...difficult task of determining an agreeable salary and benefits package for both parties. This process of salary negotiation may “represent one of the first employer-employee exchanges at the beginning of what may be a long-term employment relationship.” (Porter)This signifies the vitality for employers and employees to hone this skill and ensure a strong initial relationship is developed between the two parties. Before being able to master the skill of salary negotiations, it is important to understand what the skill is. Salary negotiation is the point in the hiring process when an ideal candidate for the position is given an offer that includes the salary and benefits; the employee must decide whether the offer meets their expectations. At this point, an employee can take the offer as is if they believe it is acceptable, or begin the process of negotiating for what they believe to be an accurate salary and benefits package. The negotiation should include coming to an agreement on details including base salary, benefits packages, etc. The employee should also get to know some of the organizations variable pay incentives such as profit-sharing, gain sharing, annual bonus plans, commissions, sign-on bonuses, stock options, stock purchase plans, etc. to assist in evaluating the offer. Although these portions of the pay are nonnegotiable, it is crucial the employer divulge this information to the employee during salary negotiation so...
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...Negotiation Exercise James Walton Strategic Negotiations LEA180 S01 Ted Sun June 5, 2014 Negotiation Exercise A basic management and leadership competency is the power to negotiate productively in a wide spectrum of business situations which includes making deals, discussing issues of employment, joint team building, communications about labor/management, as well as managing conflict. Basically, the act of negotiating is a part of everyday living. Understanding the proceedings of a negotiation and initiating the correct attitude, speech, and interpersonal skills will be the ultimate determination about the effectiveness of negotiations between two or more people. Statement of Agreement for Purchase of the Automobile Price: $9,650.00 Manner of Payment: Check issued from local bank. Special Terms and Conditions: Upon receiving check vehicle will be delivered as is. We Agree to the Terms Above: _____John Baker_________ ______James Walton __ Seller Buyer Who Made the First Offer: James Walton Initial Settlement Seller: John Baker agrees to sell a 2006 Volkswagen Jetta to James Walton for $9,650.00. Buyer: James Walton agrees to by a 2006 Volkswagen Jetta from John Baker for $9,650.00 (Lewicki, 2009, pg. 491). Negotiation Exercise As a result of the negotiations involving the selling...
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...Contract Law Employment Contracts Entry Level vs. Executive Entry Level Contracts The contract that is being introduced is for an entry-level position at Taboo Resort Golf and Spa. The contract itself is very generic and can apply to any entry-level position at the resort. Although the contract does not speak to specific position, it was presented to a future front desk agent. The contract is not lengthy and is divided into sections. This method assures that the future employee is reading the full contract and is not missing any important or valuable information. The following will deconstruct the contract in order to show how the resort showcases risk management. Hours, Wages &Gratuities The contract first outlines the duration of your work period. In this case a six-month period was discussed and agreed to. The front desk agent was considered as a full time position therefore it was expected to have forty hours of work a week. However, the contract notes in bold, “Please note that hours are based on business, we cannot always guarantee 40 hours per week.” This is a great example of how Taboo Resort saves them from explaining to employees why they may not be getting many hours. Though they are considered full time, it states in the contract that they are not promised these hours due to the nature of the industry. However is you are keen on working forty or more hours there is always a way to negotiate. At a resort there are many departments that need help...
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...Total Rewards System Proposal Claudia Taylor-Berry Dr. Steven Davis HRM 533 – Spring 2015 May 18, 2015 Question # 1-Create a brief overview of the company requirements for a total rewards system. Many organizations in today’s business arena want a total rewards system that encompasses the company’s objectives and their interconnection to the total rewards system (“WorldatWork,” 2007). However, mega organizations that employ over 20,000 employees and provide services in several different countries may require a more diverse total rewards system. With that said, the organization must have a purpose, objectives, eligibility requirements, measuring techniques, funding, structure, global considerations, a timeline of detailed actions, and laws when creating their total rewards system. According to the experts, a company must consider the following core provisions as components of their total rewards system: * Cash Compensations: The employee’s base pay and incentives. * Benefits: The employee’s health care and retirement aids. * Work and Life Balance: Assisting the employee by offering tools to assist with balancing work and life. * Performance Management and Recognition: Aligning company goals with total rewards through individual and team efforts, and the acknowledgements of employee actions, behaviors, performance, and efforts in achieving company goals. * Career Advancement and Development: The employee’s career development and promotion (“WorldatWork...
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...external competitiveness, employee contributions and management. These four policies manage pay in ways that accomplish the systems objectives. (Milkovich et al., p. 10) The question to address when looking at the internal alignment of the company is how should different types and levels of skills be paid within the organization. The Wilson Brothers have no form of internal alignment. The salaries of the employees that were hired in the past were all negotiated. There were no pay comparisons between jobs and skill sets within the company. Pay relationship within the organization affects employee decisions to stay in the organization. (Milkovich et al., p. 10) When looking to hire future employees for the company one should look at the Marginal Productivity Theory. This theory states, unless an employee can produce something of value from their job equal to the value received in wages, it will not be worthwhile for the employer to hire that employee. (Milkovich et al., p. 39) By applying this theory to the Wilson Brother’s company it would eliminate the need for salary negotiations among employees. The second point to address is external competitiveness. External competitiveness refers to the compensation relationships external to the organization. (Milkovich et al., p. 10) As a HR director it would be wise to make sure that the pay is sufficient to attract and retain employees. I would want the employees of the company to stay with the Wilson Brothers not just because...
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...Salary structure in management in Germany, Poland and the UK – a comparative study Table of Contents 1 Table of Contents 1TABLE OF CONTENTS..........................................................................................................................3 2INTRODUCTION.....................................................................................................................................4 3DEFINITION OF SALARY......................................................................................................................4 4GENERALY TRENDS IN MANAGEMENT SALARY IN UNITED KINGDOM, GERMANY AND POLAND....................................................................................................................................................6 5SALARY IN UNITED KINGDOM............................................................................................................6 6SALARY IN GERMANY..........................................................................................................................8 7SALARY IN POLAND.............................................................................................................................8 8CONCLUSION.........................................................................................................................................8 BIBLIOGRAPHY.......................................................................................................................................
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...Neale, M. (2015, June 29). More Reasons Women Need to Negotiate Their Salaries. Retrieved October 8, 2015. 4. Maatz, L. (2014, April 5). The Awful Truth Behind the Gender Gap. Retrieved October 9, 2015. 5. Smith, K. (2014, April 10). The Gender Pay Gap Is Just the Beginning of America's Pay Inequity Problem. Retrieved October 9, 2015. 6. The Simple Truth about the Gender Pay Gap (Fall 2015) (AAUW: Empowering Women Since 1881) 7. Mind the Gap: How One Employer Tackled Pay Equity. (n.d.). Retrieved October 9, 2015. 1. It’s no secret that women are paid less than men, even when occupations are held constant, and even when those occupations are high-pay and high-skill. According to the Bureau of Labor Statistics, the median weekly earning for American female physicians working full-time is $1,497, while for men it is $2,087. A 2013 BLS report shows pay inequity by occupation for women of all races: women in architecture and engineering occupations earn 83.7% to the dollar in comparison to men and in computer and mathematical occupations 81% to the dollar in comparison to men. When Forbes analyzed 2012 median weekly earnings of full-time wage and salary workers data from BLS for the top-paying professions, they found that women earned on average approximately 83% to every dollar made by men. Since choosing a STEM profession or climbing the corporate ladder simply guarantees a higher salary, not an equitable one, how can pay equity be achieved? Much of the...
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...Job evaluation is the process of systematically determining a relative internal value of a job in an organization. In all cases the idea is to evaluate the job, not the person doing it. Job evaluation is the process of determining the worth of one job in relation to that of the other jobs in a company so that a fair and equitable wage and salary system can be established. Below, there is a list of advantages and limitations of job evaluation method. ADVANTAGES: 1. Job evaluation is a logical and an objective method of ranking jobs relatively to each other. It may thus help in removing inequities in existing wage structures and in maintaining sound and consistent wage differences in a plant or an industry. 2. The method replaces accidental factors occurring in less systematic procedures of wage bargaining by more impersonal and objective standards, thus establishing a clearer basis for negotiation. 3. The method may lead to greater uniformity in wage rates and simplify the process of wage administration. 4. Information collected in a process of job description and analysis can be used for improvement of selection, training, transfer and promotion, procedures on the basis of the comparative job requirement. LIMITATIONS: 1. Though there are many ways of applying job evaluation in a flexible manner, rapid changes in technology and in the supply of and demand for particular skills, create problems of adjustment that may need further study. 2. When job evaluation results...
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...goals are to help these kids learn the necessary skills to lead a better life, and to gain employment opportunities in the future. Impact of Organizational Structure There are many things that a director will face when trying to turn a vision into a reality. The first thing of course will be the hiring process. Having a vision, the director will have a certain idea of how he/she expects the organization to be run. So, when the hiring process begins, he/she will want to make sure that they find the most qualified people, and ones who will share the same ideology as they do. The one drawback that I can foresee, are the ones with exceptional qualifications wanting more money. With having a budget, this leaves very little room for salary negotiations. Another issue would be finding the right place to open this organization. Since you have a budget, you must choose the best place possible and the right size as well. Being on a budget could make this task kind of difficult. Finding the right place to work on the budget you have and also accommodate the 1,000 students you hope to have for the first year, and then a projected amount for the next year, and every year thereafter. And doing all of this while trying to stay in budget. Next...
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...Anni Issued his decision with the following dispositive portion. To wit: “WHEREFORE, premises considered judgment is hereby rendered DISMISSING the instant complaint for lack of merit”. 2. On 07 April 2011, respondents received a copy of complainant’s Memorandum of Appeal, on the following grounds: (a.) That the Labor Arbiter erred in finding that JS Contractor is not liable for complainant’s illegal dismissal and for denying his claim for reimbursement of his return plane ticket; (b.) That the Labor Arbiter palpably erred in dismissing the claim for overtime pay; (c.) That the Labor Arbiter palpably erred in not considering complainant’s claim for reimbursement of his placement fee of P150,000 plus 12% interest; salary for the unexpired portion of his contract and attorney’s fees. 3. By way of Opposition, respondents’ submit the following arguments: 4. On the first ground, complainant claims that since the contract of employment did not specify the duration of the contract, complainant’s contract should then be assumed to be three (3) years, in accordance with his 3-year work visa, and not two (2) years, as stated in his POEA Information Sheet (Annex “A”) and Job Confirmation (Annex “B”) duly signed by complainant. I. Complainant’s contract duration is two years as stated in his POEA record and...
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...MANAGING PEOPLE When Salaries Aren’t Secret by John Case FROM THE MAY 2001 ISSUE I t had all happened so fast. Hunched forward, elbows on the desk, Hank let his chin sink deeper into his hands as he gazed out into the night. Outside, the flowers in the officepark garden looked garish under the orange sodium-vapor lights. Hank didn’t notice. He was thinking hard about tomorrow’s staff meeting, which had so suddenly been transformed from a celebration into a—well, he wasn’t quite sure what. He just knew it wouldn’t be pleasant. Hank Adamson, 48, was chief executive officer of RightNow!, a retail chain specializing in offprice clothing for young, fashion-minded women. Frankly, he had been looking forward to a little celebration. Five years ago, his company had bought out a stodgy, 20-year-old retailer of women’s apparel, and Hank had come in to run the place. He renamed it and repositioned it, giving it a hip, edgy style. (Get Your Clothes Half Off was the latest slogan, with a racy ad campaign to match). He invested in rapid growth: RightNow! today had stores in 28 states, with more on the way. Last year, Hank had hired a dozen or so tech-savvy 20-somethings and charged them with creating a killer Web site. Launched just last month, the site was already winning awards and generating substantial business. He’d heard that even the folks in corporate were impressed. But oh, those 20-somethings. One in particular: Treece McDavitt. Hank had noticed her—you ...
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...an appointment with me and asked me lots of questions, such as my English level, the experience of being a salesperson, and my previous job and so on. I could clearly felt that he was satisfied with me. At that night, he gave me a call and told me that he has talked to Mrs. Zhang about recruiting me and she agreed that. Still in that call, he also told me that the salary for me is 10 dollars per hour and I could start training immediately. Even I felt it is quite low, I agreed to work there, because I thought that it is better to gain some money than nothing and that would be the salary during the period of training. As the first job I got in Perth, I really felt passion about it. It seems that it is really a hard job. Since our shop locates in the heart of Perth, there are lots of people coming to our shop every day. During the first week, I worked four days from 10am to 5.30pm, which made me very tired, but I still felt happy since I could get money from this job. One day, one of my colleagues asked Mr. Zhang to pay the salary, so did I. Mr. Zhang looked at me for five seconds and told me that there is no salary during the training and I could get 10 dollars per hour after training. After hearing that, my mind got blank. Even I applied for the tax file number before that, but Zhang said he would pay me by cash. I did not say anything that day. What is more, staffs there have to pay for the lunch all by themselves; and when it is really busy, we do not have time to have lunch...
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...Compensation and Reward Management UNIT 17 COMPENSATION STRATEGY, STRUCTURE, COMPOSITION Objectives After reading this unit, you should be able to: l appreciate compensation function and objectives; l analyse compensation issues and trends; l assess the characteristics of executive compensation and its determinants; l understand the principles and practices of compensation administration; and l identify the major components of wage structure in India. Structure 17.1 Introduction 17.2 Compensation Issues 17.3 Compensation Function 17.4 Compensation Policies and Objectives 17.5 Compensation Administration 17.6 Compensation Determinants 17.7 Compensation Survey 17.8 Compensation Structure 17.9 Job Evaluation System 17.10 Pay Equity 17.11 Executive Compensation 17.12 Compensation Trends 17.13 Wage Structure in India 17.14 Case Study 17.15 Summary 17.16 Self-Assessment Questions 17.17 Further Readings 17.1 22 INTRODUCTION One of the most difficult functions of human resource management is that of determining the rates of monetary compensation. It is not only complex, but significant both to the organisation and employees. Employee compensation decisions are crucial for the success of an organisation. From a cost perspective alone, effective management of employee compensation is critical because of the total operating costs. Another...
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...Resource Management: Chapter – 6: COMPENSATION MANAGEMENT Introduction: One of the key components of IHRM is the compensation administration in MNCs. Today, compensation and employee benefits contribute to 40-50% of the total costs. Compensation is strategically reported and monitored at the broad – levels and with the investors to assess the health of the organization. What is compensation management? Effective and efficient process of managing the earnings – financial and non financial rewards of the employees in an organization based on their performance towards organizational goal is called compensation management. International Compensation is an internal rate of return (monetary or non monetary rewards / package) including base salary, benefits, perquisites and long term & short term incentives that valued by employee’s in accordance with their relative contributions to performance towards achieving the desired goal of an organization. It influences: • • • Organizational culture Recruitment and selection of competent employees Motivation and performance Objectives of compensation: Compensation decisions are strategic decisions and play a key role in achieving performance and sustainable competitive advantages for national as well as international firms. Therefore the key objectives are: • • • • • Attract employees who are qualified , experienced and interested in international assignments. Facilitate the movement of expatriate’s from one subsidiary to another, from...
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...a medium sized company based in Silicon Valley, California, operated in the intensely competitive computer industry with its’ main area of focus in the development of software support systems. Throughout the Internet Bubble bust, they were able to survive through their focus on key competencies and building relationships with key clients. Due to this they are now a successful company with offices in the major cities across the US. However, their international operations have remained small, with subsidiaries only in Canada, France, and a recent venture in Australia. These international offices have all been initiated due to following current US clients. VP of Operations, Jessica Kellaway and HR Director, Steve Hegworth are perplexed by a salary problem and are meeting to discuss the following issue: Pierre Lecruet, who had previously been Managing Director at the France location, had been moved into the same position, but in the new Australia office. During a previous performance appraisal, Pierre had noted that his job in France had lost the challenge and that there was no-where else for him to go within the French operation. The decision for him to move to Australia to repeat his success from France seemed to be a mutual one, but now 6-7 months into the position, Pierre seems overly focused on his compensation package rather than the job. Pierre, knowing if he performed well in the Australian initiative that he would be moved to a top management spot in the US, agreed to take...
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