Compensation And Benefits Of Employees - 921 Words

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 Employee surveys suggest the compensation and benefits program may be out of date.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. 1.Propose two (2) methods an HR professional could use to determine incentive pay. Specify the principal manner in which the†¦show more content†¦The merit increase is normally given on th e basis of an employees having achieved some objective performance standard, although a superior’s subjective evaluation of subordinate performance may play a large role in the increase given. Merit raises can serve to motivate if employees perceive the raise given to be related to the performance required to earn them. Merit pay plans establish an effort performance and performance reward link, if an employee’s effort leads to successful performance, the employee is rewarded by the organization. In consideration to group and company performance if the individual performs well, the reward is granted regardless of how well others have performed their jobs or how well the company, as a whole has done. Pay for performance incentives such as gain sharing which is a program which measures increases in productivity and effectiveness and distributes a portion of each gain to employees. (Noel, p.379). With gainsharing the organizations have determined that total quality may be best achieved through effective teamwork. Gainsharing plans offer employees a cash reward for meeting or exceeding goals based on the collaborative performance of a team of employees. Unlike individual incentive plans gainsharing plan allows the employees to know what needs to be done to achieve a payoff. The formula is stated in objective terms and protected from management bias. Gainsharing also encourages the employeesShow MoreRelatedCompensation And Benefits Of Employees1446 Words   |  6 PagesCompensation and Benefits When most people thing of compensation and diversity in the same category, they assume the discussion will be under the umbrella of discriminatory practices against women and minorities. However, compensation and benefits are tools at the disposal of human resources professionals for recruiting and retaining a diverse employee pool even in the absence of a formal diversity management programs. Like a properly executed training and development program, benefits packages canRead MoreEffects of Globalization: Compensation and Benefits for Employees677 Words   |  3 PagesCompensation and Benefits The process of globalization has numerous significant effects on countries, organizations, and individuals. These effects can be observed in the quality of products, in their prices, but also in their availability. Because of globalization, numerous companies prefer to expand their business on international level. Some of them outsource some of their processes and activities to cheaper destinations that allow them to reduce their investments. But globalization alsoRead MoreEmployee Compensation Programs Essay1416 Words   |  6 PagesBenefits have most definitely changed throughout the past years. According to Compensation, during 1880 people worked approximately 14 hours every single day except on Sundays and would only receive a raise if they stayed with the company for five years and if the company prospered during that time (Gerhart, 2011, p. 414). Over the next couple of years, employees began seeing work hours change from 60-64 hours per week to 54 hours by the year 1930. Eventually, employees were able to have holidaysRead MoreThe Implementation Of The Apple Company1657 Words   |  7 PagesThe Apple Company satisfies most of its employees using its comprehensive compensation plan that includes all workers irrespective of their positions. To start with, it is among the most profitable companies in the world and it focuses on the manufacturing and designing of software and electronics. Additionally, its most pop ular hardware devices are iPod, Mac Book, iMac, and iPhone, which make significant contributions to the company’s profits. The software devices that it manufactures are iTunesRead MoreConsiderations for Compensation and Benefits1442 Words   |  6 PagesConsiderations for Compensation and Benefits Abstract Compensation is one of the most important considerations perspective employees will make prior to accepting a job offer. For this reason, another performance of Human Resource (HR) professionals is the compensation analysis. The focus of the analyst in this position is to use strategy in formulating compensation and benefits packages that are attractive and conducive to maintaining talented employees (Editorial Board, 2011). As another criticalRead MoreLeveraging Labor Relations1366 Words   |  6 PagesCompensation and Benefits Leveraging Labor Relations Companies are interested in leveraging relationships with their employees in order to improve the quality of the health care they provide. Labor relations refer to managing situations between companies and their employees in different unions. This activity is usually attributed to human resources management. Therefore, this ensures that the objectives of the company are reflected by these relations. It is important that companies try to improveRead MoreThe Importance of Compesantions and Benefits781 Words   |  3 PagesCompensations and Benefits Compensation and benefits are vital in maintaining morale/satisfaction, encourage performance, and organization loyalty. Furthermore, it helps an organization to internal and external equity and reduce turnover. FedEx is an industry leader in US air freight and maintain high revenue growth while controlling market share. As stated in the case, FedEx was changing the traditional pension plan to a cash balance plan due to recent accounting rule changes and employees desiredRead MoreCompensation and Benefits Essay1427 Words   |  6 PagesCourse Project The Compensation and Benefits of the Dooly County School System [pic] Renee Bowens HRM430 Professor Eureka Hampton August 16, 2009 DeVry University Abstract This report will show what compensation and benefits are offered to the employees of Dooly County. It will also show how a sick leave bank would benefit the employees that have exhausted their sick and personal leave days in order to care for themselves or their families. I hope this paper will show readers thatRead MoreBenefits And Benefits Of Ford Motor Company1657 Words   |  7 Pageslocated in the United States of America. The company has employed thousands of employees across the world. Any successful company must provide its employees with a good compensation and benefits plan to remain competitive. As a result, this study focused on researching the types of compensation and benefits plans Ford Motor Company offered to its employees. The study found out that the company offers compensation and benefits plans such as base pay, variable pay, insurance (health, risk, and life), holidayRead MoreAssignment1202 Words   |  5 PagesCompensation Management in corporates amp; components of compensation | By Regu Krishnan   Dy. Manager Ford India    | Introduction:- The increasing competitiveness of the labour market and turnover of employees had resulted in nightmare in compensation planning. Apart from this, the growing demands of the employees and competitive salaries offered by multinational companies had almost resulted in a compensation war in certain industries. Therefore, the human resources managers