...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 growth of the company. Total Rewards No organization can survive without employing qualified individuals for the right positions except for one-person business. In order for companies...
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...original and pirated. Therefore, Dr.Martens should using this for sales promotional tools to promote their shoes, FIRST that other brands do not have this kind of service; SECOND easy to defeat those pirated products to imitate Dr.Martens design. 2. Lucky Draw Lucky draw is the simple way to attract people attention but the important part is the reward of the lucky draw. Dr.Martens can provide the 1st place a pair of special design shoes that the design is not selling at all. When the reward was attractive, Dr.Martens should set the condition of the lucky draw. The condition of lucky draw can be buy over RM1000 can get 2 name card for lucky draw. However, Dr.Martens normal price is between RM500-RM600, people may find friend to buy together or buy over RM1000 by himself because of the special design shoes of lucky draw. The name card will fill up the customer personally information. While the lucky draw result is out, Dr.Martens will contact or email to the ‘lucky guy’ to come over and take the reward. 3. Member Card - Birthday’s Present Register a member card of Dr.Martens it only cost RM10 and it got a lot of benefit to customer. To those who are consumer of Dr.Martens...
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...On the aspect of compensation system in Roget S.A. organization, bonus system used to reward and promote executives is related to the profits of each division and subsidiary. Managers are motivated to increase profit of which they are responsible for. It is positively affect the development of each division and subsidiary. Also, these compensating incentives are beneficial to retain experienced employees under the competition with other companies. However, compensating based on the profit of each division might give rise to some problems which include creating unnecessary internal competition and sacrificing the profit for whole company in order to generate personal benefit. Ekstrom, managing director in Sweden, might only want to take his responsibility of increasing the profit for AB Thorsten so that the proposal for manufacture of XL-4 in Sweden is provided. Ekstrom might also be stimulated by the bonus or promotion. To gain benefits from the success of project in the future, he is probably to ignore the potential risk of this project or optimize the actual situation. It is reminded by Lavanchy that the estimated 400 tons in Sweden might be too optimistic since the world market share for Roget is only 600 tons. On the other hand, Lavanchy also can be biased on this project due to his responsibility for profits in manufacturing this product in Belgium. The profit of manufacturing XL-4 in Belgium can be maintained by selling the product to Sweden under current system, which also...
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...Young Working Population A no claim discount (NCD) scheme which encourages the policyholder to drive more carefully due to the penalty applied if a claim occurs and reward gained if no claim occurs is common in motor vehicle insurance. Different companies have varying NCD scheme which provides a conundrum for policyholders to choose the most optimal policy for each individual policyholder. A common argument for the introduction of an NCD scheme is that it is fairer than using a flat rate. Looking at the popularity in the rise of NCD schemes seems to indicate this is true. Not only does the scheme encourages better driving but it enables the policyholder to reduce their premium until they reach the maximum no claim discount. For the young working population, an NCD scheme would be of great benefit especially for a young worker who is only entering the workforce. The young worker would have more frequent car usage and benefit from the reduced premium due to the discount. Since the young worker would more likely need the car for commute to work and also later on for family responsibilities. However the worker would need to take consider the portability of the NCD scheme should in the future, he decide to move to another insurer that offers a more optimal policy. Portability is an especially important aspect to consider for a young worker that is still trying out jobs and may change jobs multiple times before settling on one. In this report a model for an NCD scheme in health...
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...Resources Management Prof. X February 19, 2012 Xcel Energy Pays for Employees Who Excel In an effort to generate high performance, Xcel Energy implemented a reward program that paid employees who submitted useful suggestions. Unfortunately, no one thought to evaluate and measure the benefits these useful ideas had to the overall mission and vision of the company. Xcel decided that merit pay can support the company’s strategy better than paying for suggestions. Have they arrived at the best conclusion? What can Xcel do to incite favorable submissions that are parallel with the company’s strategy and have a positive response from employees? It may be in Xcel’s best interest to hire a consultant to make suggestions that would ensure merit pay is an effective incentive program. Merit Pay vs. Payment for Suggestions A merit pay system would be a better option for Xcel as oppose to paying employees for ideas. The merit pay system gives the highest pay to the best performer which is still in line with the company’s goal to link rewards to performance. Additionally, it doesn’t limit employees to developing favorable concepts for the company. Employees that excel above their job description are rewarded and their excellent performance serves an example to other employees that the company rewards their top performers. Paying for suggestions was not a bad idea it’s the lack of evaluating the idea and how compatible it is to the company’s strategy is where is went...
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...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. The Facets of the Geico total rewards program that aligns with the five top advantages of a total rewards program that is outlined in chapter 2 of the textbook is time off and leave, Geico’s total rewards program’s package, associate assistance program (AAP), family and life benefits, and health and wellbeing program. Chapter 2 in the WorldatWork Handbook of Compensation, Benefits & Total Rewards has increased flexibility listed as one of the top five advantages of a total rewards approach. Geico’s time off and leave, and family and life programs are aligned with the increased flexibility approach in that they allow their employees paid vacation and holidays, sick and leave time, dependent care FSA, adoption assistance, long-term care insurance plan, and associate assistance program (AAP), which includes three phone and/or in-person counseling sessions at no cost. The family and life benefits include: work-life balance programs, "baby welcome" program; day care and elder care referrals, counseling for stress, anxiety and depression, and financial counseling, aid during crisis situations and legal consultation. Geico realizes that their employees need time off and programs to help make their work-life experience a little easier as in having a balance between the two (WorldatWork, 2007). Geico’s total rewards program...
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...Table of contents 1. Introduction _____________________________________________ 2 1.1 Context ______________________________________________ 2 2. Selection and Recruitment _________________________________ 2 2.1 Selection _____________________________________________ 2 2.2 Recruitment ___________________________________________ 3 3. Training and Development _________________________________ 3 3.1 Training ______________________________________________ 3 3.2 Development __________________________________________ 4 4. Reward and Incentives ____________________________________ 4 4.1 Reward ______________________________________________ 4 4.2 Incentives_____________________________________________ 5 5. HR professionals support line managers and their staff _________ 5 5.1 Department Staffing_____________________________________ 5 5.2 Workforce Strategy _____________________________________ 6 5.2 Performance Management ______________________________ 6 6. Conclusion _____________________________________________ 6 7. Appendices _____________________________________________ 7 1. Introduction 1.1 Context Every business is driven by its workforces. Accordingly, operative HR strategies are critical to guarantee productivity and maximum success. Human resources experts play a significant role with respect to coming up with the right approaches to support organizational track but they must have the skills to think beyond the strategies to identify the high level...
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...which perks are cut. This can be achieved by conducting a survey. By asking what's most important to each person, and analyzing the information gathered, the decision process becomes somewhat easier for management. By giving the employees a choice of which perks stays, and which perks are cut, the employees have a chance to analyze which are more beneficial to their overall morale, and which are of little significance to them. To benefit the overall financial standing of the company, in an already damaged economy, I would cut free lunch, massages, beach house access, and the $1,000 bonus. Massages could be budgeted as “special bonus” or reward to individuals with the highest productivity or accuracy percentages, on a quarterly or semi-quarterly basis. Other rewards or incentives, such as gift cards, thank you cards, or an occasional a free lunch to individuals whom show improvement in their levels, are less expensive and could be budgeted accordingly. An effective manager would want to develop a comprehensive program to reward and recognize employees whom deliver and possess the following attributes: self-leading, exceptional customer service, driving a high performance culture, and demonstrating teamwork while always having a positive attitude. I would...
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...I will attempt to provide insight as to the qualities and significance of working with teams. This will include not only the benefits of utilizing them in the corporate world but also the REWARD one can gain from everyday usage of teams. From the beginning of time when Prehistoric primate first joined together and formed teams to hunt for food to today’s world where ideas generated in a team have provided us with numerous achievements as well as saving a few floundering companies. Teams have provided employees with self satisfaction as well as increased productivity. Benefits of Teams A team has a positive synergetic aura. When two or more members share a goal or an idea they can accomplish together what one person can never do. As an individual, one is limited to his or her previous experiences, the sole knowledge that they possess. When working together within a team they are able to bring everyone’s knowledge, experience and skills together to collaborate towards a common goal. Each team member brings his or her special skills together to break down the barriers and problems and completes the task. These team based assignments are predicated on the fact that what the students learn from a teamwork atmosphere will carry over to the workplace.(Willcoxson, 2006) The benefits are numerous when a person works in a team atmosphere. When working together as a team, the creativity is higher, which in turn causes the results to be higher in quality as opposed to working solo.(Scarnatti...
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...very important for our generation especially student. To help the students to perform well in their studies, financial incentives has been given to students who perform well. From a different perspective, some people said that giving financial incentives to students is a bribes, as stated by (Quinonez.N, n.d) giving money to the students they might think of it as the bribes and they can go morally wrong. However, there are more benefits by giving financial incentives to students such as financial rewards to boost performance, encourage students to work harder and a self-reward. Normality human like to receive rewards because as stated by (Harms.W, 2012) it can help them to boost their performance and also increase their effort to score in education. The prospect by giving rewards to students who perform well can created a stronger desire to be constant in their education plus their possibility to receive a reward nor trophies. A students score in his first semester in college and then he was rewarded with a financial incentives, because of the reward the student will keep up with his good performance in his studies. Thus, financial incentives can work as a booster to the students to keep their good progress in education. In addition, giving financial incentives also can help students who perform well in education to encourage the students to get good grades. As stated by (Cameron, 2011) financial incentives can help the students to increase their initiative to achieve well in...
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...profit. Namely: employees, suppliers, customers, competitors, government agencies, clams, public entities and others. In my ideal company, all decisions made by owners are reasonable business decision. This decisions work for the good of everyone in the company and respond positively to those following: they are the only ones alternatively, are fair to all concerned, will create goodwill in the organization. Ideal company is one which gives its employees the opportunity to develop creative approaches in order to increase the profitability of the business while working towards the prosperity of society. Not only does an employee expect monetary rewards from an organization but also recognition for their hard work. Also, I dream to work in such an organization where the organization takes into consideration their work and reward them for it. My ideal company has to have a very comprehensive compensation package. I believe that those individuals that produce extra – ordinary results and are terrific ambassadors of company culture should be rewarded accordingly. These individuals are the most valuable assets of the...
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...First off, we are creatures. We are animals. We're very sophisticated and good-looking and all that, but let's never forget that we're made of flesh and blood. In particular, our brains are incredibly complex evolved machines. Our brains govern basic processes such as breathing and food intake, and also enable us to appreciate the finer points of John Cleese's performances in Fawlty Towers. As creatures, we have needs. We need to eat, and so we eat. As rather intelligent and social creatures, we like to chat with one another, and so we do. We take turns and finish our conversations gracefully. And there are dozens and dozens more behaviors that are just as complicated, if not more so. How on Earth do we get all of this done? That's where habits come in. Habits help us through our day. When we are doing something that is habitual, we are not engaged in the task in the same way as when we are doing something that is not habitual. Just as an example, consider making breakfast in your own kitchen on any given weekday. Next time you do it, watch how effortlessly it happens. It's not exactly like an out-of-body experience, but it's close. Your movements through the kitchen are stereotyped. You grab the milk out of the fridge, turn toward the counter and give the door that little nudge you with your foot that you know it needs. If something is on your mind, you might not notice that you're sitting at the table and munching on your second piece of toast until you're halfway through it...
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...Jan. 28th, 2015 Sociology Tuskegee Syphilis Study Response It was not hard to find ethical violations in the Tuskegee Syphilis Study. The doctors of this study broke all four of the standard ethical rules. For example, by not curing the victim’s syphilis or even diagnosing it, they were broke rule number one. Do no harm, but this was only the first of many violations. Not only did they not tell the victims, they decided to do a case study on syphilis progression. They did this without informing their “patients”, but also without any voluntary participation. This counts as two violations because to do any study, the subject needs to be a volunteer and they also need to be fully informed of the risks involved and why it is being studied. This is known as voluntary participation and informed consent. In fact, these doctors committed two more violations by luring the test subjects to the clinic under false pretenses. Most subjects were convinced that they were participating in a public health demonstration. This violated the “informed consent” rule and the “do no harm rule”. By not informing the patients of the real goal of their participation, the subjects were brought to the clinic under false pretenses. They purposely manipulated their patients which is how they broke the “do no harm” rule. By allowing this to go on for so long, they infected several of the subject’s wives and many children were born with congenital syphilis. This is an ethical violation of protecting the...
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...profit. Namely: employees, suppliers, customers, competitors, government agencies, clams, public entities and others. In my ideal company, all decisions made by owners are reasonable business decision. This decisions work for the good of everyone in the company and respond positively to those following: they are the only ones alternatively, are fair to all concerned, will create goodwill in the organization. Ideal company is one which gives its employees the opportunity to develop creative approaches in order to increase the profitability of the business while working towards the prosperity of society. Not only does an employee expect monetary rewards from an organization but also recognition for their hard work. Also, I dream to work in such an organization where the organization takes into consideration their work and reward them for it. My ideal company has to have a very comprehensive compensation package. I believe that those individuals that produce extra – ordinary results and are terrific ambassadors of company culture should be rewarded accordingly. These individuals are the most valuable assets of the...
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...Assignment 1 – Netflix Personalizes the Customer’s Experience 1) I believe that these types of deals can be beneficial to Netflix because it gives their customers more streaming content, which is ultimately what they want. Netflix saw an opportunity in the customer dissatisfaction from Blockbuster. So I believe more streaming content equals happy customers. The 28 day delay shouldn’t be a threat to Netflix because the gain is higher. As a customer myself, 28 days isn’t a long time. People are used to waiting months before a movie goes from theatres to DVD. More options can also lead to more subscriptions from different types of people. Although these types of deals appear to be risky, the reward is much greater. Companies should take risks to figure out what works best for them. 2) Netflix should charge for streaming content because of the convenience they offer. No late fees, no commercials, no commitment and a large variety. Netflix currently charges $7.99 a month and gives you the option of a one month free trial before creating an account. The price alone attracts people because at Blockbuster you have to worry about late fees. Not to mention, renting three movies there can equal a one month fee with Netflix. 3) Some potential problems Netflix could face in the future are that Blockbuster is trying to imitate how they operate. Not only that but they can easily come up with something new and better. Netflix can also face competition with cable and satellite companies...
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