...the components and its relevance to developing Competitive Pay Programs. Employee Value Proposition (EVP) is a term used to denote the balance of the rewards and benefits that are received by employee in return for their performance at the workplace.An EVP describes the mix of characteristics, benefits and ways of working in an organization. It is the deal struck between an organization and employee in return for their contribution and performance this “deal” characteristics an employer and differentiates it from its competition Why is an EVP impotant? An effective EVP can bring an organization significant benefits. According to the Corporate Leadership Council’s research a well thought through and executed EVP can : - Improve the commitment of new hires by up to 29% - Reduce new hire compensation premiums by up to 50% - Increase the likelihood of employees acting as advocates from an average of 24% to 47% In addition an effective EVP allows organizations to source more deeply within the labor market, increasing its access to passive candidates. This is important for organizations who want to secure the best talent in an increasingly difficult talent market. What EVP revevance to developing Competitive Pay Programs Helps you to attract and retain talent A clear and differentiated EVP ensures that you attract and retain people that you would inevitably lose to other organizations with more attractive EVPs. Helps you to appeal to different markets and tough to...
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...Date: ------------------------------------------------- Re: Changes to Dividend Policy at Linear Technology ------------------------------------------------- The purpose of this memo is to provide a recommendation to Paul Coghlan, CFO of Linear Technology, regarding adjustments to the company’s dividend policy. Linear Technology’s current dividend policy yields a higher than average payout ratio and sets them apart from other technology firms. The firm’s financial data for the past five years as well as data from other semiconductor companies was analyzed to support the following recommendation. To appease shareholders and analysts and reduce cash on the balance sheet, Linear Technology should continue the stock repurchase program and increase the 2003 Q4 dividend to $0.06 per share. What does Linear Technology do? Linear Technology’s business focuses on high-performance analog integrated circuits with a business model of a complete analog focus and cream-skimming the high-margin part of analog. Linear Technology uses a low-maintenance model with a variable cost structure. It designs, manufactures and markets its broad line of products for major companies. The competition in the analog segment is fierce, with companies like Maxim, Analog Devices and National Semiconductor leading the market. Maxim is the closest competitor in terms of size and financial performance. How has Linear Technology done? Linear Technology has done wonderfully until the end of 2001...
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...Abstract No organization can survive without employing qualified individuals for the right positions except for one-person business. In order for companies to survive, stay competitive, attract high qualified workers and have low rate of employee turnover, they need to have attractive offer in place. Offer also referred to as total rewards is monetary and nonmonetary rewards provided by companies to attract, motivate, and retain employees (Mathis and Jackson p360, 2011); they include compensation, benefits, work-life, performance and recognition, and development of career opportunities. Wages given to employee for time of work or services provided to the company; indirect supplemental rewards given to employer and his or her family; practices instituted by a company aimed at balancing or maintaining good life at work and at home are description of total reward program in part; others are evaluation of performance of employee towards success of company’s goal; acknowledgement of employee effort by the employer and strategies to enhance employee skill as well as to advance employee career goal. Perkins (2011) sees total reward approach as less of designing a pay and benefits package and more about thinking through a dynamic exchange process in which both managers and employees are directly enjoined. In short, it is a social as well as economic interaction. Some organizations have made this a priority and as a result have experienced better performance of employees and subsequent...
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...The Human Resources Department was recently tasked with researching, analyzing and recommending one or more new compensation programs for 3W Manufacturing, Inc. Compensation is a key driver in employee satisfaction and performance in any industry, but is fundamentally important within our manufacturing niche, as competition for top level employees is fierce. With compensation being such an important aspect of employee benefits, hiring and retention, Human Resources took considerable time to research numerous compensation strategies that could be implemented at 3W Manufacturing. After considerable deliberation, Human Resources determined the top three options for compensation at the company going forward: Base Salary (Only); Pay for Performance; and Longevity Pay. It is the belief of the department that the business will require a combination of these pay structures to maintain a healthy workforce and continue to recruit new talent into the organization. Introduction The purpose of this report is clearly explain the research the Human Resources Department conducted to definitively recommend a compensation strategy to move forward with at 3W Manufacturing. It is important to understand the broad scope of compensation programs that exist, not only in the manufacturing industry but also in the global business world. Compensation is a key driver in employee motivation, performance and satisfaction. It is also plays a key role in the recruitment of top level talent and...
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...of all employees in order to retain and develop existing employees in achieving organisation’s business objectives (Stone, 2005). HR division also serve as a middle person between top management and lower level management. Therefore, HR department is an important channel for upward and downward communication between employees and management. It is a channel for employees to voice their grievances and complains thus minimizing any dissatisfaction in workplace that may lead to turnover (Osman et al., 2011). Once people resources is identified as firm’s most important asset, the next question here is how the right HR Policies can help in achieving desired retention and development of employees in long run. HR policies may include attractive package of compensation and benefits, ongoing training and...
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...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.mhhe.com/management/compensation/compensation-strategy Fogleman, S. (2004, November 15). Creative Compensation. WesternDairy...
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...The duties and responsibilities of a program manager are synonymous with the skills acquired while in active service. The military skills like ensuring that strict timelines are met, and a chain of command is followed ensures that a job like this is perfect for a war veteran. It is usually advised that a project management course is taken to increase your chances of getting the job, especially if you do not have previous experience. Pilot Veterans are usually experienced in flying helicopters and other such aircraft, and of course, can easily get pilot jobs. While the pay of airline pilots might not be comparable to that of military pilots, with the latter getting higher pays, a job as an airline pilot is definitely one to consider for military veterans. One of the attractive features of flying a corporate or commercial aircraft especially when compared with military aircraft is the family-friendly aspect that is great for veterans with young children. Military veterans are however required to convert their military certification into an FAA certificate to get commercial pilot jobs. Training and Development...
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...5. The consequences of nursing turnover 6.1. Loss of patients * Healthcare organizations have reported having to turn away patients to other healthcare facilities due to lack of available staff resulting from high level turnover. This is a particularly significant concern for healthcare organization operating in states that mandate minimum nurse to patient staffing ratio (xxx). 6.2. Decreased quality of patient care * Staff shortages caused by nursing turnover are associated with significant decreases in the general quality of patient care, increases in the length of patients stays within hospital and greater number of hospital acquired infection (xxx). 6.3. Increased contingent staff costs * Many healthcare organizations are forced to rely on contract nurses to overcome staff shortages caused by high level of nurse turnover. Such contract nurses can cost twice as much to employ as nurses employed directly by the company (xxx). 6.4. Increase nurse turnover * Nurse turnover creates staffing shortages that increase the work demands placed on the organizations remaining nurses. This heightens the risk of the remaining nurses quitting due to excess workload and constantly increasing nurse turnover within organization (xxx). 6.5. Increased turnover of medical support staff * High level of nurse turnover creates disruptive, unstable work environments that negatively impact the retention of other medical service providers that...
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...Rewards Program Francena Hicks Dr. David Fountaine,SPHR Talent Management HRM53201016 10/27/13 Introduction The purpose of this paper is to discuss the Geico employees’ Total Rewards Program and its alignment to the advantages of total rewards programs in general that are noted in the literature. According to the Geico website, there are five benefits to their Total Rewards Program: Health & Well-Being, Education & Training, Finance & Retirement, Time off & Leave, and Family & Life. The first part of this paper will look at these five programs in-depth and explain how Geico intends to benefit its employees. This analysis will include an evaluation of the effectiveness of the communication of Geico’s total rewards program based on the website’s descriptions of the benefits and include two recommendations for improvement to the program and/or its communication practices. By assuming that there are two weaknesses to the current plan, this paper will provide two improvements for these weaknesses to make employees happier. The final half of the paper will match Geico’s program with data from the literature on the effectiveness and benefits of these types of programs and discuss any implications there may be for the Geico program. Determine which facets of the Geico total rewards program align with the five (5) top advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss your reasoning. Geico’s total rewards program includes...
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...Brandon Olmos Cooper Comm 15 Refutation 9 October 2014 Vouchers in the School System The discussion of charter schools and vouchers is an unfolding debate that is currently being argued in places from small school board meetings to high official places of power such as the Supreme Court. Both charter schools and school voucher programs are, all together, referred to as “school choice” initiatives, in which they allow parents to choose educational facility or options for their children that are outside of the normal public school system. If granted, a school voucher program gives parents a certificate that is used to pay for the education at a school of their choice, rather than the public school to which they are assigned to by their designated...
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...the National Council Licensure Examination (NCLEX). The NCLEX will test a graduate nurse (GN) for the minimum competency one must possess before practicing as a registered nurse. ADN programs are attractive to future nursing students as they require only two years of education, less of a tuition burden, and still allow entry into the workforce after graduation to gain independent financial status. BSN programs require two more years of formal education with a pricey tuition bill; this may be less attractive to many future nursing students. There have been years of in-depth debate arguing as to whether nurses with a Bachelor of Science in Nursing degree provide higher quality of patient care compared to nurses with an Associate Degree in Nursing. The ADN program provides education with a core set of subject matter that encompasses psychiatry, adult and pediatric health, maternal and newborn nursing, anatomy and physiology, and microbiology. ADN nurses have more hands on care, NG-tubes, IV’s, ambulating patients, and foley catheter care. The science behind the procedure is presented and discussed, but not in the detail it is discussed in the BSN program. Care plans are done, but again, focus more on reaching goals and less on developing them. Your BSN program offers the same subject matter, but prepares future nurses with a broader sense of practice at a higher level of historical and...
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...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 a reflection of the company’s goals and objectives thus utmost care should be taken so that the intended image is reflected to all interested stakeholders. If the program is not aligned to the...
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...divide up markets into meaningful customer groups (segmentation), choose which customer groups to serve (targeting), create market offerings that best serve targeted customers (differentiation), and positioning the offerings in the minds of consumers (positioning). Chapter Objectives: 1. Define the four major steps in designing a customer-driven marketing strategy: market segmentation, market targeting, differentiation, and positioning 2. List and discuss the major bases for segmenting consumer and business markets 3. Explain how companies identify attractive market segments and choose a market targeting strategy 4. Discuss how companies differentiate and position their products for maximum competitive advantage in the marketplace. Most companies have moved away from mass marketing and toward target marketing—identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each. Figure 7.1 (pg.216) shows the four major steps in designing a customer-driven marketing strategy. Market segmentation involves dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. Market targeting (or targeting) consists of evaluating each market segment’s attractiveness and selecting one or more market segments to enter. Differentiation involves actually differentiating the firm’s market offering to create superior customer...
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...unacceptable quality, while a high price threshold at which prices are refused determine that the product is not worth the money. The price of a gallon of fuel should represent what the money customers could have spent using to buy something else. The price a customer is willing to pay represents the value or worth of that product is to the customer. Customers may use price to determine quality of the product. In this case study, the price of Fuller’s oil is was lower than Bellmore’s cash price of that day, but for 15 cents more per gallon customers could join the guaranteed price program, which would guaranteed the set price regardless of fluctuations. The value of a guaranteed price and a worry-free program was more attractive to customers who decided to be a part of the guaranteed price program. What does the customer get? They get peace of mind for an extra 15 cents per gallon, which to them that partook, it was worth it. What are the benefits and risks to the customer should they elect to participate in the guaranteed price program? Is it a fair program? Why or why not? The benefits to the customers that participated is that, if the price had gone up for oil they were guaranteed only to pay $.749 dollars per gallon. This customer could budget out their expenses to include cost of fuel oil without it fluctuating. The risk customers take is that the price could have been lower than the guaranteed price and these customers would have ended up spending more than others for...
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...governments and international customers in four segments, which are Technical Services, Aerospace Systems, Information Systems and Electronic Systems. Due to providing assistance in defense programs of the US and other countries, the risk related to its operations is very high. (CORPORATION, For the fiscal year ended December 31, 2014) Dollar Tree, Inc. is famous for providing merchandise at discount stores at a fixed price of a $1 and it follows the low cost strategy in order to remain competitive against such giant competitors. It is expected that by the end of January 2015,...
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