...Assignment 4: Recognizing Employee Contributions Strayer University Alberta Thrash, PhD HR Management Foundations Incentive Pay The main goal of employee incentives is to motivate employees to achieve their highest performance possible. Human Resources must first determine the needs of the employees. Once those needs have been assess, then they must decide on an incentive plan that focuses on those particular needs. “Incentive plans must showcase what the potential may be if the purpose is fulfilled” Kishore & Rao, 2013). For this particular company one method that could be used to determine incentive pay is by basing it on individual’s performance. First you would identify who your top performers may be. Human Resources should communicate with them and inform them of the incentive plan for performance bonuses based on sales for the quarter. Even though this is an individual based performance plan it can also be applied to groups within the organization. For example, the internet sales team of the company would participate in a different form of performance bonuses based on the teams internet sales achieved. For individuals, it motivates them to self-satisfying goals set by the company and shows them that they are assets. For groups, it can help to encourage and motivate teamwork. In regards to the company’s performance, this plan enforces an increase in the profits of the business. Another option available is to pay individuals based on group performances. Due to...
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...Recognizing Employee Contributions Name Institution Recognizing Employee Contributions Methods human resource professional can use to determine incentive pay A human resource professional can use the following methods in determining the incentive pay; Halsey premium method: under this plan a worker who completes the job within or more than the set standard time receives the usual time rate pay. However, a worker who finishes the job a time less than the normal time receives a bonus. The bonus is a fixed percentage of between 50% of the time saved with the other 50% being the employer's share. Consequently, the plan has catered for both the company and the employee. Not only does the method motivate workers to enhance their efficiency it also ensures that they equally share the advantage arising out of the time saved. Taylor’s differential piece rate method: the method is against the payment of incentives based on time. It provides for two piece rates that are the low piece for output below the standard and a high piece for work above the standard. Take, for instance, a company that has a standard of 40 units per day and 30 and 25 rates per unit for high and low piece respectively. A worker who produces 40 units gets a pay at the rate of 35whereas a worker who produces at 30 gets a pay at the rate of 25. The method takes into consideration both individuals, groups and the company since it ensures that efficient workers are highly reward, and the company will in turn attract...
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...Incentive programs are one of many ways organizations motivate employees. Our goal is to design an incentive program that is aligned with the company’s goals, needs, skills, and abilities. Incentive pay can be determined by merit pay and performance bonuses. Studies have found that pay-for-performance plans help achieve organizational goals and desired performance results. Merit pay is a reward in which employees receive permanent pay increases such as raises as a function of their individual performance ratings. Although it can be different across industries, some recent surveys have demonstrated that 80% to 90% of organizations use merit pay plans (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...
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...Google Swot Analysis SWOT ANALYSIS OF GOOGLE [pic] GOOGLE’S BUSINESS STRATEGY: AN EMPIRICAL ANALYSIS OF THE STRENGTHS; WEAKNESSES; OPPORTUNITIES; AND THREATS (SWOT) OF GOOGLE BY: KWAKU F. DARKWAH (MBA; B.ED; CTLLS; ASSOCIATE-CIPD; MInstLM) CEO/FOUNDER: ADESUA GLOBAL, GHANA LECTURER-MANAGEMENT DEPARTMENT, LONDON SCHOOL OF MANAGEMENT EDUCATION (LSME) FEBRUARY, 2010 IF YOU NEED A FREE UPDATED COPY OF THIS ARTICLE IN PDF FORMAT, JUST SEND YOUR REQUEST TO: [pic]adesuaglobal@gmail.com [pic]This e-mail address is being protected from spambots. You need JavaScript enabled to view it [pic] THIS ARTICLE IS DEDICATED TO ALL ASPIRING BUSINESS ENTREPRENEURS 1:1 INTRODUCTION Arguably, in the last 10 years since the expansion of information technology as a result of the internet; one astounding firm that has impacted on our lives is Google. All age groups; different ethnic backgrounds; different religious backgrounds; different political backgrounds and affiliations all have been influenced by the impact of this organisation. Debatably, Google is one of the most powerful search engines in the world. Arguably, it can be said that Google is the most visited website in the world. It is now worth in excess of $94billion, although its value has more than halved since December 2007 (Time, 2008). Google attracts about 61.9 per cent of all internet searches online. According to Clark (2007) Google accounts for 56% of all searches on the internet according to the...
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...HRM 500 Assignment 4: Recognizing Employee Contributions Click Link Below To Buy: http://hwcampus.com/shop/hrm-500-assignment-4-recognizing-employee-contributions/ 300 points You are the HR manager of a relatively new retail company that has both retail stores and Internet sales. Your company is steadily growing in revenue and profitability. The company realizes that in order to retain the solid, highly productive workforce it currently has in place, it is important to enhance the base compensation and benefits package offered to the employees. The company currently offers a basic compensation program and only federally mandated benefits. Employee surveys suggest the compensation and benefits program may be out of date. Employees are beginning to consider leaving the organization. Write a six to eight (6-8) page paper in which you: • Propose two (2) 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. Justify your response. • Examine the core legal requirements affecting employee benefits in today’s competitive environment. Determine the legally mandated benefits that the company must currently offer to its employees. • Recommend at least three (3) additional benefits that the organization should consider providing to its employees. Suggest at least two (2) important concepts that a company must consider when designing benefit...
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...HRM 500 Assignment 4: Recognizing Employee Contributions Click Link Below To Buy: http://hwcampus.com/shop/hrm-500-assignment-4-recognizing-employee-contributions/ 300 points You are the HR manager of a relatively new retail company that has both retail stores and Internet sales. Your company is steadily growing in revenue and profitability. The company realizes that in order to retain the solid, highly productive workforce it currently has in place, it is important to enhance the base compensation and benefits package offered to the employees. The company currently offers a basic compensation program and only federally mandated benefits. Employee surveys suggest the compensation and benefits program may be out of date. Employees are beginning to consider leaving the organization. Write a six to eight (6-8) page paper in which you: • Propose two (2) 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. Justify your response. • Examine the core legal requirements affecting employee benefits in today’s competitive environment. Determine the legally mandated benefits that the company must currently offer to its employees. • Recommend at least three (3) additional benefits that the organization should consider providing to its employees. Suggest at least two (2) important concepts that a company must consider when designing benefit...
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...Recognition Essay As highlighted in the book “Making Their Day! Employee Recognition That Works,” employee recognition is an often mismanaged part of many managers to employee relationships. As a manager for over ten years, I have had the privilege of being on both ends of the recognition exchange. As an employee, I have the great opportunity to be awarded numerous promotions and bonuses because of my performance, but these acts of recognition by my employers felt more process driven or driven by business needs. Although these promotions and bonuses were greatly appreciated, they left much to be desired in recognizing the value of my contribution to the organization, this level of appreciation was found in more simple acts of recognition, ones which were more personal and intentional. One specific example of this type of recognition actually came during a time in our company that was uncertain and unsettling. During this time, my employer was concerned about losing top and critical talent. As part of the efforts to retain this talent, the company offered a substantial monetary bonus to certain employees to remain with the company during this time of uncertainty. As a leader of a critical department, I was selected as person to receive this bonus. However, the bonus itself was not the recognition that left an impression with me; the real recognition was in the method of which I was informed of my selection to receive the bonus. Prior to receiving the standard form letter...
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...activitymode.com/product/hrm-500-wk-10-assignment-4/ Contact us at: SUPPORT@ACTIVITYMODE.COM HRM 500 WK 10 ASSIGNMENT 4 HRM 500 WK 10 Assignment 4 - Recognizing Employee Contributions Assume that you are the HR Manager at a university. You want to create a way to recognize employee contributions in the Admissions Office. Determining the methods to motivate employees to enroll new students has been challenging. However, you are now being pressured by top management to reach admission goals. Employee participation in pay-related decisions could be part of a general move toward employee empowerment. Employees have hands-on knowledge about the kinds of behavior that can help the organization to perform well. Consider ways that you would attempt to meet the admission goals. Create a PowerPoint presentation with fifteen to twenty (15-20) slides in which you: 1.As the HR manager, propose two (2) methods that you will use to determine incentive pay. Explain if the rewards are tailored towards individual, group, and / or company performance. Explain how you as the HR manager will create an incentive pay program that will motivate employees. 2.The balanced-score card approach is useful in designing executive pay. Propose three (3) measures the HR manager can use to assess shareholder value, customer value, and employee value. 3.As the HR manager, analyze two (2) difficulties in creating a benefits package that motivates employees. 4.As the HR manager, propose three (3) incentives...
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...Employee Recognition Program Handbook Department of Human Resource Management September 2000 DHRM 01/30/2001 TABLE OF CONTENTS INTRODUCTION............................................................................................ 2 RECOGNITION/REWARD............................................................................. 4 PROGRAM DEVELOPMENT ....................................................................... 7 KEY POINTS TO REMEMBER - ELEMENTS OF SUCCESSFUL PROGRAM ............................................. 7 STEP- BY-STEP GUIDELINES............................................................................................................ 9 IDEAS TO HELP MEET YOUR BUDGET ................................................ 17 NO/LOW COST RECOGNITION IDEAS............................................................................................ 17 MODERATE/HIGHER COST RECOGNITION IDEAS........................................................................... 18 APPENDIX A ................................................................................................ 18 RESOURCES ............................................................................................................................. 19 Web Sites ................................................................................................................................................................................19 Magazine/Internet Articles..........................................
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...IFRS and GAAP have similarities as well as differences. There are two pension plans that are frequently used in accounting for pensions. These two plans are known as, defined contribution plan and defined benefit plan. Both GAAP and IFRS separate their pension plans, but their accounting for defined benefit plans differ. Another major difference occurs when recognizing actuarial gains and losses. Differences between IFRS and GAAP arise when distinguishing unrecognized past service cost. IFRS and GAAP also have their similarities. They both have similar views when it comes to their view of pensions and postretirement benefits. Both IFRS and GAAP also use the corridor approach when recognizing gains and losses. The defined contribution plan relies on an employer who contributes an amount on certain periods to a pension trust, while the defined benefit plan summarizes the benefits that employees will receive when they retire. There are similarities and differences concerning defined benefit plans. Both IFRS and GAAP recognize liabilities and costs for employee benefits during the period when the service is provided. It’s important to understand that GAAP refers to the defined benefit obligation as the (APBO), while IFRS states it as the (PVDBO). The differences start occurring when recognizing net funded status. Under U.S. GAAP, the status is considered overfunded or underfunded, after the difference between the fair value of the plan assets and APBO is calculated...
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...Increasing huge number of companies is recognizing the important of effective human resource management (HRM). Human resource (HR) practices should be among the priority considerations of an organization. This report covers essential tools in HR practices like staffing, training, compensation and performance management that shape organization role in satisfying need of its stakeholder. Due to the dynamic business environment, organization is concerned on their business focus and direction to achieve sustainability and competitiveness in the global challenges. Strategic Human Resource Management (SHRM) identifying the organization’s strategic goals and capability to develop and implement strategic plans to reach the goal. For the strategies to be implemented there will be a change in planning and management. Obtaining strategies into action is not easy and hence the barrier can be met by conducting rigorous initial analysis that covers business needs, corporate culture and both internal and external environmental factors (Stoyanova, 2005). Motivations can be tools that can emphasize the personal growth and development of the employees. The idea of the motivation is not only helping the employees to maximize their potential and their contribution through their performance but also, improving the productivity of the company (Bruce, 2003). Time to time, managers should make an effort in providing performance feedback to the employees. Employee performance should not be communicated...
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...Recognizing Employee Contributions Power Point Presentation Human Resources Management 500 Atina Sims June 16, 2014 Dr. Jo-Rene Queensberry Introduction Human capital is one the factors that enhances growth in the corporate world. The human capital consists of employees working in various departments within the organization with the aim of attaining the set goals of the firm (Brun & Dugas, 2008). In essence, the human resources assist in bring the other factors of production together, and use their knowledge to ensure that the right quantity of all other factors are used appropriately, owing to the scarce resources, which firms must share with competitors (Bauer & Erdogan, 2009). In this regard, firms must ensure that they appreciate their employees’ efforts in attaining the set goals of the organization. This presentation, thus; seeks to elaborate on the process of recognizing employee contribution that firms can utilize. Methods to Determine Incentive Pay Incentive is the one of the ways through which companies motivate their employees in order to increase productivity. There are diverse incentives that companies can employ, although the most commonly used is the pay for performance incentive. A research conducted in a number of firms in the United States of America established that 86% of employees participating in the survey increased their productivity following provision of monetary incentive. the remaining 14%...
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...ANSWER FOR QUESTION 1 CASE 1 EMPLOYEE MOTIVATION IN A GOVERNMENT ORGANIZATION" Q1. Discuss the long-term relevance of motivational techniques used by Baheti in the light of prevailing environment in the organization. ANS: Some of the most successful managers and executives have achieved their objectives by aligning the aims of their employees with those of their organization. Once an employee is able to understand, and empathize with the overall aims of the organization, they are generally more motivated towards achieving them. Having ensured that the organization and the employees are working towards the same objectives, managers can then focus on exactly which motivational techniques can be implemented to facilitate the achievement of these goals. It is clear that there are both positive and negative motivational factors which can lead to the achievement of objectives. These can be summarized as either fear or reward factors. This fear factor can indeed lead to good results in the short-term but, in the long-term; the employees are likely to be more focused upon whether or not they will be keeping their jobs, rather than upon fulfilling overall business objectives. Positive motivational factors are also many and varied and, although these may lead to long-term gains, they too can have negative aspects to them. Offering rewards and incentives is indeed motivational, but it is important to make sure that these are deserved and that recognition is given to the right person...
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...Describe the three main goals of compensation departments There are three main goals of compensation departments. They include internal consistency, market competitiveness and recognition of individual contribution. Internal consistent compensation system identifies the importance of each job compared to all the other jobs within an organization. Internal consistency ensures that employees are paid based on their positions. In other words, employees are paid for work of equal value as well as “acceptable” pay differences for work considered to be of “unequal”. Therefore, employees who posses higher “qualification, more responsibilities, and more complex job duties are expected to be paid more that employees who require less qualifications, fewer responsibilities and less complex job duties” (Martocchio, 2011). The purpose of internal consistency is to create procedures and develop pay structures that help the organization accomplishes its goals and satisfy employees and managers as well to ensure that the organization abides by the laws and regulations. Job analysis involves collecting, and examining data in an effort to define jobs. Job analysis explains job duties, responsibilities and requirements of the job. Job evaluation on the other hand, is a part of the compensation system that the organization uses to determine the importance of one’s job compared to another. Market competiveness pay system plays an essential role in the company’s ability to attract and retain qualified...
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...Breakthrough in organization performance: competitive advantage through employee-centered management. Sustainable competitive advantage can best be achieved through employee-centered management which encourages widespread participation and contribution of employees in problem-solving and decision-making. This article describes the experience over a six-year period at Ault Foods, Ltd. of Canada, which implemented a structured seven-step strategy for improved organization performance through employee-centered management. A significant change in the condition of the human organization resulting from the intervention was shown to be correlated with a 66 percent increase in profitability. More and more companies in the U.S. are taming to employee-centered management to enhance productivity and quality, and to gain the competitive advantage of a workforce fully committed to the organization's goals. Organizations are increasingly recognizing that efforts to improve productivity and quality must include attention to the human organization - its motivation, commitment, and morale. For example, a major component of the scoring system for the Malcolm Baldrige award involves accounting for the state of the human organization. Increased attention is therefore being paid to developing tools for analysis and strategic management of the human organization. These tools may be used for measuring the condition of the human organization, evaluating its performance, and initiating corrective...
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