...Compensation – The sum total of all forms of payments or rewards provided to employees for performing tasks to achieve organizational objectives Rs Compensation- Nature and scope • The complex process includes decisions regarding variable pay and benefits • It suggests an exchange relationship between the employee and the organization • It involves design, development, implementation, communication and the evaluation of reward strategy and process of the organization Compensation Objectives 1. 2. 3. 4. To reward employees’ past performance fairly, in line with efforts, skills and competencies To attract and retain competitive high performing employees To motivate the high performing employees and reinforce desirable employee behaviour To remain competitive in the labor market 5. 6. 7. To align employees’ future performance with organizational goals To communicate the employees their worth to the organization To provide employee social status • Strategic compensation – Using the compensation plan to support the company’s strategic aims. – Focuses employees’ attention on the values of winning, execution, and speed, and on being better, faster, and more competitive.. • IBM Strategic Compensation Planning • Strategic Compensation Planning – Links the compensation of employees to the mission, objectives, philosophies, and culture of the organization. – Serves to identify the net monetary payments made to employees with specific functions of...
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...ex-employee is made by some reasons, organization may face pros and cons when they were hiring back some of their ex-worker. One of the pros is, other employee morale will turn to more positive state. The example is, when employee realize that their employer is working hard on bringing back ex-employee that used to be an icon, good worker and role model. They will feel like something good and handy will come to their hands. This kind of ex employee will bring good result to an organization which in the end it will let the productivity or the work will turn to more positive state. Unfortunately, this pros got their cons. Each employer must know that they will facing with the possibility of some negative current employee backlash. As some worker may feel good when good ex worker returned, some may feel uneasy. This is because some of them may feel like they their current position will be affected. Some worker may also feel jealous to watch their employer is trying hard to get an ex back and feel like the employer did not see or believe in their ability to do the task. Actually the worker who stay when downsizing is the one who get all the job done when others left. Question 2 The first question to be ask is, what is the main purpose in rehiring the ex-worker? You should ask back to the managers, why they need the ex-worker to back to the organization. They must explain wisely the main reason of taking back the worker. Since this is not an easy thing to do you should understand...
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...three main types of health insurance in the U.S. The main types of health insurance are voluntary health insurance, social health insurance, and welfare medicine. In voluntary insurance or private health insurance in the United States can be subdivided in to three distinct categories: (1) Blue Cross and Blue Shield, (2) private or commercial insurance companies, and (3) health maintenance organizations. Nowadays, it is common for Blues and commercials to own and operate HMOs and other managed care plans. Social Health Insurance has two major mandatory social health insurance programs: (1) Workers’ Compensation for the costs and pain of suffering job-related accidents, and (2) Medicare for the elderly, disabled, and other special groups. Several states sponsor social insurance programs in the areas of temporary disability (California) or health insurance (Hawaii and Vermont). Workers’ Compensation provides two basic benefits: (1) cash replacement of a portion of wages lost due to disability and (2) payment for all or part of the medical care necessary. Welfare Medicine is a public assistance that is sponsored by a plethora of federal, state, and local government programs, but the most far-reaching program is Medicaid (Title XIX of the Social Security Act). The distinction between welfare medicine and social health insurance, both of which are public programs, is an important one and rests on the philosophical difference between a transfer payment and entitlement (Williams & Torrens...
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...Management Final Exam Study Guide Chapter 11 – Compensation * What is total rewards * How is it different than traditional compensation * Why compensation philosophies vary by organization * Entitlement vs. performance philosophies Intrinsic vs. extrinsic rewards- Intrinsic rewards may include praise for completing a project or meeting performance objectives. Other psychological and social forms of compensation also reflect intrinsic type of rewards. Extrinsic rewards are tangible and take both monetary and nonmonetary forms. * Role of the HR unit in compensation * Internal equity * External equity * Meet/lag/lead strategies * FLSA * Exempt / nonexempt * 5 categories of exempt employees * Overtime * Training & travel time * Independent contractors * How to classify * Tax implications for employers / employees * Market pricing and pros/cons * Pay grades * Red/green circle employees * Pay adjustments (e.g. seniority) Chapter 12 – Incentives * Variable pay philosophy * How variable pay motivates employees * 3 categories of variable pay * Types of individual incentives * Gainsharing and how different from profit sharing * 3 types of commission pay plans and which is the most common * Examples of performance incentives * Why incentives should be tied to organizational goals * Pros/cons of bonuses vs. merit pay Chapter 13 – Benefits ...
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...Employee Motivation Angelie Johnson ABS 415 Instructor Mark Bova November 17, 2014 Employee Motivation In this paper I will be discussing Wal-Mart and Southwest Airlines motivation for their employees. As you see in this paper the companies have implemented successful motivational plans but do not involve monetary reward/compensation for the employees. It is important for the companies to have more pros than cons to represent a great staff and to run a successful business. When you are fully motivated and productive you will have more people to feel the need to stay and work with your business for a long time. Since the relationship with the employee and the manger is the most important factor influencing engagement, the responsibility will fall on the management or leader to improve the motivational levels of his/her employees. Employee motivation is needed in all companies in order to have a successful business. Wal-Mart is a company that has been around for a very long time. This company has many employees around the United States. You cannot go any where with out seeing a Wal-Mart in some town. Motivation is alive through all levels of positions at Wal-Mart. This company motivates employees in many different ways in order to prove that the company is not only care about profit they can gain from employees but also employees’ crises. One of the facts proved about this motivation is the used of term “association” instead of “employee”. Being an associate...
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...ASSIGNMENT 2 HSA 500 FINANCING AND STRUCTURING HEALTHCARE JULIUS AKINGBEHIN JANUARY 28, 2012 INTRODUCTION For more than seven decades, the United States healthcare system has improve significantly, compared to century ago and more has been done in terms of providing good healthcare an an antidotes to many disease process, this has been able to achieve due to the new healthcare technologies to tackle many diseases that were affecting citizens. In this modern day, it is apparently clear that the healthcare is one of the largest employer of labor according to the text (Williams and torrens, 2010) introduction to health services organization and management. The United States federal government have spent significant amount since the advent of Medicare in the country, in the late 1960s to date and this has rapidly grown to date. 1 – Identify and describe the three main types of health insurance in the U.S. The three main types of health insurance available in the U.S. today are voluntary health insurance, social health insurance and welfare...
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...Form Review Highlights Pros: * "Great environment combined with a perfect work-life balance" in 49 reviews * "Great work environment/culture which makes it a fun place to work" in 45 reviews * "Good benefits; Good company to work for till profits started to slide off" in 36 reviews * "Lots of great people at the company, learned a lot and inspired my career in technology" in 33 reviews * "Good pay, great management, I felt like the work I was doing was important for the company" in 30 reviews Cons: * "No work life balance, limited career advancement, lack of good benefits of tech companies" in 20 reviews * "Senior management (C-Level) does no communicate down to employees well" in 27 reviews * "Poor management decision making processes - not innovative" in 18 reviews * "Upper management doesn't listen to people lower down that actually know what they're talking about" in 15 reviews * "Many bad/useless middle management built up over the years but the layoff did some clean up" in 13 reviews Reviews Dec 8, 2013 “Loved the company and the people.” Software Development Manager (Former Employee) Rolling Meadows, IL I worked at BlackBerry full-time for more than 5 years Pros – BlackBerry was a great company with great people. I still believe the technology is the best in the industry and is only lagging due to customer lack of appreciation of the importance of Mil grade security. Cons – Executive management...
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...December 29, 2015 Introduction The compensation companies offer their CEO is far grater then the wages paid to the average employee. Wal-Mart is no different in that aspect. There are a wide variety of performance incentives a company can offer to its employees and higher echalons of the organization. The Human Resources department is responsible for communicating the company’s compensation packages. Review/Analysis of the Case There is a huge gap between the incentive pay a CEO receives and the incentive pay of low-level employees. Wal-Mart’s CEO, Mike Duke, in 2011 received a base salary of $1.3 million, $13.1 million in stock awards, and $2.9 million in cash bonuses. While the average Wal-Mart employee earns $12.40 per hour. On average a full time employee earns $25,800 per year. The low-level employee is eligible for quarterly and annual bonuses, health insurance, and matching 401(k). This massive pay gap is large due to the fact that a company’s CEO has such a huge impact on the company’s overall performance verses low-level employees. Companies need to develop incentive plans for executives, so that the executives stay commited and engaged in cultivating the companies success (Noe, R., 2013). How Wal-Mart’s store workers feel about the difference between their compensation and that of Mike Duke’s depends on what store workers perception of the compensation. If store workers feel the CEO is being paid to much then this will cause...
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...companies. * team oriented professionals, who contribute to the greater whole of the organization through their participation in decision making situations. * a system which recognizes and rewards groups as well as individuals for their efforts and contributions to the company. Review: http://www.glassdoor.com/Reviews/Banglalink-Reviews-E534901.htm “So far so good” Current Anonymous Employee – Reviewed last week Pros – security, satisfaction and the culture facilitates to learn Cons – friends and family would want undue favors http://www.glassdoor.com/Overview/Working-at-Banglalink-EI_IE534901.11,21.htm http://www.glassdoor.com/Reviews/Banglalink-Reviews-E534901.htm# “Nice enveronment to work in banglalink.” Current Human Resources Administration Executive in Dhaka (Bangladesh) – Reviewed 2 weeks ago Pros – Now a days, people wants to work in a telecommunication company to show their output perfectly. So that i joined in banglalink as it is a multinational company; its mother company is Vimpelcom & was Orascom Telecom Holdings. Cons – banglalink is not maintaining the hundred percent multinational enveronment as now a days it is very expencive to maintain the same...
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...some a “National Epidemic”, workplace violence now affects nearly half of US workers. The exact numbers may vary, but were stated by the US Occupational Safety and Health Administration (OSHA) as 20,000 assaults and 792 homicides in 2005 alone. Clearly, this problem not only has negative effects on the victims of these incidents, but it also affects their families and communities in both financial and psychological ways. It also affects the companies where such incidents take place in multiple ways. It can lead to loss of morale between employees, and can lead to financial losses by the company for compensation to the affected parties. Most importantly, it sometimes has serious legal repercussions, as in the case of the lawsuit against Lockheed Martin in the aftermath of the Doug Williams shooting incident. So what can be done to prevent or reduce the prevalence of workplace violence? Possible Soultions: 1) Installing metal detectors in the workplace. 2) Employee screening process during the hiring process to avoid hiring at-risk individuals 3) Early detection and warning system coupled with psychiatric advisors for employees. Solution Details: 1) Installing metal detectors in the workplace. Explanation: Installing metal detectors at the entrances of the offices or factories Pros: Would prevent the entrance of guns or other weapons that can be used to commit violence. Cons: Does not take into account the possibility that ordinary items...
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...are doing the same job, can cause the employee to feel a sense of unfairness and dissatisfaction. An employee who feels the organization supports their individual needs are more motivated in displaying positive behaviors and working relationships. When an employee feels good about his/her employer it shows in his/her performance. Employees are more engaged in their position when the organization presents a pleasant working environment and opportunities for growth. One of Wal-Mart’s expectations of their employees is to provide superior customer service. Employees who are satisfied with their job and the organization are more committed and motivated in doing their job. In order to attract and retain motivated workers, organizations must provide some form of compensation that employees are satisfied with. 2. How well does the new benefits plan support its strategy? I feel the new benefits support Wal-Mark’s strategy of serving the needs of their employees’...
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...Pros and Cons of Unions Today GB 541: Employment Law Unit 6: Research Paper Assignment (Final) June 12, 2014 Prof. K. Rauch Unions in America Currently, there is are over 60 unions representing over 14 million workers throughout the country. A labor union is defined as an organization intended to represent the collective interests of workers in negotiations with employers over wages, hours and working conditions. Labor unions are often industry-specific and tend to be more common in manufacturing, mining, construction, transportation and the public sector (Labor Unions, 2014). Congress enacted the National Labor Relations Act ("NLRA") in 1935 to protect the rights of employees and employers, to encourage collective bargaining, and to curtail certain private sector labor and management practices, which can harm the general welfare of workers, businesses and the U.S. economy (National Labor Relations Act, 2014). Labor union s are mostly associated with Democratic Party and supports them during election. When unions are powerful, they boost the incomes of not only their members but also of nonunion workers in their sector or region. Labor unions strive to improve the lives of all working families by bringing economic justice to the workplace and social justice to our nation. Also, it is important because most corporations focus on creating profits at the expense of employees. History Unions are very prevalent in the United States presently and has a long history...
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...those companies are looking for. Why are they endangered? Because of the fact of many reasons such as, (physical labor, presentation, & not being technical savvy). In this paper I will talk about many different scenarios and the pros and cons of Age Discrimination in the Workplace. Age Discrimination 3 What Is Age Discrimination in the Workplace? Age discrimination in the workplace is the unjust denial of promotions and training for new positions on the basis of age. It also includes unfairly targeting older workers for layoffs or denying older workers benefits such as health care coverage that are provided for younger workers. Although there have been laws against age discrimination on the books since the 1960s, age discrimination is a persistent problem in many workplaces. In fact, according to a survey recently conducted by worldwide placement agency Adecco, age discrimination in the workplace was the most often named form of discrimination by employees. Especially during times of economic downturn, being subjected to discriminatory practices in the workplace can make hard times even more difficult. Age discrimination in the workplace can be blatant or subtle. Overt age discrimination includes disparaging statements against older workers, such as calling them "over the hill" or "ancient." Other blatant forms of age discrimination include firing...
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...what skills are needed, what is the work flow, and how many employees are need for the position. There are many approaches that a human resources manager can take to conduct a job analysis of the customer service representative position. Three approaches that are important in conducting a job analysis are job-oriented, worker-oriented, and skill-oriented. “Job-oriented focuses on the work activities” (University of Oklahoma, 2014). This list the activities that are required for the job which will be listed within the job description. “The job description is a list of the task, duties and responsibilities that a job entails” (Noe, Hollenbeck, Gerhart, & Wright, 2014). The major pro of this approach is that it gives a clear understanding of what the job entails. It tells exactly what the duties of the job are and helps to outline other components of the job including compensation, training, benefits, etc. The major con of this that it only gives what the duties are for a position but it does not tell whether this position can be perform by one individual or if it takes multiple individuals to successful complete a task. The second approach is worker-oriented. The University of Oklahoma describes this as the traits and talents necessary to perform the job. Personality test are always a great tool make sure that the personality of the individual matches what is necessary for the position....
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...Labor Relations Research Assignment (Your name) (Date of submission) Instructor’s Name February 21, 2016 1. Define the term “collective bargaining” and list and describe four issues that are mandatory components of collective bargaining agreement. Collective bargaining is the act of negotiating employment conditions such as wages and roles between the employer and the employees. I researched collective bargaining and Funk & Wagnails New World Encyclopedia states, “The bargaining process is concerned with wages, working hours, fringe benefits, job security, and other matters relating to working conditions.”(2015) There are four issues that are mandatory components of collective bargaining agreement. The first issue is compensation. Compensation includes wages, fringe benefits, vacations, and holidays, shift premiums, and profit sharing. The second issue is personnel, policies, and procedures, which are layoffs, promotion, transfer policies, overtime, and vacation rules. The third issue is employee rights and responsibilities such as seniority rights, job standards, and workplace rules. Employer rights and responsibilities is the fourth issue and that includes management rights, just cause discipline and discharge subcontracting , and safety standards. Collective bargaining is needed and happening all over the world. An example of current events/acts of collective bargaining is what’s going on is Wisconsin right now. Wisconsin’s governor Scott Walker signed a bill on...
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