Management. She has been my inspiration as a fashion buyer. Being in this field of fashion allows you to travel across the country and it also allows you to be able to attend the different fashion weeks across the country. I am attending Strayer University and majoring in Business Management because if you have a degree in business you are able to earn more money. The money that you make as a fashion buyer is well in the six figures, if you are good at being able to identify...
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...(Heneman & Werner, 2005) Merit raises should be fair and based on performance ratings and the biggest increase is given to the best performers. Performance bonuses are monetary rewards for performance and not rolled into base pay. Bonuses must be earned and re-earned during each performance period. Bonuses are attractive to many organizations because the one-time cash reward links pay to performance and motivate employees. (Lawler, 1981; Lowery, Petty, & Thompson, 1996) There are several core legal requirements that will affect our employee’s benefits. These legal requirements include tax treatment of benefit, anti-discrimination laws, and accounting requirements. The federal and state governments require various forms of social insurance to protect workers from the financial hardships of being out of work. The IRS provides more favorable tax treatment of benefits classified as qualified plans. To obtain status as a qualified plan, a benefits plan must meet certain requirements. (Noe, 2014) To receive the favorable tax benefit, an organization cannot set up a retirement plan that provides benefits exclusively to the organization’s owners and top managers. (Noe, 2014) Anti-discrimination laws are...
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...Approved by the Board September 2012 BEST BUY CO., INC. COMPENSATION AND HUMAN RESOURCES COMMITTEE CHARTER Purpose The Compensation and Human Resources Committee (“Committee”) of Best Buy Co., Inc. (“Company”) is appointed by the Board of Directors (“Board”) to discharge the Board’s responsibilities relating to Executive Officer and Board member compensation, including the establishment of the Company’s executive and director compensation philosophies, preparation of a report as required by the Securities and Exchange Commission (“SEC”) to be included in the Company’s annual proxy statement and evaluation of the Company’s Chief Executive Officer (“CEO”). The Committee is also appointed to oversee the development and evaluation of, and to approve, equity-based and other incentive compensation and to oversee the Company’s human capital policies and programs. Committee Membership The Committee will be composed of at least three directors each of whom are independent as defined by the New York Stock Exchange listing standards. All Committee members will also be “non-employee” directors as defined by Rule 16b-3 under the Securities Exchange Act of 1934 and “outside directors” as defined by Section 162(m) of the Internal Revenue Code. The Committee members and Chairperson will be appointed by the Board pursuant to the recommendations of the nominating committee of the Board and may be removed by the Board in its discretion. The Committee will have authority to...
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...VICTIM RIGHTS, ADVOCACY, AND JUSTICE IN OUR POST-9/11 NATION Though there had been terrorist attacks in the United States prior to September 11, 2001, the events on that day in the skies above America, and in the cities of Washington, DC, New York, NY, and Shanksville, PA led to an unprecedented focus on the rights of victims and survivors, and historical expectations were placed upon our government as Americans looked to our leaders for protection, reparations, and justice. In some estimation, our government reacted swiftly, passing legislative measures that would reinforce the strength of the American economy. In other respects, individuals found it necessary to form private groups to advocate for measures and benefits that would not otherwise have become law without their fight. Certainly, in the realm of victim rights, advocacy, and the demand for justice, our post-9/11 nation has endured a dramatic metamorphosis. The September 11th Victim Compensation Fund was created by Congress through the Air Transportation Safety and System Stabilization Act (49 USC 40101), shortly after 9/11 to compensate victims (or their families) of the attack, should they agree not to sue. There was no such government compensation for other tragedies on American soil, such as the bombing of the Alfred P. Murrah building in Oklahoma City or the Katrina hurricane disaster. In this instance, the airlines asked Congress for help, and Congress decided that the airline industry “must remain...
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...internship credits for a student to graduate and it is a prerequisite to landing a job. It can be an excellent time for a student to apply his or her theoretical knowledge in the desired field, or to see if it is a career path that they might want to stay in. Internship provides an opportunity for a student to experience the things that he or she had learned inside the four corners of his or her classroom in a real life setting. Depending on the company that they had chosen for their internship, interns do various tasks such as running errands, administrative work, and even considerable contributions...
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