Reimbursement and Pay-for-performance Amy Escobar December 2, 2013 HCS/531 Charles Silveri Reimbursement and Pay-for-performance “Health care and health policy continue to be controversial domestic issues in the United States. Despite a slowing in the rate of growth of annual costs, most Americans feel that their budgets are strained by what they have to pay for health care, and most employers feel that their share of these costs for their employees is excessive. Currently, many Americans
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wages of employment, to include base pay or salary, bonus or incentives, benefits, and non-cash compensations. Organizations need to set and communicate clear principles by which workers are paid. In the least, they should ensure compensation policies adheres to employment standards and legislation. Some compensation elements governed by regulations are Minimum wage, holiday pay rates, overtime pay, payment methods and times, deductions, equal pay, and vacation pay. Also, many companies adopt compensation
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provide. It is the blue print for creating the reward system. Compensation system has 3 main components: 1) Base pay – the foundation pay component for most employees and is generally based on some unit of time. (Per hour, week, month) 2) Performance Pay – relates employee monetary rewards to some measure of individual, group or organizational performance. 3) Indirect Pay – noncash items or services that satisfy a variety of specific employee needs such as health protection. The first
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Running head: XCEL ENERGY PAYS FOR EMPLOYEES WHO EXCEL Xcel Energy Dyneaka Harrison Kaplan University MT203: Human Resources Management Instructor Sarah Scott April 16, 2011 Xcel Energy Pays for Employees who Excel Introduction Excel Energy based in Minneapolis, Minnesota, is a public utility company that generates electric power and transmits and sells electricity and natural gas to customers in Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and
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HRM 6623 TRAINING AND HUMAN RESOURCE DEVELOPMENT eCampus LESSON #8: TRAINING THE PERFORMANCE MANAGEMENT AND APPRAISAL SYSTEM; EMPLOYEE DEVELOPMENT; PAY AND PERFORMANCE APPRAISAL AND EMERGING TRENDS Week Ending: February 27th OVERVIEW: This combined lesson finishes the section on performance management. It starts with Chapter 11’s discussion of various aspects of system implementation – to include: implementation teams, pilot testing communication, monitoring and evaluation and appeals
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you believe that incentive pay is truly effort-inducing; that is, drive employees to perform at their best? Discuss In recent times, companies are faced with a lot of competition and they need to constantly devise strategies to tackle this competition. They are continuously looking for ways to increase the performance of the company and ways to keep their workers and other employees motivated so that they deliver their best in such a competitive atmosphere. Incentive pay is one such strategy used
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In today's business environment it is getting harder and harder to get the talent you need to survive. Organisations compete with each other over the talent they need. Big salaries, all kinds of compensation; they reach far back in their pockets to pay what is 'necessary'. While this is going on, another important development is taking place. Getting the talent you need, is one thing; keeping the talent you have and making sure that the talent becomes more than just that, is something else, for example
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evaluation, a set of factors is developed that reflects characteristics that add value to work in the specific organization (e.g., the education required). Each factor is weighed by importance, and scales are developed. Every job that will be in the base pay system is evaluated on the set of scales, and a point score is calculated (Kavanagh, Thite, Johnson, 2012).” From management’s perspective when utilizing e-Compensation tools in requires to job evaluation it is easier than having to
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to attract and retain employees * to ensure that they perform at a high level and contribute to the accomplishment of organizational goals HRM activities * Recruitment and selection * Training and development * Performance appraisal and feedback * Pay and benefits * Labor relations Strategic Human Resource Management * the process by which managers design the components of a HRM system to be consistent with each other “Six Sigma” quality improvement plans * ensure
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Incentive Pay HR Management Foundations December 14, 2014 Determining Incentive Pay All organizations and companies have a pay structure. This pay structure is often very rigid and dependent upon many factors. This pay scale is something that applies to all employees and helps dictate base pay and any future raises. While this pay scale is not adjustable, setting performance-related pay is often at the discretion of the company. This is called incentive pay (Noe, 2011). Often, incentive
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