Compensation/Benefits o Definition: compensation/benefits programs are monetary payments that provide wage replacement benefits, medical treatment, vocational rehabilitation and other benefits in order to attract competent employees and improve the quality of their work life. o Scope: goals of compensation polices include rewarding employees` past performance, remaining competitive in the labor market, maintaining salary equity among employees, motivating employees` future performance, maintaining the budget, attracting and retaining new talent and reducing unnecessary turnover. o Workplace Implementation: job analysis must be conducted, job identification must be identifies and job description must be written in order to plan and design …show more content…
Performance Management o Definition: It is a process by which managers and employees work together to plan, monitor and review an employee's work objectives and the overall organizational goals. o Scope: it helps the organization to become more efficient by motivating, training, rewarding and promoting employees. It serves a strategic purpose in linking employee functions with the organization`s vision, mission, goals and strategic plan. o Workplace Implementation: PI specialists identify all the stakeholders, conduct needs analysis and gap analysis, develop a performance culture, develop training materials and plan the organization`s performance measurement system using a business language in the communication between employers and employees. Key Performance Indicators (KPIs) o Definition: they are business quantifiable metric used to evaluate factors that are vital to the success of an organization. KPIs can be net revenue or a customer loyalty
It is a diagnostic and strategic tool for improving workplace performance because it is a thoughtful, evidence-based approach. It is the traditional and system-based model used by many performance improvement practitioners.
A job analysis a great way to analyzed whether or not the individual is fit for the position. By creating a questionnaire that relates to the daily tasks for the position will narrow done the selection process into a smaller portion. The information given from the Job Analysis is also used to create a Job Description and Job Specification. “Job description identifies the tasks, duties, and responsibilities. The “job specification list the KSAOCs that individuals need to posses to perform a job successfully”(Pynes, 2013). After an individual is hired we must train that individual with the proper format in order for them to understand the concept of work. In this process I will develop a training program that includes all the organizations policies, procedures and daily tasks.
Offering employee benefits is one way a company must competes in today’s marketplace to retain old employees and attracts new ones. These benefit packages may range from offering basic health insurance to additional discretionary and perk benefits such as vacation and retirement packages. Benefit packages are often a large portion of employee costs and Federal mandates require an employer to carry and offer certain benefits even if they offer nothing else. Federally required employee benefits make up approximately a quarter of the costs associated with employer offered benefit packages. Some of these mandated benefits include Social Security, Worker’s Compensation Insurance, and the Family Medical Leave Act.
Tomax Corporation has 400 employees and wishes to develop a compensation policy to correspond to its dynamic business strategy. The company wishes to employ a high-quality workforce capable of responding to a competitive business environment. Suggest different compensation objectives to match Tomax’s business goals.
The purpose of this paper is to explore the use of Merit Pay and Incentives
Compensation Systems are combined rewards to employees for exchange for labor (Lippincott 2010). There are several different types of Compensation Systems, direct financial compensation, indirect financial compensation and non-financial compensation (Lippincott 2010). Direct financial compensation are wages, salaries, bonuses and commission. Indirect financial compensation are benefits such as leave time, retirement plans, training and employee services. Non-financial compensation are things such as employee recognition and a favorable working environment. I conducted interviews with three individuals from three different generations, the Baby Boomers and Generation X.
Job analysis helps determined selection criterion that is both legal and practical for the selection process. This process also aids in identifying and detailing competencies needed to perform the job as well as any gaps that exist between those competencies and incumbent performance, this is crucial information for training and development. The identifying of concrete standards and cataloging evaluation criteria is another use for job analysis, this can potentially aid with employee appraisals. Lastly, job analysis is critical in making reasonable accommodations for those individuals who are disabled and in the redesigning jobs
In the United States, the term executive compensation has many factors that have driven change in the landscape of executive compensation. Examples of those elements include the turmoil in commodity prices, market volatility, and political pressure for the reform of the executive compensation. Further, the executive compensation in the U.S. beats the average worker’s salary growth by a wider margin. However, when looking at the Sarbanes-Oxley Act which was supported by Paul Sarbanes and Michael Oxley represented a massive adjustment to the securities law. Further due to the Sarbanes-Oxley Act, publicly-traded and privately-held companies are obligated to implement and report in-house accounting controls to the SEC for compliance. Nonetheless, I will expand on whether executive compensation is ethical or unethical in the workplace, as well as if the Sarbanes-Oxley Act too strict or not strict enough as it relates to investors.
With human resource management becoming the most comprehensive subject when it comes to the management of people in organizations, it is imperative to reiterate the importance of worker compensation in the confines of managing labor. The chief purpose of this term paper is to analyze the Soergel (1) report on the state of employee compensation in the U.S. Based on the report that was presented by the Labor Department of the United States; there were not changes in the patterns of employee compensation in the country. Therefore, it is quite necessary to explain the trend and the implication for work input and the upcoming performance of the labor market as a whole.
According to Parmenter (2011, p. 13), Key Performance Indicators (KPI) are a set of measures that assess the organisation performance on how effective the organisation achieve its objectives which are crucial for current and future success of the organisation. Key Performance Indicators (KPI) has been widely used by many organisations and for organisations to identify the right KPIs; it has to have a clear objectives and strategic directions that align with KPIs set.
To begin, as of September 2010, companies have spent an average of approximately $19,000 per employee to provide discretionary benefits and these benefits account for as much as 30.5 percent of payroll costs. They are offered at the will of each company and employees often view them as entitlements. At the same time, while not recommended, employers reinforce the entitlement mentality by awarding employees regardless of their performance. Next, the three types of benefits include protection programs, paid time off, and services offered by the organization. Protection programs are an incentive to provide benefits for families, as well as promote health. In addition, the benefits guard employees against income loss caused by catastrophic events
Holland Enterprises is on a new strategic direction, to attract and retain the most talented employees and to reduce turn over. Human resource department has came up with a new compensation plan. In the propose compensation and benefits system plan , I will explain a new compensation plan for Holland Enterprises, also I will explain the components of the compensation and benefit system plan in order to attract and motivate employees to be productive . In order for the compensation and benefits system plan to be operational, the package should include a necessary level of compensations to fulfill basic needs, equity with the external labor market, equity within the organization (Henderson, 2006).
This makes all employees across all divisions equal when it comes to performance and development planning. Also, by implementing categories for each employee, supervisors can use the scoring system to see exactly where gaps and weaknesses are in the team. Once gaps and weaknesses are identified, performance and development planning can be constructed accordingly. Basically the new performance management system allows supervisors of the organization to identify, address, and resolve any sort of employee performance issues or concerns. This can lead to higher buy-in of the organization, and an increase in overall
Employee benefit means non-salary compensation furnish to workers in addition to their normal wages. This kind of benefits can include health insurance, life insurance, disability income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation, and funding of education. Even though providing employee benefits are expensive, but it will keep highly qualified staff and also it will increase the number of new employees entering the company. Employees will become more creative and responsive in the design, timing and generosity of their benefit plans. The advantage for the employees of this benefit is it will improve the productivity of their work, they will be more effective because they are assured of security for themselves and their families (Hrcouncil,
A compensation package includes salary but also includes other non-salary benefits such as: health-care benefits, 401(k) plans, PTO (paid time off) and other perks. Businesses often utilize experienced Human Resources professionals to review, update and create salary scales and compensation packages for new hires. The total compensation package is often used as means of attracting employees who will complement the organization and should be consistently reviewed, acting as an incentive for retaining qualified staff. “Organizations that are not able to develop competitive pay scales along with strong compensation packages, face the risk of a competitor offering a more attractive package, which can result in employee turnover” (Dias, 2011, pg.